Entries Tagged as 'Bitcoin'

Why Bitcoin Isn’t the Future of Cryptocurrency

Why Bitcoin Isn't the Future of Cryptocurrency

Why Bitcoin Isn’t the Future of Cryptocurrency

All around the world, many sing the praises of Bitcoin and that it is the future of cryptocurrency. No one who deals with cryptocurrencies wants to see BTC fail yet in anything the one who brings the idea to the masses does indeed see a fall in their initial standing. Why Bitcoin Isn’t the Future of Cryptocurrency.

Why Bitcoin Isn’t the Future of Cryptocurrency

BTC will not fail, and it will always be there yet it stands a good chance of playing second fiddle to some of the other cryptocurrencies that have yet to make their full presence felt.

This massive shift that will happen in the crypto market stands a chance of being in 2018. Bitcoin will be soon seen as a victim of its own success. There are many Bitcoin problems and these up, and coming coins are fixing them all the time.

What Are The Problems With Bitcoin?

Bitcoin problems fall into diverse areas, some are of its own doing, and some are the effects of its popularity, yet regardless of the root of the problem, it is still a problem. Some of which might not be fixed with the current BTC and Blockchain model.

One of the problems being scalability, bitcoin is not very good at it. Simply put, the more transactions that take place, the slower the processing of these transactions by the bitcoin miners becomes.

This leads to another area that should never have happened. High transaction costs are being imposed to conduct these transactions first. This is entirely in the wrong direction that the coin should have gone in.

Mining is another problem area with BTC and the Blockchain. Over time the number of coins to be mined reduces.

In the near future this makes mining unprofitable for the miners, once this number is limited it is hard to say how things will go, but one thing for sure. Who will do the processing of the transactions?

BTC was supposed to be truly decentralized, yet mining pools have stopped this idea. It has been said that mining is controlled by only three major pools of miners around the world. If any of these merged it could be a sign for a 51% attack, or at least the market could be manipulated if it isn’t already.

Other BTC Issues

Along with a network that slows thus forcing higher costs to users and the decentralization issues it has, BTC will not vanish. It will still be used as most crypto’s are traded against it, so there is a need for now.

How Crypto’s fix this problem?

There are over a thousand cryptocurrencies, yet a great deal of these are based around BTC and Blockchain. These will be pushed by the wayside by altcoins that have seen the problems, since cryptocurrencies birth.

There are however coins which have taken their time to come to market. They have no intention of only lasting a few years so they address critical issues as you can see below:

OmiseGo

This coin is based on Ethereum, so it does not hold the same network slowdown as BTC. New blocks are created in a fraction of the time compared to BTC’s new block every 10 minutes. OmiseGo promises real-time P2P payment services.

It is also made accessible to everyone as no bank account is needed and is scalable while retaining low costs and instant settlements. It has been designed to offer transactions across multiple currencies.

Skycoin

This coin is set to transform so many things in the later months of the year and beyond. It has ripped up the BTC rule book and started at the bottom to build not just a coin, an algorithm that works (Obelisk) and a new mesh network that changes the face of the internet in its entirety.

Skycoin is looking at the long-term goal and is not rushing to deliver anything that will lead to problems in the same way that BTC and Ethereum have done.

SKY is a 3rd generation altcoin and does something radical. It eliminates mining of coins altogether. It does have miners, yet these are paid for offering bandwidth.

These decentralized nodes or internet access points are what you would pay rather than a large ISP who has control. A “New Internet” and a new future all is good for SKY when it hits the mainstream.

Ripple

This was developed and for a time was seen as a replacement for BTC. What it does is to update the payment infrastructure.

Ripple connects to banks, payment providers, corporates and digital asset exchanges to offer frictionless payment system when sending money anywhere. Transactions are almost instantaneous, and you can trace funds in real-time.

Unlike BTC it is scalable and can scale to perform the same number of operations per second as Visa.

Although it still uses the Blockchain in the same way. It does rid their system of the many problems that now hinder BTC.

