Cryptocurrency is a digital medium of exchange that uses cryptography to secure its transactions, generate units of currency and verify the transfer of funds in such a way that it is free from central or government control. Crypto-currency can be formed as money that appears online and can be used digitally. In other words, cryptocurrency can be referred to as alternative decentralized money.
Over the last couple of years the crypto currency is gradually becoming so popular that some expert has predicted the extinction of fiat money. This is because the use of digital or crypto money has reaching advantages and benefits over the use of fiat money. cryptocurrencies are operated digitally and are hardly counterfeited or reversed illegally by the Sauder. It uses a “push” mechanism that allows the crypto currency holder to Saud exactly what he or she wants to the recipient as such the system aids the easy identification of theft. Also crypto currency usage is not bounded by national difference as in the case of fait where the difference of money is vague.
Crypto-currency has a network of block chain technology that can manage the transaction and database of everyone who has an online access or who has financial experts that manages their online crypto-currency dealings. This is to say that crypto-currency speaks a universal language because it is not limited by exchange rates, interest, transaction charges or national borders and it accounts for transparency and ease in business and monetary dealings.
Bitcoin, which was launched in January 2009, is regarded as the first decentralized digital currency or crypto-currency. It was designed by a Japanese man who claims to be Satoshi Nakamoto. Satoshi Nakamoto describes Bitcoin digital currency as: A pear to pear electronic cash system. Today, with over 200,000 merchants and vendors accepting bitcoin as a means of payment, and with an estimated 2.9 to 5.8 million using crypto currency bitcoin, and a market cap of us$243.4 billion, bitcoin is regarded as the world’s largest crypto-currency.
Since the invention and development of bitcoin there have been the rise and creation of several other crypto currencies inspired by the Bitcoin and they are referred to as altcoins. Altcoin, seem to improve on the bitcoin system by working hard to ensure that technically they do better than their founding father “Bitcoin” but most times many of the altcoins exists as leftover of various schemes initiated by very Zealous inventors to build a system that would either match or outweigh Bitcoin. This could be the reason for the massive increase of various altcoins and crypto currencies in the world. As at January 7th 2018, there is over 1384 and growing list of crypto-currencies.
Amongst, the 1384 altcoins created so far only a few has been able to match the authenticity and the valiancy of the Bitcoin, they include:
Litecoin was created by Charlie lee, and it has been referred to as silver to Bitcoins Gold. The Litecoin has a lot of similarities to Bitcoin but it has a faster and easier block generation rate, and gives a more quicker transaction confirmation hence it has enjoyed a great patronage by a growing number of merchants across the world.
Ethereum is also a decentralized block-chain system that is closely similar to bitcoin. The major advantage of the Ethereum over bitcoin is its distinct function of being able to run the programme of many and any decentralized application as against the Bitcoin that allows only one particular application of blockchain technology.
The major difference between the Zcash blockchain system and others is the fact that it gives its users the choice of “disclosed” transaction which allows for high level of encryption. Thus, the Zcash strength lies in its outstanding level of privacy of transactions.
Other similar but outstanding altcoins worth mentioning includes Dash, Ripple, Monero etc.
Despite all the aforementioned ingeminate and improvements of the altcoins innovators, Bitcoin still stands as the leader of the new phenomenon of crypto currencies. It therefore remains that the rivalry and proliferation of Bitcoin and altcoins is an indication that crypto-currency is a Kinetic force that will forever face one positive and viable innovation after another.
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