There are over 800 cryptocurrencies / crypto assets in circulation and it is important to understand the differences as well as use cases before making a decision to invest. Crypto’s are not equal – Some are “me too’s”, some have specific uses and some have Unique Selling Points.
#1 PAYMENT SYSTEM AND DIGITAL CASH
BITCOIN – A digital and global payment system that allows people to send or receive money across the internet to anyone, anywhere, anytime. Store of Value, Backed by mathematics and Proof vs trust
Growing adoption by Developers, Consumers, merchants, Government, Institutions driving price
Natural Hedge against Fiat Currencies
Only 21 million to be created which will increase the value of Bitcoin over time
More Information – What is Bitcoin?
#2 SMART CONTRACTS
ETHEREUM – A decentralized platform that runs smart contracts which are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference
The Ethereum token, Ether, is transferred between accounts and used as compensation to nodes for computation
Business Adoption – Enterprise Ethereum Alliance connects enterprises, startups, academics, and technology vendors with Ethereum experts
Developer Adoption – Easily write decentralized applications (Dapps) using blockchain technology
Ability to develop Initial Coin Offerings known as ICO’s
More information – What is Ethereum?
EOT – The “Encryption of Things” is a process whereby physical items, which are linked to the internet, are being safe guarded against intrusion by the use of cryptography
Open Source and Decentralized, Secure and Fast Transaction time
For use in physical devices such as the BitVault – It is estimated that more than 20 Billion devices will be connected to the internet by 2020 – these devices need to be secured with encryption
New Opportunities – Developer Platform
#4 GLOBAL INTER-BANK PAYMENTS
RIPPLE – Using Ripple, banks can meet growing demands for faster, low-cost, on-demand global payment services for any payment size
Ripple is built on a distributed open source Internet protocol, XRP ledger, and the currency is XRP
New revenue opportunities, Lower processing costs and Better customer experience
Growing number of Financial Institutions joining the Ripple Global Payment Network – More information here
STEEM – Steemit is a social news platform that pays users with digital currency called Steem for posting blogs or videos – Also earn Steem for “upvoting” good content
Earn while you Blog
Open your Steemit account and start blogging! CLICK HERE
There are crypto’s with unique selling points such as speed, privacy, anonymity, and examples are Dash, Monero and ZCash
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