Here is a question that appears often: How do i choose which crypto currency to buy — aren’t they all the same?
There is no doubt that Bitcoin has captured the lion’s share of the crypto currency (CC) market, and that is largely due to its FAME. This phenomenon is similar to what is happening in national politics around the world, where a candidate captures the majority of votes based on FAME, rather than any proven abilities or qualifications to govern a nation. Bitcoin is the leading in this market space and continues to get the vast majority of the market headers. This FAME does not mean that it is perfect for the job, and it is fairly well known that Bitcoin has limitations and conditions that need to be resolved, however, there is disagreement in the Bitcoin world on what far better resolve the difficulties. As the problems fester, there is ongoing chance of developers to start new coins that address particular situations, and thus distinguish themselves from the approximately 1300 other coins in this market space. Let’s look at two Bitcoin opponents and explore how they change from Bitcoin, and from each other:
Ethereum (ETH) — The Ethereum coin is known as ETHER. The main difference from Bitcoin is that Ethereum uses “smart contracts” which are account holding objects on the Ethereum blockchain. Crypto insiders Smart Contracts are defined by their inventors and they can interact with other contracts, make decisions, store data, and send ETHER to others. The performance and services they offer are given by the Ethereum network, all of which is beyond what the Bitcoin or any other blockchain network can do. Smart Contracts can act as your autonomous agent, obeying your instructions and rules for spending currency and beginning other transactions on the Ethereum network.
Ripple (XRP) — This coin and the Ripple network also have unique features which make it much more than simply be sure you currency like Bitcoin. Ripple has changed the Ripple Transaction Protocol (RTXP), a powerful financial tool that enables transactions on the Ripple network to transfer funds quickly and efficiently. The basic idea is to place money in “gateways” where only those who know the security password can discover the funds. For financial institutions this opens up huge possibilities, as it simplifies cross-border payments, reduces costs, and openness and security. This is all carried out with creative and intelligent use of blockchain technology.
The mainstream media is covering forex with breaking news stories virtually every day, however, there is little depth to their stories… they are mostly just dramatic headers.
The Wild Western side show continues…
The 5 stocks crypto/blockchain recommendations are up an average of 109% since November 11/17. The wild golf swings continue with daily gyrations. Yesterday we had South Korea and China the latest in order to shoot down the thrive in cryptocurrencies.
On Thursday, South Korea’s justice minister, Park Sang-ki, sent global bitcoin prices briefly in a freefall and virtual coin markets into chaos when he apparently said regulators were preparing legislation to ban cryptocurrency trading. Later that same day, the South Korea Ministry of Strategy and Finance, several member agencies of the South Korean government’s cryptocurrency regulation task force, came out and said that their department does not agree with the premature statement of the Ministry of Justice about a potential cryptocurrency trading ban.