Quick Lessons about Cryptocurrencies and Bitcoin
Bitcoin VS other major Cryptocurrencies
The original and, for now, the largest by market capitalization. It was launched in 2009 by Satoshi Nakamoto, a pseudonym for the person or the mysterious group who created it, offers secure payments through a peer-to-peer network. Its goal is to eliminate the need for a trusted third party, democratizing money, and ensuring that transactions are anonymous.
PRO: The best known cryptocurrency.
CON: Slow-speed transaction, it requires special mining equipment.
Bitcoin Cash (BCH)
Bitcoin Cash is an independent digital box currency, created as a branch of bitcoin in August 2017, a “Hard Fork ‘. This was in response to the slowdown in the rate of Bitcoin transactions and the inability of the network to reach a consensus on the proposed updates. The maximum size for Bitcoin’s cash block is 8 MB, compared to 1 MB on Bitcoin, allowing you to process more transactions per second.
PRO: Faster transactions than Bitcoin.
CON: It needs special mining equipment.
Ripple is a cryptocurrency supporting a payment network called RippleNet, used by major banks and financial institutions, including Santander and American Express. The ripples operates in a very different way to other digital currencies, which has led some to question its credentials as a truly decentralized cryptocurrency.
PRO: Super fast transaction speeds.
CON: It can’t be used without its underlying cryptocurrency, ripples.
Stellar is a payment network that resembles RippleNet and can process transactions in multiple currencies. They are based on a so called “cryptocurrency lumens” (LMX), commonly known as Stellar, included in the IG platform and can be used for payment networks, but also play an anti-spam role as each transaction requires a small transaction fee, which is paid using the cryptocurrency.
PRO: It integrates with the banks, which are used to process transactions in multiple currencies.
CON: Not a well known cryptocurrency
The Cryptocurrency the Ethereum network, which allows users to code and release their own ‘decentralized applications (Dapps)’ and create ‘smart’ contracts that automatically enforce its provisions. Small amounts of ether are destroyed as the transactions are processed, preventing hackers coming from the spam networks.
PRO: Has more uses beyond the Cryptocurrency in the Ethereum network, super fast transaction speeds.
CON: Debutantes supply equipment, which could be inflationary.
It designed to be the ‘silver to the Bitcoin gold according to its founder, Charlie Lee. And as the supply of silver exceeds the supply of gold, the maximum litecoin supply of 84 million coins is four times greater than bitcoin.
PRO: Fast transaction speeds.
CON: Low capitalization of the market compared to Bitcoin.
The EOS.IO cryptocurrency, a Blockchain platform, is said to replicate the key functionality of a computer hardware and its operating system. It provides tools and services for developers developing for Dapp, including user accounts, authentication, and databases. The processing responsibility and other operations are distributed through the network, and its designers will allow the scale of millions of transactions per second in the future.
PRO: Integrated with EOS.IO network, fast transaction speeds.
CON: Debutantes supply equipment which could be inflationary.
Both the name of the cryptocurrency and of the network is running on. This network is similar to Ethereum because it allows users to create decentralized applications and intelligent contracts. These are tightly controlled by the ‘NEO Team,’ which asks users to have a verifiable identity to join the network.
PRO: Integrated with NEO network, complies with regulations in many jurisdictions.
CON: Can not be truly decentralized.