13/05/2018
“ FIVE BIG CURRENT CRYPTOCURRENCIES” BRIEF REVIEW
It is great to say hello everyone in the first day of week (Monday) by a review of 5 big current cryptocurrencies. Actually, I really would like to tell you more detail about them, but it will take a long time for you to read all of them, so I just give you some general information, and then I will tell you more: How do they work ?, How can we mine them ?, And How are they in the future ? in next posts. Not just five ones, but every potential coins should be discussed. Please tell me what is your interesting coin, and what you want to discuss by leave your comment here (such as how does it work, future prediction,…). We will tell you necessary information and discuss together. Have a good day !
1) BITCOIN (2009)
Bitcoin (BTC) is the first cryptocurrency and worldwide payment system which based on SHA256 algorithm. It was invented to remove one type of middleman - the banks. Therefore, you do not have to pay a large fee and time as bank-based processing. In addition, your private data is not harmed, and, your wallet cannot be frozen like bank account. The creator made 3 main concepts for Bitcoin that are essential in understanding how does BTC work: Cruptography, Supply and Demand, Decentralized Networks. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Nowadays, Bitcoins are accepted as a payment method over the world.
Circulating Supply: over 17 million BTC
Total Supply: 21 million BTC
Current Market Cap: 146.7 billion USD
2) LITECOIN (2011)
Litecoin (LTC) was first created in 2011 by an ex-Google employee called Charlie Lee. Like many other blockchain lovers, Charlie Lee believed that the Bitcoin code had too many flaws which related to:
• Bitcoin’s failure to speed up transactions
• The way it was mined (explained later)
• Its ability to perform more transactions per second – scalability
There are still many similarities between Litecoin and Bitcoin, which is why it is referred to as the silver to Bitcoin’s gold!. Litecoin is 4 times faster than Bitcoin at 2.5 minutes to confirm each block while Bitcoin need 10 minutes.
Circulating Supply: 56.5 million LTC
Total Supply: 84 million BTC
Current Market Cap: 8 billion USD
3) RIPPLE (2012)
Ripple (XRP) is a real-time gross settlement system, currency exchange and remittance network created by the Ripple company. Ripple is initially released in 2012, purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared and public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. During the period between 2014 and 2017, Ripple focuses on banking market, and, there are more than 100 financial institutions to use its xCurrent product. It has the partnership with many banks in many countries over the world, such as Germany, USA, Japan, Australia, Canada,… and Ripple claims 3 top money transfer firms will use XRP in 2018.
Circulating Supply: over 39 billion XRP
Total Supply: 100 billion XRP
Current Market Cap: 27.7 billion USD.
4) ETHEREUM (2016)
Ethereum (ETH): The Ethereum blockchain (or ‘Blockchain 2.0,’ as it is sometimes called) uses similar technology to Bitcoin, but it is more advanced. It can do much more than the Bitcoin blockchain. It does this in two main ways: Smart Contract and DApps. The currency of Ethereum is Ether. Sometimes the two are confused but it’s simpler if you try to remember that Ethereum is the system and Ether is its currency. If you want to get anything done on the system, you’ll need some Ether. Ether fuels the Ethereum system, and it’s often referred to as ‘gas’ for this reason. Each transaction on Ethereum needs a certain amount of ‘gas’ to get the job done. The bigger the job, the more gas you need. Ethereum now is a strong ecosystem, platform for many applications.
Circulating Supply: 99.4 million ETH
Total Supply: Infinite
Current Market Cap: 71.5 billion USD.
5) BITCOIN CASH (2017)
Bitcoin Cash (B*H) was officially released in August 2017. Its technology is very similar to Bitcoin, and there is also the same amount of coins — 21 million. The main purpose of Bitcoin Cash is to be used as a payment system. This means that just like the original Bitcoin client, people can send and receive funds. However, Bitcoin Cash’s technology allows much faster transaction times and lower transaction fees. Many people thought that those who received their free Bitcoin Cash would sell it as soon as they could, but this hasn’t been the case. Since it was released in August 2017, Bitcoin Cash has performed very well. It is currently a top 5 cryptocurrency and is also listed on Coinbase.
Circulating Supply: over 17 million B*H
Total Supply: 21 million B*H
Current Market Cap: 71.5 billion USD.
