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We all know that Bitcoin is the king of digital currencies, and there doesn’t seem to be any other coin that can dethrone it from the top.

Although not similar, many digital currencies can still be used as a perfect alternative to Bitcoin. Some even claim to be technically superior to Bitcoin. Whether it’s true or not is completely another debate. In this article, we have discussed the top five digital currencies that are closest to what Bitcoin offers and can be used as an alternative to the king of cryptocurrency.

Top Alternatives to Bitcoin – Ethereum:

Bitcoin vs Ethereum is the closest battle when it comes to currencies trying to overtake Bitcoin.

Ethereum is a public blockchain software which promises to offer much more than just digital currency. The developers can code the software and power it through the public blockchain.

The users can then sell their processing power and get paid in “ether” – the second largest cryptocurrency by market capitalization after Bitcoin.

Ethereum has a market cap of $1bn USD.

Ripple:

Emerged in 2012, Ripple has become one of the most popular digital currencies to make online transactions anonymously. The paramount aspect of ripple is that it offers instant conversion into several other currencies.

Ripple considers itself a companion of Bitcoin and converts Bitcoin to Ripple and vice versa.

The market cap of ripple is $220m USD, making it the third largest cryptocurrency in the world.

Litecoin:

Litecoin emerged in 2011 and is one of the oldest cryptocurrencies out there. Given below are some highlights of Litecoin:

  • Similar to Bitcoin, Litecoin is decentralized.
  • Litecoin is also generated through solving algorithms, which become more and more difficult over time.
  • A Litecoin block takes just 2.5 minutes, which is much quicker than Bitcoin – where it takes around 10 minutes to generate one block.
  • Due to quick generation, Litecoin supports far more transactions than Bitcoin.
  • The overall cap limit of Litecoin is set at 84 million, which is relatively higher than that of Bitcoin’s (21 million).

The current market cap of Litecoin is about $175 million – making it the 4th largest cryptocurrency in the digital world.

Steem:

With $170 USD market cap, Steem is the 5th largest digital currency. “Steemit” is the largest platform that offers the opportunity to earn Steem. The platform is filled with a huge range of stories.

Since there is no mining process, you can only earn Steem by contributing to “Steemit”, either by writing articles or rating/commenting on other’s articles.

Dash:

The last one on our list is Dash, which, in terms of features is pretty close to Bitcoin software. Here are some unique features of Dash:

  • Advanced privacy. Some even say its privacy features surpass the ones offered by Bitcoin.
  • Whereas Bitcoin transactions can take several minutes, Dash transactions are quick and instant.
  • Low transaction fees.
  • Similar to Bitcoin, Dash is P2P and decentralized

Conclusion:

Although the competition is tough, Bitcoin is leading the race by a fair margin and isn’t going away anytime soon. However, the other currencies are also there to stay and compete, which will surely play a significant role in the evolution of digital currency environment in near future.

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Crypto Fraud Cases: CFTC Is Stepping Up Against Market Manipulation

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Commodity Futures Trading Commission is making a quick move to declare its jurisdiction to police scam in the cryptocurrency trading. Jack B. Weinstein, a Judge of the Eastern District of New York, favoured the CFTC and affirmed its definition of cryptocurrency as a commodity. A notice of supplemental-legal-authority was given to My Big Coin Pay Inc, which is a crypto-services company that got charged with deception and misuse of funds in January.

This ruling was basically the outcome of a distinct crypto fraud case that CFTC is pursuing against a crypto-trading-scheme known as CabbageTech. Mentioning from that ruling, the notice directs My Big Coin Pay that;

Virtual currencies ‘fall well-within…the [Commodity Exchange Act’s] definition of commodities and the Commission has the standing to exercise its enforcement power over fraud related to virtual currencies sold in interstate commerce.”

The SEC (Securities and Exchange Commission), the IRS, and the CFTC, all have a different meaning of cryptocurrencies at this time and have selected them as securities, property, and commodities individually.

Now for My Big Coin Pay, the Commission asserts that the stable and related parties; Randall Crater and Mark Gillespie embezzled over $6 million from their clients, as well as by transferring funds of customers into their private accounts and later, spending their funds on purchasing their luxury goods and personal stuff.

Many novel cases have been also filed by the CFTF in the past months, which includes three linked to virtual-currency fraud. These cases were the first ones that were brought to the commission since it allowed the launch of bitcoin commodities contracts, the past month. The notice also revealed how CFTC is working hard to establish legitimate precedent and potentially provides a vision of how it will endure regulating the industry.

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UK Heading to Historical Election Sees Rise in Bitcoin and a Fall in Footsie Prices

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Theresa May, the unelected British prime minister has surprised as well as excited everyone simultaneously by calling a snap election.

Main Story:

“It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond,” May told the Reuters.

The surprise/excitement is there because no one expected an election as May had already firmly stated that there won’t be one.

The sudden U-turn has seen FTSE drop some 2.46%, taken the Pound to month’s highest and increased Bitcoin value by 1.50%. Great news for Bitcoin fanatics!