From these three coins, the one that does away with most of what BTC was based on is SKY and Skywire. It is radical, yet it was conceived by some of the original BTC and Ethereum developers, so it has a solid standing and background behind it.

Key Points On Bitcoin Investment

Key Points On Bitcoin Investment

Key Points On Bitcoin Investment

If the idea of investing in cryptocurrency didn’t excite you before 2017, there’s a good chance it caught your attention last year. Bitcoin, in particular, had a sensational year, starting right around $1,000 in early January and skyrocketing to nearly $20,000 toward the end of the year. It would be easy to look at the cryptocurrency market and groan at the idea of having missed the train; then again, plenty of people are even now looking to hop aboard in the hopes that these bizarre digital currency alternatives just keep climbing.

I can’t tell you whether or not that’s a good idea. Frankly, no one can. Bitcoin and its fellow digital currencies are operating in uncharted territory, and while people can draw comparisons to the currency trade or to other valuable commodities, there’s not really any exact parallel that informs us as to where bitcoin will go from here. What I can do, however, is lay out some of the key points that should go into any decision or analysis of this kind of investment.

The 2017 Surge Is Over

The 2017 surge in bitcoin was quite something to behold, even if you aren’t really interested in investment patterns, cryptocurrency, or finance. It just isn’t the sort of thing that happens very often, and those who played it correctly were surely able to make a lot of money. However, it’s important not to get caught up now in what happened a few months ago. In late January bitcoin slipped below $11,000 with all major cryptocurrencies feeling the pressure. While it may yet start climbing again as it did before, this proves beyond doubt that bitcoin is volatile if nothing else.

The Spectrum Of Predictions Is Wide

Without touching on any specific advice from high profile people in the cryptocurrency and financial investment worlds, it’s important to point out that the spectrum of predictions for 2018 and beyond has been wide. Some would have you believe bitcoin is about to crash to the point that it’s essentially worthless; others see 2017 as nothing but a tease for far greater climbs to come. Seeking advice on this sort of thing is important, but be careful not to buy into the most outlandish predictions you see in either direction just yet, because there is bound to be a credible expert making the exact opposite prediction.

The Wallet You Choose Is Important

For those who haven’t bought bitcoin before, the idea of a wallet might seem like a secondary concern. In fact, it’s an extremely important aspect of the process. Bitcoin wallets store the digital keys you use to access your store of bitcoin online (because there’s no such thing as actually possessing physical bitcoins). It helps to think of them as bank accounts or investment portfolios full of cryptocurrency. These wallets come in five forms, and analyzing those forms (desktop, mobile, web, hardware, and paper) is as important as analyzing when to buy and sell. The different types of wallets offer different security perks, different levels of convenience and ease of use, and in some cases different fees for transactions.

Regulatory News Matters

People who are looking into investments like to research the different things that might influence what happens to those investments. It’s the only appropriate way to approach things, but it’s particularly tricky where bitcoin is concerned. Because cryptocurrency is new and to some degree experimental – not to mention fully digital and fully decentralized – it would almost seem to be free from influence. What we’re learning more and more, however, is that regulatory news matters. Bitcoin is for the most part not regulated around the world, but when news breaks of a major economy (such as Japan, recently) trying to restrict bitcoin in any way, prices can drop. It’s just something to keep in mind.

Bitcoin Has No Comparison

People seem to be very eager to compare bitcoin to other lucrative commodities from the past – most typically oil and gold. However, comparisons like these tend to be simplistic and ignore the reality that bitcoin is unlike anything we’ve ever seen before. As The Telegraph put it bluntly, bitcoin is not the new gold despite its “glittering” run to close out 2017. Oil has a practical use, and gold is a tangible resource that has literally been used to back currency. Bitcoin, by contrast, is entirely made up, with its value backed by little more than its own potential. It’s a brand new concept, and one without a comparison – for better or worse.

Copyright © 2007 Mover Mike. Design by Anthony Baggett.


Fatal error: Call to undefined function is_sidebar1_page() in /homepages/7/d182093141/htdocs/movermike/wp-content/themes/networker-10/footer.php on line 13