Crypto Talk#1 Future of Bitcoin and alternatives to bitcoin.

mann (61)in #crypto • 6 years ago

The digital currency whose creation and management is done through cryptography, an advanced encryption technique, is referred to as the cryptocurrency. With the advent of Bitcoin in the year 2009, the cryptocurrencies have made an enormous leap into reality. The real question is on their long-standing possibility in time.

Bitcoins – is there a flip side?

While there have been several cryptocurrencies, the Bitcoin has easily risen to the standard against which all others are measured. Being a decentralized currency, the Bitcoin has enabled different functions like issuance, verification, and processing of every other currency.

Due to its decentralization, the money is far off from any manipulation of any government. However on the flipside, with no central monitoring authority, there is no governance on the processing of Bitcoin.

Unlike the other fiat currencies which come with the backup of governments, Bitcoin does not have a support mechanism, and in case of a fold up, the customers will not be able to get their money back.

More attention on Bitcoin:

Given that Bitcoin offers anonymity and is decentralized, it has also given way to many illegal activities like drug peddling, financing terrorism, and money laundering.

Due to this reason, there has been quite a lot of attention paid on the Bitcoin by several regulatory agencies and as part of this measure, several established and emerging Bitcoin exchange companies have been frozen or asked to explain their anti-money laundering policies.

With this increased scrutiny, there has been a slight fall in the Bitcoin market, and yet thousands are still holding to this currency, and many are buying into it. The Bitcoin has not lost its luster despite drawbacks as mentioned earlier and continue to rule the world of Cryptocurrencies.

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Other alternatives to Bitcoin:

Ripple: Chris Larsen, an entrepreneur from OpenCoin, launched this cryptocurrency in the year 2012. This is not just a currency but also a payment system, similar to the Bitcoin.

XRP: is the component term for this currency, and it offers an easy way to transfer money to any user in any currency to another user if they are both on the Ripple network within seconds. The most prominent advantage with the Ripple is the time that it takes for the transaction, merely few seconds, which in the case of Bitcoin is in minutes.

Litecoin: Best used for smaller transactions, this currency came into being in the year 2011 and is quite the rival for the Bitcoin. The main feature with the Litecoin is that it requires only an ordinary desktop to mine unlike Bitcoins and has 4 times higher maximum limit of 84 million than Bitcoin. The transaction processing, while in minutes is still lesser in comparison to Bitcoin.

Mintchip: Coming from Royal Canadian Mint, a government institution, it is a smartcard that helps transfer money through the chip. While there is no identification required for using this, it has the backing of the Canadian dollar making it more secure.

Even though Bitcoin faced many difficulties in the recent times, it has emerged out with colors and has inspired the emergence of many other Cryptocurrencies.

It is too early to predict what the future might look for these but it is clear that given that they are based off Bitcoin, the rise or fall of Bitcoin could hold the key.

Interested in my previous blogs:

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#currency #market #blog #digital

6 years ago in #crypto by mann (61)

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barbie.doll (48) 6 years ago

Thanks for sharing about crypto :) Your article was really helpful to me

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sizandyola (55) 6 years ago

I haven't really invested on any cyptocurrencies as I was skeptical about it. Planning to invest on steem soon.

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mann (61) 6 years ago

Awesome :)

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munazza (54) 6 years ago

As always your article contains alot of information :)

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steemcros (-2)(1) 6 years ago (edited)

bitcoin is a money electronic made in 2009 by Satoshi. the name also Associated with the open source software that he design, and also use the network peer-to-peer without centralized storage or administrator single in which the Ministry of finance the United States call bitcoin a currency decentralized. unlike currency in general, bitcoin not depend with trust the publisher of the main. bitcoin using a database distributed and spread to nodes of a p2p network to the Journal of transactions, and use the cryptographic to provide functions basic security, such as to make sure that bitcoin-bitcoin can only be spent by people have it, and never be done more than one-time.

Hi how are @mann, do you healthy, I hope you healthy