Blockchain technology is taking the world by storm. Although Blockchain is very closely associated with cryptocurrencies, it is a unique type of technology with huge potential outside the world of BitCoin. Blockchain is being used for several other types of industries; such as the property market, the medical industry and even create wholly new types of infrastructure!
While other countries are still debating their stance towards cryptocurrencies Malta, a little Island in the middle of the Mediterranean is blazing the trail for cryptocurrency legislation in what can only be called a savvy financial endeavour. The bold approach taken by the Maltese Government has helped Malta to earn the nickname the “Blockchain Island,” and several Blockchain firms have moved in to set up shop and take advantage of operating within a secure and regulated legal environment.
Cryptocurrencies were created to avoid the issue of governments printing new money, causing inflation and decreasing the collective value of everyone’s savings, as happened during the Bailouts of 2007/08. In order to prevent inflation, several cryptocurrencies have a limit, or a market cap which would be reached sometime in the far future. Once the limit is reached, no-one can create more. For instance BitCoin caps at 21 million coins. Most cryptocurrencies do not have a central, regulating authority, instead, they operate in a fully decentralised system which means that no single individual or group has totalitarian control over your finances.
BitCoin’s current prices are a far cry from its €17,500 peak in December of 2017. However, will BitCoin prices see another surge in value, and if this is the case, is it wise to buy BitCoin now with its current value?
Tezos’ recent release from its beta stage in late September of 2018 makes it one of the more recent cryptocurrencies, and while it had a very rocky start since its ICO in 2017, plagued by legal issues and changes within its legislative body, that hasn’t stopped it from becoming one of the most actively traded cryptocurrencies. What sets Tezos apart from its competition is its focus on smart contracts and a more democratic form of governance which aims to establish a true digital commonwealth!
ZCash is a cryptocurrency which aims at creating a secure and private way of transferring digital funds, in the form of ZEC. An easy way to understand ZCash is to think of it as the “https” of cryptocurrencies while a less privacy oriented cryptocurrency, such as BitCoin, as “http.” And just like “https”, which most websites use nowadays, ZCash is quickly building momentum. It is even centralised in order to be able to legally conduct business within the USA, as well as other countries.
VeChain is a public blockchain designed for mass enterprise adoption. Luxury brands; such as Louis Vuitton, Rolex and exclusive wineries lose billions of dollars a year due to counterfeits and forgeries. VeChain has taken up the mantle to destroy the 500 billion dollar counterfeit industry thanks to blockchain technology, and its impressive list of partners and business strategy shows that it’s on the right track!
Cryptocurrencies, such as BitCoin, are an innovative type of currency that relies on Blockchain technology. The whole point of these digital currencies is to make transactions quick, easy and without third parties such as banks charging fees. Several businesses have already begun making use of cryptocurrencies, most notably BitCoin (BTC). Getting set up couldn’t be easier!
While most cryptocurrencies exist in a state of flux, swinging from high to low, Tether has adopted Blockchain technology and brought it together with the stability of fiat currencies to create a new type of cryptocurrencies; StableCoin. In effect the value of one Tether token, or USDT, aims to be equivalent to 1 US Dollar.
Our data is our own. For the past decade we have become increasingly concerned with our own privacy. Monero is one of the most secure and private cryptocurrencies out there to date, putting BitCoin and other cryptocurrencies to shame. While Monero has a lot in common with BitCoin, Monero’s transactions are completely private and untraceable, making it the wiser option.