Connect with us

Don't Miss

Understanding the Uses of Different Types Of Cryptocurrency

Published

on

cryptocurrency

Cryptocurrency – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded in 2012 as ‘Opencoin,’ until it was renamed to Ripple Labs in 2015. Connecting banks, payment providers, digital asset exchanges and corporates via its sophisticated payment path software called RippleNet, it doesn’t actually rival Bitcoin as a substitute of payment for goods and services, but it does rival as the most popular cryptocurrency based on the blockchain.

Intended for banks and payment networks and having been picked up by leading banks in recent years, Ripple is a payment settling currency exchange and remittance service to aid the sector. It is used as a system where you can directly transfer assets, whether it be money, gold or property in real-time and as a result is a cheaper, more transparent and secure transfer service than what is currently used by banks today.

Zcash

The newest form of cryptocurrency we’re set to examine, Zcash was initially released in 2016 and has already amounted a total market capitalisation of $634 million. Set up with the purpose to provide enhanced security and privacy for its users compared to other cryptocurrencies, Zcash’s secure coding was based upon on the research of scientists from MIT, Tel Aviv University and UC Berkley.

Much like its counterparts, Zcash’s transaction data is posted to a public blockchain but unlike Bitcoin or Ripple, Zcash protects your personal and transaction information as well, ensuring that it remains completely confidential. It is due to this increased security that Zcash is primarily used for large sums, specifically business transactions, due to its enhanced cryptography.

Litecoin

Launched as a direct result of Bitcoin in 2011, Litecoin has been among the most popular cryptocurrency’s contemporaries for over half a decade and has often been referred to as the ‘silver to bitcoin’s gold’. Created by MIT graduate and former Google engineer Charles Lee as a peer-to-peer transaction service, it allows you to make payments to anyone around the world.

Litecoin has one of the fastest transaction speeds of any of the cryptocurrencies currently on market, with confirmations happening as quickly as two and a half minutes compared to the 10 minutes it takes its closest rival Bitcoin to complete. It is due to this speed that Litecoin is typically used as an alternative for paying for international goods and services.

DASH

Dash, otherwise known as Digital Cash, and previously named Darkcoin, is the most covert of the cryptocurrencies to appear on our list.

Offering complete anonymity, Dash works on a decentralized mastercode network which makes any transaction that occurs on the platform almost untraceable and has gained an impressive following as a result. As of October, this year Dash had a market cap of $1.51 billion and one token’s value roughly exchanged to $181.42

As you can imagine, the confidentially of the currency does mean it as any crypto platform can sometimes be exploited for some unsavoury means, but it is generally used as another alternative to Bitcoin and Litecoin for peer to peer transactions.

As you know Bitcoin undoubtedly leads the cryptocurrency market as the main provider for any number of services including sports betting, collateral for investments and direct debit for subscription services providing us with a very bright future to look forward to. However, this doesn’t mean that the other forms of cryptocurrency should be disregarded as a result, they all have plaudits of their own that make them impressive in their own right, so next time you come to use cryptocurrency, consider each of them.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Don't Miss

A Guide to Exploring the Singaporean ETF market

Published

on

By

Singapore’s Exchange Traded Fund (ETF) market has grown, offering investors diverse investment opportunities and access to different asset classes. As the market evolves, investors must navigate these uncharted waters with a clear understanding of Singapore’s ETF landscape. This article explores the trends, challenges and strategies for navigating the Singapore ETF market. To start investing in ETFs, you can visit Saxo Capital Markets PTE.

The Singaporean ETF Market: Exponential Growth

The Singapore ETF market has seen significant growth in recent years, with an increasing number of ETFs covering a wide range of asset classes and holders. different investment topics. 

One of the notable trends in the Singapore ETF market is the growing diversity of available options. Investors can now choose from ETFs that track domestic and international stock indexes, bonds, commodities, and specialist sectors or themes. This diverse range of ETFs allows investors to create comprehensive portfolios tailored to their investment goals.

The growth of the ETF market in Singapore is also due to growing investor demand for low-cost, transparent, and accessible investment vehicles. ETFs offer benefits such as intraday liquidity, real-time pricing, and the ability to trade on exchanges. These characteristics have made ETFs attractive to retail and institutional investors who want exposure to different asset classes.

Regulatory Landscape and Investor Protection

The Monetary Authority of Singapore (MAS) is the…

Continue Reading

Don't Miss

Property Loans for Foreigners in Singapore That You Must Know About

Published

on

property loans for foreigners in Singapore

Intending to invest in a residential or commercial property in Singapore?  

When it comes to foreigners applying for a loan in Singapore, things can be pretty hard regardless of the reason whether you need the property for personal or business purposes.  

In Singapore, buying a property is challenging, whether you are a foreigner or a native, and sometimes applying for a loan is the only way for you to afford it.  

HOW MUCH CAN YOU BORROW FOR A PROPERTY LOAN IN SINGAPORE? 

As for the Foreigner Loans, in Singapore, there is an exact amount of money you can borrow to finance the purchase of a property.  

In this sense, Singapore has the Loan to Value Ratio (LTV).  

The LTV ratio is what determines the exact amount of money you can borrow for a property loan, which changes depending on where you try to obtain the loan:  

  • If you are applying for a bank loan, you can borrow a maximum of 75% of the value of the property you want to purchase. That means if you are looking for a property that costs $500.000, the maximum amount of money a bank lender can give you like a loan in Singapore is going to be $375.000. 
  • When you are applying for a loan with a Housing…
Continue Reading

Don't Miss

CoinField Launches Sologenic Initial Exchange Offering

Published

on

Sologenic

CoinField has started its Sologenic IEO, which is the first project to utilize the XRP Ledger for tokenizing stocks and ETFs. The sale will last for one week and will officially end on February 25, 2020, before SOLO trading begins on the platform.  Sologenic’s native token SOLO is being offered at 0.25 USDT during the IEO.   

Earlier this month, Sologenic released the very first decentralized wallet app for SOLO, XRP, and tokenized assets to support the Sologenic ecosystem. The app is available for mobile and desktop via the Apple Store and Google Play.  The desktop version is available for Windows and Mac.

“By connecting the traditional financial markets with crypto, Sologenic will bring a significant volume to the crypto markets. The role of the Sologenic ecosystem is to facilitate the trading of a wide range of asset classes such as stocks, ETFs, and precious metals using blockchain technology. Sologenic is an ecosystem where users can tokenize, trade, and spend these digital assets using SOLO cards in real-time. The ultimate goal is to make Sologenic as decentralized as possible, where CoinField’s role will be only limited to KYC and fiat ON & OFF ramping,” said CoinField’s CEO…

Continue Reading

Trending