Cryptocurrencies

Buy cryptocurrencies with bank cards

Cryptocurrencies

Buy cryptocurrencies with bank cards

Cryptocurrencies, almost every single form of it, along with other terminologies related to it had been the hot topic in the financial world in the past year or so. Perhaps we can attribute the allure of cryptocurrency to the fact that if we look at how far it has come, we will see that it is much more profitable compared to the ‘traditional’ currency we grew up with.

Of course, that is not the only reason why cryptocurrencies are all the rage right now. There is also the fact that it is much safer compared to traditional currencies (for example, dollar or pound) since cryptocurrencies are virtually impossible to counterfeit. This is because of the very complex and immutable system that encrypts every transmission. Aside from the safety, users are also afforded absolute anonymity by the said system.

Cryptocurrencies are also decentralized. In other words, there is no particular authority that regulates and controls all cryptocurrencies unlike in traditional currencies. Therefore, the flow is entirely dictated by the market demand.

If you are not exactly familiar with cryptocurrencies, you might be under the misguided belief that it only means Bitcoin. Bitcoin might be the more well-known crypto but there are, in fact, quite a lot of cryptocurrencies other than that.

We won’t have enough time to talk about every cryptocurrency but we’ll delve on to the major ones.

Bitcoin and Bitcoin Cash

Since Bitcoin is probably the most popular cryptocurrency, let’s start with it. Bitcoin, founded by Satoshi Nakamoto, is a currency that exists in a digital form kept in a distinct payment system which bears the same name. In this system, there is no controlling organization and every single person in it are regarded as peers. Bitcoin can be used in an array of transactions such as buying this and transferring (as long as the recipient has the capability and is willing to receive Bitcoins).

In that sense, it is much like what we do with traditional currencies. So how, exactly, is Bitcoin that different? Well, the main reason why Bitcoin came about is to create a currency that is completely decentralized. Nothing, not even the government or any organization, can control or regulate Bitcoin.

And Bitcoin has proven to be a great success, you only have to look at how much the selling price has grown. What started at 0.003 dollars is currently soaring at around 3500 USD!

As for Bitcoin Cash, it is simply a new currency that came about from a fork of Bitcoin back on August 1, 2017. It is based on the original blockchain system but is created to be more scalable with each block increased capacity of 8 MB.

When we say ‘fork’, it means that instead of making new blockchains from the beginning, the fork creates a blockchain that is a replica of the original complete with its whole history. In other words, people who had Bitcoin before this fork owns the same amount of Bitcoin Cash because they are one and the same blockchain until said fork.

Bitcoin Cash was worth 700 USD at its release but has since sustained at the 250 to 300 USD range.

Dash

Dash, which stands for ‘Digital Cash’, is specifically created as an open payment system that is completely decentralized. It uses Darksend, an algorithm that ensures anonymous transactions. The name ‘Dash’ may be fairly new but that is because it was previously known as Xcoin (2014) and Darkcoin (2015).

Dash can be used in almost every way a Bitcoin can be used and more. As we have said earlier, it is created for instant and anonymous transactions. These transactions are made through what they call the ‘Masternodes’. These masternodes make it possible for the transactions to be entirely anonymous by erasing all of its tracks by mixing up every transaction data. Of course, they get a certain percentage of every transaction’s value.

That is not the only difference between Bitcoin and Dash. Instead of using just one cryptographic algorithm, it mixes up several and it also takes less effort to mine Dash.

Like any other cryptocurrencies, Dash continues to develop its system. But instead of leaving all the decisions up to individual programmers, all members are taken into consideration (a Decentralized Governance) and they make the decisions en masse.

On May 2017, its value has exceeded the $1 billion mark.

Ethereum

On the other hand, Ethereum is made to be a platform for decentralized services online. This is all done on a blockchain and utilizes smart contracts. In simple terms, Ethereum is a virtual machine where things are decentralized.

Ethereum is the brainchild of Vitalik Buterin, who’s just 19 years old at that time. In August 2013, it’s ICO raised about $18 million and in July 2015, Ethereum was launched.

Ethereum also differs from other cryptocurrencies due to the fact that the system is not created solely for the sake of making payments. It can also be used for trading resources and recording transactions via smart contracts, that’s why it’s a ‘crypto fuel’ for said contracts.

The technology provides a way for users to register any type of transaction using any assets through contracts available on the database that forms a blockchain. All of that can be done without any need for legal procedures as we know them. Because of this, Ethereum can rival other systems that are currently used for transaction registration.

In fact, smart contracts are said to be the future of financial technologies and this accolade is very much deserved. Developers can create and give out tokens through a network of blockchains.

This year, Ethereum has grown by a staggering 4000% and has taken its place as one of the largest cryptocurrency, running at a close second from Bitcoin.

Ripple

Ripple is, like Bitcoin, a decentralized payment system utilizing the same cryptocurrency used in the internal payment system. They are also the same in the sense that Ripple is also homogeneous and interchangeable at the same time, can be easily transferred electronically and is virtually impregnable. Aside from that, Ripple is also split into quite a huge amount of decimal places.

However, Ripple is not, in any way, a clone of Bitcoin. In fact, they are operating under an entirely different set of principles and in Ripple technology, that is the ‘principle of trust’. Ripple also has a few advantages over Bitcoin.

First of all, transactions made in the Ripple technology system are carried out considerably faster compared to Bitcoin. Also, Ripple has an underlying value since you can use it for transactions. The number Ripple coins existing continuously shrinks as well, this is because every single time a transaction is successfully carried out, the coins (XRP) used in that transaction are destroyed by the network.

Currently, Ripple stands at fourth place, coming after Ethereum and Bitcoin, when it comes to market capitalization.

Litecoin

Litecoin is another fork of Bitcoin. Back in 2011, they were one cryptocurrency. Right now, Litecoin is a P2P digital currency that features virtually free transaction costs all over the world.

The production of Litecoin is limited like Bitcoin. But the maximum amount of Litecoin released into circulation is actually 4 times that of Bitcoin. Again, much like Bitcoin, they give out 50 Litecoins as an initial reward for each block. Litecoin blocks are also generated 4 times faster compared to Bitcoin. However, their pace will undoubtedly be the same when enough time passes.

75% of all Litecoins will be produced in 2020.

Is cryptocurrency the future of the financial world? If we are to base it on how much of an impact it has this year, then sure. But again, we never really know. One thing is certain though, that we, experts and ordinary people alike, will talk about this for years to come.

Keep in mind that is started with a pizza sold at thousands of Bitcoin and now, a single Bitcoin is worth a whole lot of pizza and then some. Who would have thought, right? Fortune, indeed, favors the bold, or at least those who are bold enough to believe in the potential of Bitcoin.

So if you think that cryptocurrency and the blockchain technology will be the future giants of the financial world and you want to have a front seat in the reign of cryptocurrencies, then the time to invest is right now!

You can easily do that, in fact, we think it is best, to do that on none other than the IQ Option platform- one of the largest platforms for online exchanges across the world.

IQ Option has everything you need to comfortably invest in cryptocurrencies. They offer a wide variety of choices of cryptocurrency assets and a continuously developing and expanding number of trading instruments, practically every single thing you will need for both fundamental and technical analysis. They also feature very fast credits and withdrawals. You can also rest assured that IQ Option will take care of you with their user-friendly interface and a 24/7 customer support.

We hope all the best both for you and your assets!