Bitcoin has lead the crypto planet for such a long time, and so dominantly that the terms crypto and Bitcoin are frequently used interchangeably. However, the reality is, the electronic currency does not only comprise of Bitcoin. There are numerous other crypto monies which are part of the crypto world. The purpose of this article is to educate our readers on cryptocurrencies other than Bitcoin to provide them with a vast range of alternatives to choose from – if they intend on making crypto-investments.
Launched in 2011, Litecoin is often referred to as ‘silver to Bitcoin’s gold.’ Charlie Lee – MIT graduate and former scientist at Google – is the creator of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized, open source payment system which functions with no central authority.
Litecoin is very similar to Bitcoin in several ways and often leads people to believe: “Why not proceed with Bitcoin? Both are alike!” . Following is a catch: that the block creation of Litecoin is considerably faster than that of Bitcoin! And this is actually the most important reason why merchants around the globe are getting more open to accepting Litecoin.
Another open source, decentralized applications platform. The currency was started in 2015 and empowers Smart Assets and Distributed Applications to be built and operate with no downtime.
The applications on Ethereum platform demand a particular cryptographic token – Ether. According to the core developers of Ethereum, the market can be used to exchange, protected, and decentralize just about anything.
The Web is part of culture and is shaped by culture. And until culture is a crime-free zone, the Internet won’t be a crime-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people send currency to one another across the internet with no need for a trusted third party such as a bank or bank. The transactions are cheap, and in several cases, they are free. And in addition, the payments are pseudo anonymous as well.
In addition to this, the main attribute is the fact that it is totally decentralised, which means that there’s no single central point of authority or anything like that. The consequences of this is done by everyone with a full copy of all of the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, meaning that nobody can reverse or change or police any of the transactions.
The high degree of anonymity in there means that it’s very tough to follow transactions. It’s not totally impossible, but it is impractical in most cases. So crime with cryptocurrency– since you’ve got quick, borderless transactions, and you have a high degree of anonymity, it in theory creates a system that is ripe for manipulation. In many cases when it is a crime online with online payment systems, then they tend to go to the authorities and, state, we can hand over this payment info or we can discontinue these transactions and undo them. And none of that can happen with Bitcoin, therefore it makes it stable for offenders, in concept. So you can see that crypto edge system software is a topic that you have to be mindful when you are learning about it. What I have realized is it really just will depend on your goals and needs as it relates to your unique situation. The most innocuous details can sometimes hold the most important keys as well as the greatest power. The best approach is to try to envision the effects each point could have on you. The latter half of our talk will center on a couple highly relevant issues as they concern your possible circumstances.
In light of the a lot of different agencies are researching into Bitcoin and appearing at Bitcoin and trying to understand how it functions and what they can do to police it. It has also been in the media quite a few times, and also the press, being the media, like focus on the bad side of it. So they concentrate very heavily on the offense with it. So if there’s a theft or a scam or anything like that, then they have a tendency to blame it on Bitcoin and Bitcoin users.
Hence the most noteworthy is probably Silk Road, that got removed lately, and through their $1.2 million worth of Bitcoins, went to pay for anything from drugs into guns to hit guys to those sorts of things. Along with the media, again, very quickly to blame this on Bitcoins and say that it was the Bitcoin consumer’s fault.
But there is actually very little evidence of the scale of the problem of offense with cryptocurrencies. We do not know if there’s a great deal or we don’t know if there’s a bit. But despite this, most people are very quick to brand it as a criminal thing, and they overlook the legitimate uses, like the fast and quick payment.
So a few research questions I am considering in this region is exactly what does offense with Bitcoin look like? Thus a great deal of people may say that scams and thefts are going on for ages. But the way through which they happen changes with the technology. So a Victorian street swindler would almost be doing something quite different to some 419 Nigerian prince scammer. You must have a strong heart if you want to invest in crypto for long term.
So another question that I’d love to investigate as well is considering the scale of the issue of crime with cryptocurrency. Therefore by generating a log of known scams and thefts and things like this, we can then cross reference that with the public transaction log of all transactions and determine just how much of these transactions are in fact illegal and criminal. So my final question is, to what extent would the technology itself really facilitate offense? By looking back at the crime logs, we can see which particular sorts of offense happen, and if it is truly the tech’s fault, or is this only the same old crimes that we’ve been considering before. And once we’ve consider these things, we can begin to think about possible solutions to this problem of offense with Bitcoin.
And we can think about that the only appropriate solution would be one which preserves the underlying values of the technology itself, which might be privacy and decentralisation. A lot of attention from the media would be to look at the criminal elements of it. And they do not give enough value to the legitimate applications, since Bitcoin is a technology which enables fast, rapid payments, which is useful to anybody who has ever paid for anything on the web.
The other day, I had been talking crypto-currencies with an acquaintance in our local Starbucks, and he let me know he was working with a couple of entrepreneurs who had previously been academic experts in IT Security. Obviously, for crypto-currencies it’s all about secure transport of this data, and the trust in the intrinsic value of these one’s and zero’s, or Q-bits. Maybe, I might take a look at their business plan, though these electronic monies have experienced some bumps in the road to the future I’m sure will be the upcoming standard – that’s how the world is headed it appears.