Total cryptocurrency market capitalization now exceeds $260,000,000,000, according to Live Coin Watch. *****agers are becoming Bitcoin millionaires, as reported in CNBC and elsewhere. The excitement is palpable.
Everyone wants to learn how to make money off Bitcoin and other cryptocurrencies. Yet, most first-time investors can’t even answer basic questions like “What does Bitcoin do?” or “What does Ethereum do?” or “What does Ripple do?” This article will answer those questions for you.
The top 3 cryptocurrencies are Bitcoin, Ethereum and Ripple. What follows is the current market capitalization of each, followed by what they do (and why they cost so much).
Looking to learn more? Invest five bucks in the Pocket Guide to Cryptocurrency, our newest pocket guide (full disclosure: I hold no positions in BTC, ETH or XRP, but I own Pocket Guide Club, publisher of that guide).
Let's get started..
Bitcoin (BTC): $127,377,634,578
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Started in 2009, Bitcoin was the first blockchain to come into existence and remains the largest cryptocurrency based on total market capitalization.
"Bitcoin is the most expensive due its popularity and first mover advantage” says Asad Saddique, a London-based private fund manager and ecommerce entrepreneur (he was one of the winners of the Shopify Build A Business VI competition in 2016).
“Metcalfe's Law can also be applicable."
Ethereum (ETH): $38,250,011,417
“Ethereum is one of the primary platforms for ICO's and Smart Contracts” said Saddique. “In 2017, $5.6b was raised via ICO's that mostly took place on the ETH platform.”
Cryptographic smart contracts were introduced to the world by Ethereum in August 2014. Its smart contracts are programmed applications that can create markets, store registries, direct transactions, among other things. The full potential for its applications is unknown.
“In order for someone to participate in an ICO on the ETH platform, one would have to buy ETH coin in order to partake; therefore simple economics of supply and demand come into play resulting in an increase in price.”
Ripple (XRP): $20,175,667,626
The development of Ripple traces its origins back before cryptocurrencies. In 2013, it began linking to the Bitcoin protocol as Opencoin. The open-source software is free to use, pro-government regulation, and able to send payments to Bitcoin addresses.
“Ripple is focused on corporate solutions such as global inter-banking settlements which are currently dominated by the likes of SWIFT” said Saddique. “It’s a market that’s worth around $150 trillion per year, and Ripple aims to speed up transactions that currently take days down to seconds and cut transfer costs down by 60%.”
Ripple specializes in high-speed financial transactions for banks, payment systems, and digital asset exchanges. Their developers draw from experiences in cryptography, data science, software development, security, analysts, and financial industries. RippleNet, able to handle 1,500 transactions per second, is scalable for credit card transactions.
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All the gold in the world is worth maybe $10 trillion, based on the World Gold Council’s estimate of how much gold has been mined and what the per-ounce price is. In other words, maybe 2-3% of global net worth consists of gold.(Citigroup), Blythe Masters (JPMorgan Chase), and Tom Glocer (Reuters);робот bitcoin bitcoin покупка bitcoin аккаунт криптокошельки ethereum bitcoin установка bitcoin mt4 love bitcoin
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The basic insight of Bitcoin is clever, but clever in an ugly compromising sort of way. Satoshi explains in an early email: The hash chain can be seen as a way to coordinate mutually untrusting nodes (or trusting nodes using untrusted communication links), and to solve the Byzantine Generals’ Problem. If they try to collaborate on some agreed transaction log which permits some transactions and forbids others (as attempted double-spends), naive solutions will fracture the network and lead to no consensus. So they adopt a new scheme in which the reality of transactions is 'whatever the group with the most computing power says it is'! The hash chain does not aspire to record the 'true' reality or figure out who is a scammer or not; but like Wikipedia, the hash chain simply mirrors one somewhat arbitrarily chosen group’s consensus:advcash bitcoin The rules of the incentive system dictate that those with the fastest computers make the most money. This has started a computational arms race across the world. bitcoin token youtube bitcoin
Bitcoin mining is a highly competitive, dynamic, almost perfect market. Mining rigs can be set up and dismantled almost anywhere in the world with relative ease. Thus, market forces are constantly pushing mining activity to places and times where the marginal price of electricity is low or zero. These electricity products are cheap for a reason. Often, it’s because the electricity is difficult (and wasteful) to transport, difficult to store, or because there is low demand and high supply. Using electricity in this way is a lot less wasteful than simply plugging a mining rig into the mains indiscriminately.bitcoin zona equihash bitcoin
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