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What About Other Cryptocurrencies Apart from Bitcoin? Will They Ever Rise Up To $5000?


Oct 28, 2017 Posted /  7519 Views


What About Other Cryptocurrencies Apart from Bitcoin? Will They Ever Rise Up To $5000?

Released in the year 2009 by an anonymous flock, named Satoshi Nakamoto. He is believed to be a resident of Japan. Today, it is a worldwide recognised cryptocurrency and an electronic payment network. Bitcoin is a decentralised electronic currency, operates without any interference from the government or a federal reserve, it is a peer-to-peer network. Here, transactions take place directly between the sender and the receiver, no intermediate. Then, every transaction is acknowledged by a node, listed on a public, ledger distributed ledger known as the Blockchain. Bitcoins are not printed or supplied by the government, they are created as a reward for the process of mining. As of February 2015, Bitcoin is accepted as a means of payment at  100,000  vendors and merchants globally. Moreover, like Gold, Bitcoin is a great investment, with enormous possibilities for both short and long-term venture. A recent study by the Cambridge University reported that there is 2.9 to 5.8 million cryptocurrency wallet, and most of them are used to Bitcoin transactions. 

Other Cryptocurrencies Having the Potential Touch the Magical Figure of $5000

Ethereum

An open-source platform, Ethereum is public, distributed Blockchain based platform, which features an exclusive characteristic termed as smart contracts functionality. It provides a decentralised virtual machine, known as the Ethereum Virtual Machine, which acknowledges transactions using a network of public nodes. The smallest unit of Ethereum is Ether, which can be used to shop or as an investment. 

Proposed in the year 2013 by Vitalik Buterin, who was a cryptocurrency analyst, Ethereum was launched on July the 30th, 2015. The development of Ether was funded via an online crowdsale in July-August, 2014, it was released in 2015 with 1.9 million Ethers reserved for the crowdsale. It accounts for approx 13% of total initially circulated Ethereum currency. 

Litecoin

Litecoin is an open-source, peer-to-peer digital currency released in the year 2011, by a former Google employee, Charlie Lee on October the 7th. It operates on a model similar to Bitcoin, but, with an increased number of coins and decreased block generation time, around 2.5 minutes, different algorithm, and slightly changed GUI. 

During the first week of November 2013, the aggregate worth of Litecoin experienced a massive growth of 100% leap in just 24 hours. It reached the landmark of $1 billion in November 2013. And, as of August 2013, US$2,253,184,567 is the market capitalisation of the Litecoin. Segregated Witness technology was adopted by Litecoin in the May 2017. Later in the beginning of September, the value of Litecoin saw a sharp spike amounting to $92.07 per coin. This new kid on the block has zero payment cost, and at least four times faster the most popular cryptocurrency, Bitcoin. 

Zcash

Zcash is an electronic currency that cropped out of the Zerocoin project, which was initially aimed at enhancing the anonymity for Bitcoin customers. The protocol of Zerocoin was designed and developed for Bitcoin, but latter tailored and bettered to give birth to Zerocash, which ultimately transformed into Zcash. 

Zcash was founded by Wilcox-O'Hearn, and the other mind behind the successful implementation of the Zerocash concept was Matthew D. Green from Johns Hopkins University. Roger Ver, was one of the top investors of Zcash. 

The transactions of Zcash are listed down continually on a public, distributed ledger known the Blockchain, with a user having the luxury to hide the critical information like the sender details, recipient details, and amount being transferred. Similar to Bitcoin, the supply of this cryptocurrency is only 21 million units. But, to avoid laundering, Zcash has implemented many changes to enhance transparency, without compensating on the security facet. For the same, the CEO of Zcash, Mr Wilcox has held several virtual meetings with the US top law enforcement agencies, to curb illegal activity via Zcash, if there is one percent of it. 

Ripple

A real-time gross settlement system, Ripple released in the year 2012 is based on the open-source, Internet protocol. Ripple is a decentralised cryptocurrency, which is being positively embraced by top companies like the  Unicredit, UBS, Santander, etc. Ripple has a number of perks over other popular cryptocurrencies, such as high value and better security. 

Dash

Dash is an open-source, peer-to-peer electronic currency, aimed to be developed as user-friendly, and the most on-chain scalable digital currency in the world, in today’s market. One of the biggest features of Dash cryptocurrency is its instant and private transaction. It works as a self-governing and a self-funding model, with no interference from the government. It enables people and businesses to do online transactions without making their information known to any financial intermediate

The above-listed cryptocurrencies have immense potential  in them to scale the magical figure of $5000. However, time will tell what will happen in the coming years, so fingers crossed.  


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Tags: blockchain Ethereum Litecoin Ripple bitcoin $5000 digital currency decentralised electronic currency Zcash cryptocurrency news

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