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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – 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/or 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.

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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4 Best-Performing Coins in 2019

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Even though some of the largest crypto predictions for early 2019 did not come to pass — such as a start of a rally, the launch of Bakkt, or the approval of VanEck and SolidX Bitcoin ETF application — most coins did not get affected as strongly as it was believed they would. The crypto market has not yet found stability, but it is attempting to do so, and high volatility is currently avoided by some of the top performers.

Meanwhile, people around the world are turning to crypto, whether it is out of curiosity, the belief that they can change the future, or out of pure need. While their motives may be different, the crypto world connects them all, and their goal is to find and use the best and top-performing coins currently available. To help them find these coins, we have prepared a short list of 4 best-performing coins right now.

1) Binance Coin (BNB)

Binance Coin is currently the 12th largest coin by market cap, and one of the top performer in the crypto space of early 2019. The coin was already performing relatively well due to the fact that it is Binance’s native coin. Now, it sees either stability or several percent-large growths due to its popularity, but also because of Binance’s move which has seen the launch of Binance Jersey, a branch of…

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