Guide to help you choose a cryptocurrency that suits your needs.
Cryptocurrency is one of the fastest growing industries on the stage of the world today. However, unlike many others, it is difficult to understand what is going on within it. The industry involves the use and sale of cryptocurrencies which are digitally created and monitored currencies which have been assigned value based on market demand for them.
The sudden increase in popularity and demand for these currencies led to a boom in the industry itself and many individuals became millionaires overnight. The whole system works on a framework known as blockchain which is a centralized system which incorporates the currencies into itself.
The system is prided on not being easily hackable or manipulated since it is the system despite being accessible from almost anywhere. There are no servers to speak of and the system exists across different personal computers as a point to point connection system which creates the increased security.
Several different types of digital currencies are sold on the market of cryptocurrencies. Some are more popular than others such as bitcoin, Ethereum, and others as well as some lesser known ones such as the dogecoin etc.
The sale of these currencies happens totally on the blockchain network itself, and the three cryptocurrencies Ripple, Ethereum and Dagcoin will be compared further.
Ripple is a cryptocurrency that was released in 2012 and was an iteration of the Ripplepay method. It acts basically like a real-time settlement system and currency exchange.
The ledger used by the currency is common and managed by several different servers, present on a public database that is shared at the same time.
It provides consensus through the different servers to maintain the integrity of the entire system. The servers can be in the hands of everyone, either individuals or banks.
The currency is closely related to the Ripple protocol and is created in order to enable money to be directly and quickly transferred between two parties. The currency exchange has no limit and can be anything from FIAT to other assets like airplane miles.
This helps avoid the waiting of banks and fees for transactions. While many people do ask the question, what is the best desktop wallet for Ripple XRP currently is the best on the market and has worked well so far.
When the craze was first created, it was totally towards bitcoin itself. Many individuals beginning to invest began asking questions such as should I invest in Ripple, how high it can ripple go and the best desktop wallet for ripple.
The difference between Ripple and other cryptocurrencies like Bitcoin is that it is not based on the blockchain. Instead, the cryptocurrency utilizes a HashTree and produces a single value to validate across the cryptocurrency servers.
The value of Ripple is less from the currency itself and more than the Ripple Network, but accessing it requires purchasing the currency. Banks, in particular, are interested in this since the system allows them to move different assets rapidly as well as move money into different foreign currencies.
The future for Ripple looks good. Ripple's current price prediction for 2019 states is that it might reach 6.57$ bringing the total market capitalization to a point that will be greater compared to that of Bitcoin and many other prominent cryptocurrencies on the market.
To answer the question of why Ripple is going up, there is no straight answer. Positive market outlook and heavy trading have currently set it on a positive upward path. So the answer to should I buy Ripple now is a definitive yes on all fronts.
Ethereum is a cryptocurrency that is backed by the working of a decentralized system. This means that the system is not under the control of any one entity for overseeing it.
This allows the currency to remain fully autonomous and is not controlled by a single person, this has the added benefit of making sure that there is no single point of failure for the currency as well.
When it started to be sold, the best way to mine Ethereum was on the minds of a lot of people and this way interest in the currency grew.
If a small part of the framework of the currency fails, the entire currency will not be affected as a result except for a small spike. When it settled, many people asked if Ethereum would rise, but the answer to that, in the end, was yes, since the price rose and despite short downturns, it has consistently been rising throughout.
Should I invest in Ethereum is a question on the minds of multiple people currently and the answer to that, in short, would be yes, as we will see Ethereum price predictions 2018 kept it at 1300 dollars and on a consistent rise being one of the most profitable cryptocurrencies.
Still, when looking at bitcoin many people continue to ask, ‘In front of bitcoin, is Ethereum dead’? The answer is short and a resounding no. Bitcoin and Ethereum are two completely different entities and projects and as such, they have completely different goals as well.
Bitcoin was the first cryptocurrency created and works more as a system for transferring money.
The system it is built on is called the Blockchain system. Ethereum, however, expanded on what bitcoin created and today, it has a different network, an internet browser, a different method of payment and a language for coding which is different as well.
Then come questions such as should I invest in Ethereum? Well, the thing is you cannot invest in it because that is not what the cryptocurrency is called. Ethereum is the system and framework behind the overall cryptocurrency, and the currency itself is called the Ether.
The reason is that since the Ethereum system is a decentralized internet browser, so it needs a currency that will pay for the resources that are needed for the running of the application. Ether is a bearer asset and does not require a third party to process the payment.
Its only function, however, is not to act as a currency but has different uses and purposes at the same time. For 2019, the Ethereum Price projection states that the price will rise and could hit 2500 dollars and the Ethereum price predictions of 2020 indicate confidence in further increases as well.
The cryptocurrency is also referred to as dags that were created in Estonia. This is the first cryptocurrency that has targeted the markets that are developing today. Labeling itself as an everyday currency helps it thrive in these markets.
Dagcoin is different from other cryptocurrencies such as bitcoin is in several ways. For example, Dagcoin was created on top of a network called the Byteball.
This allows data to be stored in the above mentioned Directed Acyclic Graph or DAG as opposed to the Blockchain system. This allows the users previously present to be able to secure the transactions for each other since they are able to reference previously done transactions by others.
It is also allowing them to remove limits on blockchain such as the size issue. There are several benefits to using Dagcoin as well. For example, the presence of Dagcoin on a system such as DAG means that the coin holds and presents transactions to uses faster. To be exact, Dagcoin is 300 times faster and the transaction fees it holds are nearly 30 times cheaper.
Compared to bitcoin, the transactions of Dagcoin are much faster. While bitcoin is expanding and making its transactions slower as Dagcoin increases in size, it is taking less time as the network of its users is growing.
The system it is built on, also known as Byteball, is an open source system. The code can be opened and modified by any individual. Along with that bitcoins require a large amount of computing power in order to work, this means needing more electricity.
However, dagcoins do not require that much computing power due to factors such as ease of access and transaction speed.
Based on the popularity, price and the number of engagements you are expecting, choose the model wisely that suits you. Gather as much information about cryptocurrency as possible.
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