Bitcoin Competitors: Who has what it takes to be the currency of the future?

After a rapid flight, the value of  Bitcoin has collapsed. Slow transactions, an exorbitant power consumption and impending regulations are raising more and more doubts about the future of the most well-known cryptocurrency. But, even Central Banks are interested for underlying technology. “There is a hope for a great benefit”, said the head of the European Central Bank (ECB), Mario Draghi. At the same time, new Bitcoin alternatives with different properties are constantly being created – now there are well over a thousand. Six examples that are currently in the community:

Number 2 of crypto currencies: Ethereum

Ethereum is one of the largest cryptocurrency. Currently, all Ethereum “coins” in circulation are around $ 99 billion. Ethereum is particularly suitable for so-called smart contracts. In this case, contractually agreed payments flow automatically. For example, the holder of a flight loss insurance can automatically receive a payout if a failure is registered in the air traffic database. The customer no longer needs to report any claim for damages, and the insurance company no longer has to investigate the case. The principle is currently being tested in many industries.

The eco-friendly: Peercoin

Peercoins are considered to be a climate-friendly alternative to Bitcoin, whose operation consumes more and more computer power – electricity. The example of Iceland shows how serious the problem is: According to the energy company HS Orka, Bitcoin producers based there already use more electricity this year than all Icelandic private households combined. Peercoins do not have the eco-problem. Here the security of the network does not depend on the computing power of the participants. However, Peercoin has not arrived yet. The green cyber currency ranks only 159 out of the approximately 1,500 cryptocurrencies with a market capitalization of around $ 125 million.

The darling of the banks: Ripple

Ripple is already considered as a possible replacement of the so-called Swift system, which means it usually handled through the payments between financial institutions. According to the inventors of California, Ripple handles an average of 1500 transactions per second, with a single payment process lasting about 4 seconds. Meanwhile, some big financial institutions such as the Spanish Santander Bank or the Swiss UBS take advantage of this. The total last value of all Ripple coins was around $ 50 billion.

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The machine currency: IOTA

Through digital networking, household appliances and industrial machines can increasingly act independently. For example, if the domestic refrigerator registers that the milk is running short, it automatically orders it. Iota can come into play when making the payment, because cryptocurrency is particularly well suited for a multitude of transactions with small sums. In addition, there are no costs for the transfers. With a total value of around $ 5 billion, Iota currently ranks number 10 in the most important cyber coins!

The anonymous: Dash

Crypto currency Dash offers its users special discretion. Due to a special concealment technique, transactions in Blockchain can not be publicly tracked – welcome advantage for many. Critics admonish that Dash attracts criminals. There was also skepticism that Dash developers programmed the algorithm so that a large amount of the cyber coins initially flowed into their own pockets. Also because of the criticism, currency has already been renamed twice. With a total value of more than $ 6 billion, today it is still one of the most important currencies in the crypto universe.

The law-abiding: Cardano

Still very young cryptocurrency Cardano is regarded by many crypto fans as a hope, because their inventors claim to be particularly flexible to respond to government regulation and to be able to adapt. The topic of regulation has recently come into focus. China, Japan and South Korea in particular are now restricting their access to cryptocurrencies. But in Europe, they are increasingly coming into focus. That may be one of the reasons that Cardano has now risen to the top 5 cryptocurrencies.

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1 reply

  1. Very interesting. I didn’t lot. Now I know a bit more, but still not enough. Could you give me more links, where I can learn more about the different currencies? Or you have a link. Or can help me somone?

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