The outcome of the election is somewhat certain as May is 20 points ahead of Labour leader, Jeremy Corbyn, who is considered to be unelectable by the public.

The only candidate that could give Theresa tough time is the Liberal Democrats leader, Tim Farron. The party came to power in 2010 and got a severe punishment in 2015 due to raising student fees.

The major deciding factor in this election could be the Pro-EU stance of Jeremy. However, the Labour leader has been accused of lackluster Pro-EU campaigning before the referendum took place. This has led some voters believing that he is secretly Pro-Brexit.

Therefore, the only realistic choice for 48% anti-Brexit voters is Tim Farron. But it’s still early days to predict what the Liberal Democrats leader has to offer. Will he be willing to accept the referendum’s result and campaign on soft-Brexit? Only time will tell.

However, if he does so, it may very well cause the third political earth quack in just months.

Whatever the election outcome is going to be, the decision of Britain to leave must be upheld. Fingers crossed!

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Think Your Life Is Hard? Man Threw Out Bitcoin Hard Drive Now  Worth $80m!

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A man has shared his pain after unknowingly unconsciously tossing out a Bitcoin hard drive seven years ago. The hard drive is now worth $80 million. Campbell Simpson, supervisor of tech site Gizmodo Australia, says he passed up a major opportunity for amazing wealth since he ejected a piece hard drive containing 1400 bitcoins. Seven years later, the Bitcoin market soared and Mr. Simpson’s apparently unimportant web money, which he purchased for $25, is currently worth $80 million dollars.

Bitcoin, which is online cash connected to a client’s digital wallet, is payment used to trade on the web and is acknowledged by numerous organizations. In 2010 Mr. Simpson’s 1400 Bitcoins were just worth around $25, however now, one Bitcoin is worth over $4,000.

‘I didn’t need or think about, anything on it. So I discarded it,’ he said.

At the point when usage utilization on the web began to explode, Mr. Simpson consistently – but bitterly – checked how much his 1400 was worth. After understanding his Bitcoin accumulation would have been worth $4000 a couple months later, Mr. Simpson was marginally irritated.

In any case, this month Bitcoin achieved a noteworthy high value, making his once-measly hard drive of worthless crypto a $6 million gold mine.

‘This is presumably a ridiculous thing, looking back, that I’ve at any point done. Also, I’ve done a considerable amount of idiotic things a ton of times,’ Mr. Simpson said.

The tech author says he has been offered advice on the best way to potentially recover the long-gone hard drive, however, he concedes he won’t try attempting to discover it. ‘I don’t even want to discover those Bitcoin, though. I’m truly content with my life right now. I needn’t bother with them,’ he wrote. ‘I’m for the most part really nice in life, I think, and I can giggle about it for like 95% of the time.’

Despite admitting he is not in desperate need of the hard drive, Mr. Simpson bemoaned the type of lifestyle he could live if he had $6 million – and says he could have even purchased a house in Sydney, ‘I could have purchased a house. In Sydney. At Sydney costs. I could have traveled the world or purchased a goddamn yacht or something,’ he added.

Here is a string of tweets he posted earlier this year:

 

Seems pretty pissed to me! What do you think of this unfortunate event? Let me know in the comment section below.

 

Story and image credits: Daily Mail

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What Does Mark Zuckerberg Have To Say About Cryptocurrencies?

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Facebook founder and CEO Mark Zuckerberg has uncovered his intentions to study decentralized technology, particularly cryptographic forms of money, as part of his promise to ‘fix’ Facebook in 2018.

On his Facebook page, Zuckerberg posted a message with the details of his ‘own challenge’ – like a resolution – for the new year, joined by a promise to study technologies “like encryption and digital money.”

“My personal challenge for 2018 is concentrating on settling these critical issues,” Zuckerberg composed, alluding to people’s rights being impeded by the government and different concerns expedited by media, government, and technologies. “One of the fascinating questions in technology at the moment is about centralization versus decentralization,” the billionaire added, uncovering his own particular motivations to get into technology was its capability to “be a decentralizing power that puts more power in peoples’ hand,” especially after the introduction of internet in the 90s.

“But, today, many individuals have lost confidence in that promise,” Zuckerberg included, indicating a centralized control of information and technology a relatively smaller but elite group of huge tech organizations, Facebook included, and governments who routinely participate in surveillance.

Mark promised to pledge his time and endeavors into understanding decentralized technologies, or ‘counter-trends’ to the worries stated previously.

He wrote:

“There are critical counter-trends to this – like encryption and digital currency — that take control from incorporated frameworks and put it back into individuals’ hands. However, they accompany the risk of being harder to control. I’m intrigued to go further and think about the positive and negative parts of these advancements, and how best to utilize them in our administrations.”

Zuckerberg is the latest mainstream figure to public commend decentralized blockchain advancements and it remains to be seen how he intends to ‘fix’ Facebook, the world’s greatest social platform with an estimated 2 billion users, by adopting p2p, decentralized technologies.

 

Story credit: ccn.com

Image: Google images

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