There are many doubts about the new and upcoming cryptocurrency. Most people are now stated investing in cryptocurrency. But as the volatility in this area is much higher so people have may questions about its credibility. So here are the answers to the top questions raised in popular public forums.The enormous surge of Bitcoin was the talk of every person, while people desired to be part of the bitcoin investment. However, while that is the case, very few people understand what cryptocurrency is, leave alone how it operates.Here is theTop list of questions asked about cryptocurrency Answered
Small intro cryptocurrency
Top list of questions asked about cryptocurrency Answered
In a nutshell, cryptocurrency is a digital currency that uses encryption techniques (cryptography) to verify transactions and regulate the generation of the currency. These digital monies are decentralized, meaning they operate under no centralized government as it is the case of other currencies. Each transaction is added to a blockchain, a public transaction ledger. This ensures that transactions are secure, permanent, and efficient while eliminating the possibility of manipulation and fraud. It would be right to say that cryptocurrency is completely built on trust.
Several other digital currencies have emerged and are already trading in the market, the likes of Ripple, Litecoin, Etherium, and others. With most people gaining interest in trading with cryptocurrency, people are still having lots of questions concerning transactions, security, future of the various digital currencies available today. In this article, we are going to answer some of these bugging questions.
Is it safe to post a Coinbase Ethereum address to collect payments publicly
Let’s start by understanding what Coinbase is. This is a digital currency exchange platform in San Francisco, California. It allows people to transfer, sell, buy, and store digital currency. Since it acts as a broker, it allows Bitcoin, Bitcoin cash, Etherium, Litecoin, and other digital assets. The transactions can be conducted using fiat currencies (local currency).
All Etherium or generally digital currency transactions are public, and everyone in the network can see them. To receive any digital currency to your coinbase wallet, from the person you are transacting with you can do that by sending to them your wallet address directly in their email or else you can publicly display your wallet address.
Having your Coinbase or Ethereum address publicly is nothing to worry about since it is impossible to steal from someone’s account using the public address only. For one to steal they must have an access to your account, the coinbase account, or if you have a non-hosted wallet.
A wallet address is a public address/public key that anyone can have, just like anyone can have your email address, it enables you to receive payments or accept tips. What matters is the private key, (which is like a password, your digital signature), and is necessary to conduct a complete transaction. A private key should never be shared.
Will Litecoin ever climb to where Bitcoin is now? Why is it worth it to invest in Litecoin at all?
Though it is currency obvious that cryptocurrency is here to stay. It is pretty hard to predict these digital currencies’ future worth and position as per now. With several of them already in the market, it is hard to say exactly what will happen to any of them, however, one sure thing is that one of them will take the glory.
Bitcoin being the oldest of them has gained much popularity and stability in the market compared to Litecoin and the others. It also has several advantages, which are backing up behind it making it hard for it ever loses its leading position. Last year it set the bar quite high in the cryptocurrency market.
In terms of stability, Ethereum takes the second position after Bitcoin, despite it having some structural difference from Bitcoin. This makes it have higher chances of becoming a trusted value storer than Litecoin, though Bitcoin is close to that. Chances of litecoin rising to the position of bitcoin are very slim, as per now, since it is relatively new and hasn’t yet gotten much adoption in the market as Bitcoin already has.
Litecoin has a bright future, no doubt. Its team of developers is doing a splendid job looking at all vital issues especially in developing their network. The presence of the atomic swaps feature in Litecoin is very useful for switching purposes, which they allow happening without necessarily having an exchange. It has a big potential of dynamicity and frequent fluctuations are important for growth.
The price of Litecoin is rising constantly and this is likely to keep on happening, making it a worthy investment. In addition, Litecoin has a faster transaction speed compared to Bitcoin, in fact, four times faster. This means that the number of coins to be mined, and that can only translate to more payment for miners. Unlike Bitcoin, it is easy to mine Litecoin since their transaction solving technology is more simplified. Litecoin is in the process of getting established and with time it will gain more recognition.
What is the maximum value which ripple can reach ( what is the market share of each coin)
This is one of the Top list of questions asked about cryptocurrency. Ripple is a digital currency that is mostly adopted by financial institutions such as banks and others, mainly because it’s believed to offer more favorable prices and is also considered more secure. The Ripple XRP liquidity is the main thing that has attracted banks. Ripple was released in 2012.
In a few weeks, Ripple XRP has really shown potential rise up to $3 which was about 7000% rise, before coming down again. The fall has not only been for the Ripple price alone but for most f the crypto coins including Bitcoin, Litecoin, and Ethureum. Such a fluctuation in the price of the cryptocurrency in the market makes it difficult to predict the maximum potential of the currency.
