There are cryptocurrencies other than Bitcoin that are starting to make a name for themselves. Ethereum, Litecoin. Ripple, Mintchip, Monero and Zcash are just a few of the ones that are proving successful. There are many that will never be heard of again.
Cryptocurrencies Being Embraced by the Younger Generation
It really should be no surprise that a type of internet cash is being embraced by the younger generations, as most new technology is. They are maybe not as interested in the investment side as older people might be, but they are utilizing them more in everyday life. They will use them at a local café or to buy clothes. As with most new innovations, it is the younger generation that will use them the most.
It is this use that is likely to make them successful, and will mean they are here to stay. However, nobody has a crystal ball, and it’s impossible to predict which ones will make the grade. Just like the everyday currencies we are used to, they all have different uses and properties that make each one a unique entity, and it remains to be seen which ones will still be around in a few years.
‘Wirf einen Blick in die Glaskugel’ – Marco Verch via Flickr (CC BY 2.0)
There are some cryptocurrencies known for their zero-knowledge properties, because every transaction is encrypted. Even the person on the other end of a transaction does not know who they are dealing with, unless you want them to. The two main ones that stand out among these are Zcash and Monero.
Similar to Monero, Zcash is aimed at the privacy conscious, and they both use the public blockchain without offering private information. These two have both been likened to more confidential versions of Bitcoin, and are being used in some of the most popular places for cryptocurrencies, online casinos.
‘Bitcoin Wallet’ – Marco Verch via Flickr (CC BY 2.0)
There are some currencies designed specifically to shop with, Dash being a perfect example. You keep your Dash coins in a wallet and then use them to pay the merchants when you are out shopping, or shopping online. Many US merchants like Dash because the transaction is instant and they do not have to wait days for the money to turn up in their account. It is also favoured because the lack of middlemen means they do not have to pay so much money in fees.
The Banks Friend
Cryptocurrencies avoid the use of the traditional banking system, and on the whole, the feeling is mutual, with most banks avoiding cryptocurrencies as well. However, this is not the case with Ripple, which was made to make bank transfers quicker and easier. Cross-border payments require banks to go through an intermediary, or sometimes several, which is why a payment from the US to China, for example, can take days. Ripple bypasses all of this, checks with the two banks about the fees, and then makes the transaction instantly, updating both accounts at the same time. Ripple has enabled banks to offer faster payment services and has simplified transactions for customers globally.