In 2008, bitcoin revolutionized – it was the first reliable currency without the support of the bank or the state. According to statistics, more than 87% of people have heard of bitcoin. Bitcoin is going through hard times. We tell you what other crypto-currency systems should be looked at.
Disadvantages of bitcoin and its blocking technology
• The speed of transactions. When too many people buy or sell bitcoins, the exchangers fall and the funds hang for a few hours (or even days). Overloading the network leads to high transaction fees. For example, at the end of December, the transaction cost $ 37 – more expensive than electronic payments.
• Lack of confidentiality. Do you feel comfortable knowing that the whole world knows how much money you have in your bank account? And what do you spend and whom you send to? The history of your transactions can not be changed or deleted, and it is visible to everyone.
• Poor programmability. Blockchein technology bitcoin allows you to program only basic actions, because of what it can not be used for more complex tasks, for example, for smart contracts. If you compare the battle bitcoin and for example Ethereum then the difference between their capabilities will be the same as that of a calculator and a computer.
And the price, for example, AUD – bitcoin exchange is equal to 0,000089 bitcoin. Considering all these factors, it is worth paying attention to alternative cryptocurrency which have a broader potential.
Altcoins – alternative coins
Bitcoin users decided it was time to improve the system. But the crypto currency has no single owner, who could make new changes. To change the decentralized crypto currency, the majority decision is not enough. It is necessary that 99 percent of users agree with the new rules and begin to observe them. And although the decision to change the bitcoin system was adopted, users could not come to a common action plan. As a result, bitcoin split into Bitcoin and Bitcoin Cash, and the market has another one more crypto currency. In addition to Bitcoin Cash, among the alternatives to bitcoin digital money, 5 more are popular. So, best bitcoin alternative is following.
Among best crypto coins there are following:
- Lumens (Stellar Lumens) (XLM). Perhaps you already heard about this competitor Ripple. Stellar Lumens is its updated, 100% decentralized version.
- Among best crypto coins to invest in there is RaiBlocks (XRB). Crypto currency Raiblocks appeared a few months ago. It uses a new architecture based on directed acyclic graphs, which is available only in a few crypto-currencies. This structure gives a much greater scope for scaling compared to the blockbuster. The creators of crypto currency want it to fulfill the original goal of bitcoin – it became a means for instant and free transfer of money around the world.
- Among best cryptocurrency also there is EOS. EOS is jokingly called the “killer Ethereum”. The developers of EOS claim that its block structure is fully programmable, which means there will be no operational fees and it will be possible to conduct millions of transactions per second. The launch of the new blocking protocol is scheduled for April.
It was list of best cryptocurrency 2016. Amount of cryptocurrencies constantly changes that’s why best cryptocurrency 2017 has these and other positions. Bitcoin should accelerate his development, or its place will be taken by others. The last major update of the Bitcoin system was due in November last year, but its exit had to be canceled due to lack of community support. Last year was successful not only for bitcoin, the etherium in 2017 also significantly strengthened its position in the market. He went through the path of currency with a value of one digit to a crypto-moneys at the price of $ 1,200 per unit. ETH also proved that it has more room for processing transactions in a situation of increased public interest. Network bandwidth is better than bitcoin. Operations with airs are faster than with bitcoins, commissions are significantly lower.
Many experts believe that bitcoin will remain the face of the virtual money industry for several more years. And it’s hard not to agree with them. This type of coins will be more widely distributed, will be in demand. But one can not deny the number of difficulties that are still insurmountable in the battle of bitcoin, at least in the short term they can not be got rid of. The ethereum and many other crypto-currencies have fixed these shortcomings, which is why they are gaining popularity among holders of virtual coins. We are talking about the problems of scaling in the bitcoin network, which lead to a rise in price and slowing of transactions with its application. Etherium such complexities are unknown, in addition, additional options like smart contracts will make ETH a useful crypto currency for a variety of industries in the near future. Best books on cryptocurrency you can find in Internet and read more. Armory bitcoin wallet is an open source, open-source bitcoin-wallet that provides storage in cold storage and supports several signatures for the community of crypto-currency systems.