What is Bitcoin?
Bitcoin is the virtual currency that was introduced in 2008. This currency was supposed to be used as a mean for exchange to replace the real money. Bitcoins were on hype in the past few years and is used as a really valued crypto-currency in the 21st century. Bitcoins are stored in the wallet, and everything that is involved in this process of spending, earning and saving these are online. They have the value of a real currency and is used widely in businesses and shopping in various online platforms.
Analyzing the future for Bitcoins: 200
Although it was predicted that the bitcoins will have a whopping high value in the market but sadly, that never happened. However, a rise in its value and usage has been observed but the world is yet to see the sudden boom in its value and usage the way it was first assumed. A huge factor which became a hurdle for people to accept and use bitcoins were the lack of awareness. Due to a limited exposure and a lack of details being presented, a large number of people still aren’t sure about using this as a regular mean of exchange for goods. There are many factors which makes it hard for bitcoin to reach it heights:
- The bitcoin transactions are WAY slower than regular transactions of regular money.
- It’s not exactly the handiest in terms of security, as only the people who are tech gurus can access the complicated system easily.
- The value of bitcoins are ever-changing. And this makes it hard to keep up with the market value of regular money.
Also, there are a few countries which has even banned bitcoins so there is a long way to go before it becomes capable enough to see a promising future.
What is Ripple?
Ripple is a platform where money is transacted and withdrawn. Moreover, Ripple has its own currency but also provides its users to create their own. Ripple works in a way that it connects the various sources of banks and other online payment with itself and enables a smooth payment procedure between them. This crypto-currency platform can easily be said is one of the reliable ways to have a secure money procedures.
How far has Ripple gone to have a secure future?
Ripple has been observed to violate the rules of bitcoin which isn’t exactly a crime, buy rather wasting the purpose for what it was assigned. All ripple does is makes the blockchain technology stronger than ever, which enables a wider and a more evolved way of using crypto-currencies. It does not believe in making crypto-currency in being used to invest on anything. It doesn’t even consider itself as a money, or any level of exchange. So it certainly isn’t a true crypto-currency. It has its value being increased rapidly, but that still throws a hint for the people to be careful with it as a high value does not guarantee a high profit.
What is an Ethereum?
Ethereum is a part of the blockchain technology. It has its own set of crypto-currencies which are known as Ether. Ethereum is seen to have the medium of exchange for its coins through a virtual wallet that stores the money and keeps the transaction smooth and safe. It allows about 15 transactions per seconds. The token which ethereum blockchain introduced is ERC-20 tokens, and the users are supposed to create it themselves. It also resembles with bitcoins for a bit.
What kind of future do you see for it?
In the days where blockchain technology was recently introduced, the feature of ethereum performing 15 transactions per seconds was considered as normal, but now when there is a high number of users opting for ethereum, the number of 15 transactions are too less. But that still doesn’t stop it from having a bright future for itself. In fact, it is the most successful one amount the other crypto-currencies. The current price of an ethereum currency equals to 713.580 USD. It is also a perfect time to invest in the ethereum due to its hype and high values which promises a good investment.
In my opinion, the future of all three technologies are somehow bright. As none of the three are on the urge of having a fall, especially in this era where crypto-currencies are known by many and various online shopping apps and outlets, like Amazon, and Victoria’s Secret uses it as a proper money. But the best one among these three with a promising future is ethereum blockchain technology, as it clearly is being used the most and its value is being on hype too much. So, this is the one with the brightest of future. The other two are not so bad themselves, they can go on top too if they are evolved.