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.
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.
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.
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.
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, 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.
How Cryptocurrencies Will Change Online Gambling in the Future
Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.
An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.
A Post-Legality Era
Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.
In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…
VOLUM (VLM) Announces Commencement of Token Generation Event
ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.
Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.
The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.
“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…
How to Secure Yourself in Relation to Bitcoin: Top VPN Services
Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.
Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.
What is a VPN?
Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.
While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.
Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…
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