During the rise, Ripple was struggling with Ethereum to keep the second position. Its growing adoption had contributed to its rise and that means that the more it gains popularity, especially with the financial institutions, the more its price is likely to rise. Also, with Bitcoin almost reaching its peak, investors are now preferring other cryptocurrencies likely to bring more returns. With a constant rise to $7, Ripple will be able to beat Bitcoin in the market cap.
Though, it is almost a sure thing that the different digital currencies will rise higher than their current price, to how far and after how long is not definable. However, predictions and analysis have it that cryptocurrency in 2018 may explode just as much as 2017 if not more. For example, some predictions says that Bitcoin will reach $30,000 by the end of 2018.
Are there already cryptocurrencies based on hashgraphs instead of blockchain
Top list of questions asked about cryptocurrency Answered
As mentioned above, a blockchain is a kind of a continuous public record of transactions. It is through a blockchain that the currency/ coins of every given cryptocurrency are validated. This is currently what the cryptocurrencies being used today are using. One block, a list of growing record, is linked to another and secured through cryptography. Every block has a hash pointer which is the link to the previous block, with the date of transaction and timestamp. It is impossible to make changes on a blockchain.
Recently a new technology known as Hashgraph has emerged and wants to take the role of blockchain in the cryptocurrency arena. According to the CEO of Swirlds, the company behind Hashgraph-distributed consensus platform, Hshgraph is the next-generation technology for distributed consensus. It is simpler and has an elegant, mathematically proven algorithm supposed to do the work of a blockchain. Even though it may not be able to replace blockchain, it may bring competition to Ripple.
Hashgraph is yet to be available to the public network, neither is it being used by any cryptocurrency yet. The technology is, however, is said to be faster, more secure, and fairer than blockchain especially when it comes to solving the scalability issues facing Blockchain. It is very easy to build a ledger on it.
Is it true that there is no point investing in LTC because it’s only good at the moment due to its SegWit technology? Once BTC resolves its scaling issue, will LTC die?
Before we conclude on the matter on the future of Litecoin, let’s first look at some important facts.
While BTC and LTC are built on similar fundamentals, they have quite some tangible differences that can’t just be ignored overnight. BTC has been around for a bit longer and it’s popularity today is not dying anytime soon. However, since its launch, it has had scaling issues with SegWit, and discussions have been going on concerning the issue without a conclusive and agreeable solution. This has led to the emergence of altcoins.
Patience is not something that most people have, and the transaction speed of BTC is wanting. The need to trade more have made people go for alternative markets like LTC, which have proven to more efficient not only in terms of faster transaction time, but also in longevity, non-full blocks, and adjustable to change. The faster block time lowers the risk of double spending and also enhances more security. Which is why investors are still and will continue investing in LTC.
Finding a solution to the issue facing BTC today may not happen soon, but even if it did, BTC will still need a competitor and LTC plays the role so well. LTC has a powerful team of developers who are constantly adding new features and updates. Increasing to the currency’s stability, Who doesn’t want that?
As a matter of fact, though LTC may never reach the level of BTC, it is here to stay. After all, it has fulfilled its primary purpose of being a cryptocurrency. It would be true to say that LTC has much strength, missing in BTC, and the likelihood is it will only get better. Which is enough to make it secure its position in the market even after BTC sorts its issues.
How can so many people become millionaires with cryptocurrencies? Who is losing the money they gain?
With the Bitcoin price surge towards the end of 2017, many people woke up millionaires, something that was probably unthinkable a few years ago when they were getting into the bitcoin investment. A few years ago, this crypto was going for less than $1 which was very little compared to the worth if a single BTC today.
On the emergence of BTC back in 2009, very few people heard about it, leave alone getting concerned with what it was. The few who heard about it and decided to know what it was, made long-term investments on it, and today their little investments made then have exploded to million dollars.
As per say, no one is making any loss of money from what they have made in Bitcoin. It is out of the rise of the value of Bitcoin over the years, that they are ripping millions. For those who didn’t possess Bitcoins and are making money out of it, this could be because of trading.
dagcoin or dagchain
Dagcoin is a new and unique cryptocurrency with a new blockchain technology, that stores and organizes data by the use of Directed Acyclic Graphs (DAG) system, for faster speed and better scalability, instead of the blockchain technology. Dagcoin is commonly referred to as a blockless cryptocurrency.
With Dagcoin, users are allowed to secure data for one another by giving reference to the earlier data units that other users had created. It eliminated scalability limits that are common in blockchains, such as blocksize issues.
This makes dagcoin to be way faster than Bitcoin, up to 300 times and also offers cheaper transaction fees. Dagcoin system is easy to use, even for those who have no knowledge of cryptocurrency. Dagcoin platform is open source, and the dagcoin wallet is available for download for windows, android, Cac and Linux users.
DAG chain is a blockless distributed ledger. Apparently, DAG chain is being used by three cryptocurrencies only, namely; IOTA, Byteball, and Dagcoin itself.
Top list of questions asked about cryptocurrency Answered in this blog will have a part 2 sooner