How can you keep up with the myriad cryptocurrencies in the market today? Most people start with the most popular coins. Bitcoin has by far the largest market cap, despite some warning signs that it could be in trouble. Ethereum, after years of media hype, saw huge gains recently.
Don’t limit your view to those two coins. FairCoin and OneCoin are increasingly viable alternatives with smaller market caps, at least for now. They show huge promise for investors who want a lot of upside potential. Between these two, OneCoin is the most likely to succeed for reasons that are covered later in this article.
These four cryptocurrencies each represent a different aspect of the blockchain revolution. They are all relevant to the development of new financial technology in the next few years. You may not be able to keep track of every altcoin in the media these days, but you’d do well to understand these four.
What you will learn...
Bitcoin vs. OneCoin
Bitcoin is the original cryptocurrency. It was first discussed in a white paper by an anonymous programmer under the alias Satoshi Nakamoto in 2008. The first release of the Bitcoin mining software was made public in 2009, and Satoshi has not been heard from since 2010.
Satoshi’s design for bitcoin ensures that the network is decentralized, with no one group holding the power to change the network or reverse transactions. This is the basis of blockchain technology, and is an important development which made all other cryptocurrencies possible.
Unfortunately, bitcoin has become slow and unstable in recent years. Due to issues with the underlying code of the blockchain, transactions now take hours to even days to finalize. Many retailers have stopped accepting bitcoin due to the slow confirmations and high transaction fees.
Once hailed as a global currency that could change the world, many investors are losing faith in bitcoin. It’s not all bad news, though. One bitcoin recently reached parity with one ounce of gold, a long-awaited benchmark in the development of the coin.
Ethereum vs. OneCoin
Ethereum is the second most popular cryptocurrency by market cap, following bitcoin. It was invented by Vitalik Buterin, then only 21 years old, in 2015. Like Bitcoin, ethereum is a decentralized cryptocurrency operating on the blockchain.
Ethereum has proven to be much more nimble than bitcoin in its development. The community of coin-holders has successfully navigated multiple hard forks without significant drama. However, one such fork was a disaster, resulting in an off-shoot “Ethereum Classic” coin that still retains roughly 10% of Ethereum’s value as of this writing.
The most interesting aspect about Ethereum is its inclusion of smart contracts. This feature allows programmers to set up automatic payments via Ethereum within their apps. Imagine a website like YouTube that automatically paid ad revenues to content creators on an hourly basis. It’s an exciting idea, although it hasn’t come to fruition yet.
FairCoin vs. OneCoin
FairCoin was established in 2014 via an “airdrop” of 50 million coins to the general public. Initially built upon a standard verification system, FairCoin implemented the Proof-of-Cooperation method in early 2017.
This is a big step forward, drastically reducing the amount of power required to run the blockchain. Environmentally conscious participants in the cryptocurrency economy should consider investing in FairCoin.
Fees on the FairCoin network are low, with the FairCoin organization’s website stating that they “hate fees” and are working to reduce them even more. With regards to anonymity, this isn’t the best chain. People are able to see some information about your transactions.
The final noteworthy aspect of FairCoin is that hard forks are unlikely on this blockchain. The Proof-of-Cooperation method has, for the most part, eliminated that aspect of blockchain development.
Founded by visionary Dr. Ruja Ignatova, OneCoin is one of the biggest reserve currencies in the world. It features some of the best security of any coin and is inflation-proof, with a total limit of 120 billion coins in circulation.
Transactions are much faster with OneCoin than with bitcoin. The network has the capacity to scale up to the traffic that global credit card providers handle today. Bitcoin, on the other hand, would not be able to handle a fraction of Visa’s current rate of seven transactions per second.
OneCoin is exclusively traded at XCOINX.com, a marketplace that is open 24 hours a day. You can buy and sell the coin there, as well as handle other Cryptocurrency transactions. You get all of the benefits of cryptocurrency with few of the downsides when it comes to OneCoin.
Not All CryptoCurrencies Are Alike
Cryptocurrency is heating up. With the success of Bitcoin and Ethereum, more investors are putting their money into alternative coins. It’s only a matter of time before investing in cryptocurrency is a standard part of personal finance.
However, not all coins are the same. You shouldn’t blindly invest into Bitcoin because it’s the biggest, nor should you follow the hype on Ethereum. Consider all of your options. You may find that cryptocurrencies like FairCoin and OneCoin meet your needs in a more focused way.