By now, we are all aware of the digital world and how it includes major players like Cryptocurrency. The new set of investors that have risen from the 21st century tend to look at Cryptocurrency like how investors back in the 90s used to look at the stock market. This apparent shift in need has numerous reasons associated with the same, and through time, things made the process smooth. Although the entire world is far away from making legal, one might see a change sooner or later. That brings us to the current state of affairs and new forms of currencies in the market. Hence, to make matters clear, here are some of the biggest cryptocurrencies and their ups and downs.
When Bitcoin was launched back in 2009, people never really paid much attention since they realized that it would sink sooner or later. But things played out to their surprise, and the value kept increasing through time. So the plus side about the same might be the fact that it is the biggest and can take over attackers like never before. But on the other hand, the exploration of demand has made transactions expensive, and things are not like before.
In terms of the market, Ethereum may be new, and people are getting to know all about the same. Since it is a built-in program, developers write computer programs and such smart contracts run on Blockchain. Although that is a benefit, Ethereum uses proof of work and everything seems to be slow in the same manner. When such factors tend to happen repeatedly, it gets prone to hacking, and people are affected in a drastic manner. This is also one of the main reasons why people prefer Bitcoin over Ethereum.
Although Ripple was launched in 2017, it does seem to be new when compared to Ethereum that was launched in 2015. Apart from all that, Ripple has numerous beneficiary factors that seem to overtake Ethereum and Bitcoin. Thanks to the novel consensus protocol, Ripple is quite faster than Bitcoin and Ethereum. But the private company has so much control over the system and experts also state that the currency is not decentralized enough unlike Bitcoin.
Some may say that Litecoin is a clone of Bitcoin and matters are quite the same. But such people tend to forget all about specific alterations that are not available with Bitcoin. In terms of transactions, Litecoin is faster and even quicker than Bitcoin. But in terms of being an ideal payment method, it is still quite slow, and that is a major setback. This is also one of the few reasons why it is not known like Bitcoin.