Bitcoin is most certainly the ’Big Daddy’ of crypto, being the first to market and now with a proven store of value and resilience.
Bitcoin’s value has increased by over 30,000% since creation in 2008 and has taken some heat from governments, regulators, central and commercial banks as they become aware that cryptocurrency cannot be ignored.
The success of Bitcoin has prompted more development of alternative cryptocurrencies, some very similar to others and some with specific use cases. The rise in value and adoption of certain altcoins have shown to be much faster than Bitcoin was initially, particularly if a cryptocurrency has a strong use case. Adoption of cryptocurrencies by developers, merchants, consumers, and institutions is growing rapidly as exposure to the technology escalates.
Know your cryptocurrencies, here are a few below:-
- White paper posted 31 Oct 2008 – Open Source and Decentralized
- 21 Million capped – Blocks generated every 10 minutes
- Store of Value
- Digital transfer of funds
- Independently of a central bank
- Japan legalizes Bitcoin as payment system 1 April 2017 causing domino effect as more countries follow suit
- Regulation of Bitcoin Enterprises increasing globally
- Investment vehicles such as hedge funds, IRA’s, Exchange-Traded certificates – ETF’s (Exchanged Traded Funds) in sight
- Merchant and Consumer adoption continues to grow
- Large Corporation adoption – IBM, Microsoft amongst others
- Mainstream Media reporting increasing making more people aware of the digital economy
- Released via an open-source client on GitHub October 2011 by Charlie Lee, a former Google employee
Capped at 84 million – Blocks generated every 2.5 minutes
- Based on Bitcoin model
- The ‘Silver’ to Bitcoin
- Peer to Peer payment system
- Growth in value after SegWit was implemented – price began to take off in 2017 after SegWit and Lightening activated – A ‘testing ground’ for Bitcoin
- Ethereum was proposed in late 2013 by Vitalik Buterin Development was funded by an online crowdsale during July –August 2014 and went live on 30 July 2015.
- Uncapped – Current circulating volume 94,780,621
- Smart contracts – applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference
- Launch of the Enterprise Ethereum Alliance
- Over 150 members including Indian Government, Mastercard, Cisco Systems, Scotiabank, Loyyal Corporation
- ICO tokens developed on Ethereum Network
- Secure Ethereum Wallet and Vault on Swiss Bank In Your Pocket
- Released as XCoin (XCO) in January 2014 – then 28 February, the name was changed to ‘Darkcoin.’ March 2015 – Darkcoin was rebranded as ‘Dash’, Digital Cash
- Capped at 18,900,000
- Instant, private payments online or in-store using secure open-source platform hosted by thousands of users around the world
- Dash trading pairs on exchanges growing
- Dash payment solutions such as CoPay (DashPay) and a Debit/Credit card being introduced
- Blockchain Research Lab in partnership with the Ira A. Fulton College of Engineering at Arizona State University
- Antshares rebranded as NEO in June 2017 – Developed in China
- Capped at 100 000 000
- The ‘Chinese Ethereum’/Smart Contracts – the first open-source blockchain platform – “distributed network for the smart economy”
- Digital Assets- NEO aims to convert traditional assets into digital ones using smart contracts
- Digital Identity– NEO will enable the creation of identity information of organizations, individuals, and entities in electronic form
- NEO collaborating with certificate authorities in China to map real-world assets using smart contracts
- NEO has received a new patent for cross-chain distributed interoperability
- NEO’s recent new startup partners include Bancor, Agrello, Coindash, Nest Fund, and Binance
- A MAHF, Miner Activated Hard Fork, occurred at 12:20 UTC on 1 August 2017, creating Bitcoin Cash. People who held Bitcoin received an equal value of Bitcoin Cash – Open Source and Decentralized
- 21 million capped volume, as per Bitcoin
- The same as Bitcoin – a digital payment system, however, BCH increased the block size limit to 8MB – two million transactions to be processed per day which translates into fast payments, low transaction fees
- BCH increased the block size limit to 8MB – two million transactions to be processed per day – fast payments, low transaction fees
- Bitcoin Cash is being listed on more exchanges
- Hardware wallets such as Swiss Bank In Your Pocket support Bitcoin Cash
- July 2017 – Open Source and Decentralized
- Capped at 200 000 000 – Blocks confirmed every 90 seconds
- Encryption using Cryptography, EOT – The huge surge in devices connected to the internet [IOT – estimated 30 billion objects by 2020] constant hacking, and cyber attacks have increased not only the demand but the necessity of secure solutions – EOT Business Case
- Fast, secure transactions
- The first product enabled using EOT – BitVault® is the World’s first blockchain crypto communicator. Other IOT devices using EOT being developed.
- Swiss Bank In Your Pocket offers EOT wallet and vault as well as a Token/Coin exchange
- EOT mining pools and Blockchain Explorer set up.
- The Cryptocurrency total market reached all-time high over $175 Billion recently with Bitcoin dominance varying around 50%. Over 1100 cryptocurrencies are listed on coinmarketcap.com – many without use cases
- ICO (Initial Coin Offerings) are listed on coinmarketcap.com – China has taken steps to ban all ICO’s in their country as regulators globally start to focus in this area. Approximately $2 Billion in capital has been raised with this model.
- Due to the value growth of Bitcoin, ‘altcoins’ have also grown in value during 2017 – a cryptocurrency boom has occurred. The volatility of Bitcoin has been reported on by mainstream media exposing more people to cryptocurrency
- Various Central Banks are considering developing their own cyrptocurrency such as India, Singapore, Nigeria and Uruguay
- It is evident that cryptocurrency is being adopted more readily (particularly in 2017) More people are open to getting involved in the digital economy as economies struggle globally
- Governments globally are focusing on regulation of Cryptocurrency Enterprises such as Exchanges and FinTech business such as loan platforms are gaining more interest by authorities – regulation will reduce volatility and attract investors
New cryptocurrencies are gaining popularity quicker than the previously introduced currencies which could mean the specific coin value increases quicker too, particularly if a coin has a strong use case.
- Bitcoin, Bitcoin Cash, Dash, and Litecoin are all payment systems
- Ethereum and Neo designed for smart contracts
- EOT developed for encryption of Internet-connected devices and objects
Smartphones are coming to a blockchain near you, Futuretech on BitVault – Click here to listen
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.