This is a frequently asked question: How do I choose which cryptocurrency to invest in – aren't they all the same?
There is no doubt that Bitcoin has already taken up the largest share of the cryptocurrency [CC] market, thanks in large part to its FAME. This phenomenon is very much like what is happening in the politics of countries around the world, in which candidates receive a majority of votes based on FAME rather than any mature governing power or qualification. Bitcoin is a pioneer in this market segment and continues to receive headlines in almost all markets. This FAME does not mean that it is very suitable for this work. As we all know, Bitcoin has limitations and problems to be solved, but the Bitcoin community is divided on how to best solve the problem. As the problem worsens, developers have a constant opportunity to launch new coins for specific situations, distinguishing them from approximately 1,300 other coins in the market space. Let's take a look at two bitcoin competitors and explore their differences with Bitcoin and each other:
Ethereum [ETH] from
– The Ethereum coin is called the Ethereum. The main difference with Bitcoin is that Ethereum uses “smart contracts”, which are held by accounts on the Ethereum blockchain. Smart contracts are defined by their creators, who can interact with other contracts, make decisions, store data, and send ETHERs to others. The implementation and services they provide are provided by the Ethereum network, all beyond the reach of Bitcoin or any other blockchain network. Smart contracts can act as your autonomous agent, follow your instructions and rules to consume money and initiate other transactions on the Ethereum network.
Ripple [XRP] from
– This coin and Ripple network also has a unique feature that makes it not limited to digital currencies like Bitcoin. Ripple has developed the Ripple Transaction Protocol [RTXP], a powerful financial instrument that allows exchanges on the Ripple network to transfer funds quickly and efficiently. The basic idea is to put money in the "gateway", only the person who knows the password can unlock the funds. For financial institutions, this simplifies cross-border payments, reduces costs and provides transparency and security, which opens up huge possibilities. These are done through creative and intelligent use of blockchain technology.
The mainstream media is reporting major news in this market almost every day, but their stories are rarely deep… they are just headlines.
The Wild West Show is still going on…
5 cryptocurrency/blockchain stocks rose on average from
Since December 11/17. The crazy swing continues with the daily rotation. Yesterday, we had the latest South Korea and China to try to combat the cryptocurrency boom.
According to reports, South Korean Justice Minister Park Sang-ki caused the global bitcoin price to plunge temporarily, and the virtual coin market was in turmoil. According to reports, he said that regulators are enacting legislation to ban cryptocurrency transactions. Later that day, one of the main members of the Korean government’s cryptocurrency supervision task force, the Korean Ministry of Strategy and Finance, said its department from
Premature declaration by the Department of Justice regarding possible cryptocurrency trading bans.
Although the South Korean government said that cryptocurrency transactions are nothing more than gambling, they fear that the industry will leave many citizens in slums, but what they are really worried about is tax losses. Every government has the same concerns.
China has developed into one of the world's largest sources of cryptocurrency mining, but there are now rumors that the government is considering regulating the power used by mining computers. Today, more than 80% of the bitcoin mining power comes from China. By shutting down miners, the government will make it harder for Bitcoin users to verify transactions. The mining business will be transferred to other places, but China is particularly attractive due to the very low cost of electricity and land. If China deals with this threat, mining capacity will be temporarily lost, which will cause Bitcoin users to see longer timers and higher transaction verification costs.
This crazy process will continue, just like the prosperity of the Internet, we will see some big winners, and finally some big losers. Similarly, similar to the Internet boom or uranium boom, those who buy shares early will prosper, and mass investors always show up at the end and buy the most.