The Wild West Crypto Show Continues

The Wild West Crypto Show Continues

by dennisloos

This is a question that is asked frequently What is the best way to choose the best cryptocurrency to invest in? Aren’t they identical?

There’s no doubt that Bitcoin has dominated the largest portion of the cryptocurrency (CC) market which is mostly because of its FAME. The phenomenon is similar to the way that it is occurring in politics across the globe, where a candidate is able to win the majority of votes on the basis of FAME and not on established abilities or qualifications required to lead a nation. Bitcoin is the leader in this space, and continues to make most of the attention in the markets. The FAME does not mean it is the best choice for the job. In fact, it is widely known that Bitcoin has its limitations and issues that require resolution However, there are disagreements among the Bitcoin world about the best way to solve the issues. As  the issues get worse the chances are endless for developers to create new coins to address specific circumstances, and thus differentiate them from the aforementioned 1300 other coins that are in the market. Let’s examine two Bitcoin competitors and see the ways they differ from Bitcoin and also from each other

Ethereum (ETH) Ethereum (ETH) – Ethereum coin is referred to as ETHER. The primary difference between Ethereum and Bitcoin is the fact that Ethereum makes use of “smart contracts” which are accounts that are held in the Ethereum blockchain. Smart Contracts are designed by their creators, and can communicate to other contract types, take decisions, keep data and transfer ETHER to other users. The execution and the services they provide are offered via the Ethereum network that is more than what Bitcoin and other networks of blockchain could accomplish. Smart Contracts are able to act as your self-governing agent, following the rules and instructions you provide for spending money and initiating additional transactions on Ethereum. Ethereum network.

Ripple (XRP) – This currency as well as the Ripple network have distinct features that make it more than a mere digital currency similar to Bitcoin. Ripple has created its own Ripple Transaction Protocol (RTXP) which is a robust financial tool that permits exchanges through the Ripple network to transfer funds fast and effectively. The principle behind the protocol is to store money in “gateways” where only those who have the password are able to access the funds. For financial institutions , this opens many possibilities as it facilitates cross-border transactions as well as reduces costs. It also offers security and transparency. All this is accomplished through innovative and clever utilization of blockchain technology.

The mainstream media covers the market with news breaking reports almost every single day, but there is no substance to the stories… they’re mostly headlines that are dramatic.

This is the Wild West show continues…

The five top crypto/blockchain stocks are up by an average of 109 percent from December 11-17. The wild swings continue to be seen with every day fluctuations. Yesterday, we saw South Korea and China the most recent to attempt to bring down the cryptocurrencies boom.

On Thursday the justice minister of South Korea Park Sang-ki caused the global bitcoin price plummeting and the virtual coin market to turmoil after he reportedly stated that regulators were in the process of drafting legislation to prohibit trading in cryptocurrency. The same day the South Korea Ministry of Strategy and Finance is among the principal members within the South Korean government’s cryptocurrency regulation task force, announced and declared that their department doesn’t agree with the rash announcement by the Ministry of Justice about a potential ban on cryptocurrency trading.

The South Korean government says cryptocurrency trading is nothing more than a form of gambling and are concerned that the industry could leave many people in poverty home, their main worry is the reduction in tax revenues. This is the same worry that every government is faced with.

China has become one of the largest source of mining cryptocurrency. But it is now believed that the government to be contemplating controlling the electricity utilized by mining computers. The majority of electricity used to create Bitcoin currently is sourced from China. By shutting down miners the government will make it more difficult to Bitcoin users to validate transactions. Mining operations could shift to different places and China is particularly appealing because of its low cost of electricity and land. If China implements the threat of a resurgence, then there would be a temporary decrease in mining capacity, which could cause Bitcoin users experiencing longer timers and increased fees for transaction verification.

The roller coaster ride will not stop as did in the internet boom, we’ll witness some major winners and, eventually, some major losers. Similar to the internet boom as well as the boom in uranium it is those who are early in the game who are likely to reap rewards as the masses always appear in the final moments, investing at the top.

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