How much do you know about the encrypted currency? You just know bitcoin you’re out

BTC, the world’s first publicly traded encrypted currency, has no doubt about its popularity. Even the ATO has recently announced a policy about the way to encrypt money in bitcoin, because bitcoin is hot and now there are many encrypted currencies on the market, which is considered a powerful competitor to bitcoin.

Let’s look at the well-known encrypted currencies and the main advantages they have in industry giants such as bitcoin.

LTC

On the surface, the characteristics of the lett money are very similar to that of bitcoin, and it is not a coincidence. Li Qiwei, a former Google engineer, created the currency on the basis of the open source software of bitcoin in 2011, aimed at solving the limitations of bitcoin itself. In many cases, he also expressed the birth of the currency in order to become “the silver coin of the bitcoin”.

The main difference between the two is that the currency uses a faster block generation technology and has a better ability to deal with the parallel transactions. Therefore, in the same case, the transaction time can be reduced from 10 minutes to 2.5 minutes from the bitcoin, and can deal with a large number of transactions at the same time.

It is also considered an encrypted currency that is more equal than the bitcoin, because its unique algorithm will increase the difficulty of mining the automatic processing equipment, thus avoiding the monopoly of a larger, more advanced company.

The rise of the currency is partly related to Li Qiwei’s personal efforts to enhance the value of the encrypted currency. By contrast, bitcoin lacks recognized leaders and promoters.

2. XRP

The Swiss currency is actually a foreign exchange settlement system that allows users to conduct overseas financial transactions in real time without charging fees, which means that the Swiss currency is an excellent choice for users who need to exchange foreign exchange.

The main difference between the Swiss currency and other encrypted currencies is that the Swiss currency uses a more central structure, a regulatory strategy that is more like a large financial company.

As a Private Companies, the Swiss currency will issue its own token, so it does not rely on a lot of encrypted currencies such as bitcoins and lettts to rely on open source mining, incentive block verification and reward systems, that is, it does not need to rely on “miners” to provide computing resources to drive the block chain.

Because of the similarity between the money and the “central bank”, many supporters of encrypted currencies, such as Li Qiwei, the inventor of the lettcoin, claim that the money is not a “true” currency.

But the criticism did not hit people’s interest in the money. There has been news that large banks have extended their olive branches to the Swiss currency and intentionally adopt the technology. Now, the Swiss currency is one of the widely used encrypted currencies, so it is widely regarded as a strong competitor for bitcoin, with its high market popularity and relative stability.

3. IOTA

Compared to bitcoin, the euro is very special, because the verification process is very different. The euro is used as a non – block book called Tangle, which is the opposite of standard block chain technology.

The IOT is designed for IoT, and the concept of the Internet of things is to connect and connect any switching devices, such as mobile phones, white appliances, kitchen appliances, and so on. The communication of this machine to the machine has already been realized, and it will have a great impact on our future life and the way we arrange our daily life. Imagine, when you’re still in bed, if your alarm clock can command the coffee machine and cook a cup of coffee for you early in the morning, what a beautiful scene it will be!

The founder of the euro has created a system that allows machines to share resources efficiently, support transactions between two devices, and only need to verify any new transaction based on the two previous random transactions in the network, which means that its validation process is more immediate, more centralization than block chain technology, and the system is not dependent on “miners” and has more potential for upgrading. Each new current device cleverly improves the overall processing capability of the entanglement chain.

4. Monroe (XMR)

The Monroe currency has a huge advantage over the bitcoin, because it provides an anonymous exchange of foreign exchange, paying attention to the privacy protection of the users.

The bitcoin transaction can be linked back to the open address of the block chain users, so it is not hidden for those who know the public address. The secret of the Monroe currency trading cannot be tracked lies in the use of “one – time” address and a way called “ring signature”.

By displaying some random selected unrelated users in the transaction record, the ring signature can disguise the sender and recipient of the fund into a larger block chain user, thus hiding the real parties.

5. the ETH

The key difference between the bitcoin and the ether square is that the former regards itself as a substitute for the traditional currency, so its value lies in becoming a carrier of value, while the ether square in the ether workshop aims to promote the exchange of information on the point to point (P2P) network and to monetize it.

It is used to deal with the transaction costs of the services introduced by the Ethernet P2P network, mainly including the trusteeship contract and other applications.

The unique advantage of the platform is that it can complete the transaction faster than special currency. Although the ether workshop is followed by bitcoin, it becomes the second popular block chain technology, but bitcoin enthusiasts need not worry.

In view of the obvious differences in both methods and purposes, the ether workshop is not regarded as a direct competitor to bitcoin, but it can solve the problem of the limitation of the function of bitcoin.

At present, the world’s bitcoin market is very volatile and lacks regulation. Even critics like Buffett, the God of stock, also claim that the encrypted currency is “the latest economic bubble”, so those who invest in encrypted currencies should think twice.

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