Bitcoin has lead the crypto world for so long, and so dominantly that the phrases crypto and Bitcoin are often used interchangeably. However, the reality is, the electronic money doesn’t only comprise of Bitcoin. There are many additional crypto monies which are part of the crypto world. The objective of this article is to educate our readers around cryptocurrencies aside from Bitcoin to provide them with a wide selection of alternatives to choose from – if they plan on making crypto-investments.
Launched in 2011, Litecoin is often known as ‘silver to Bitcoin’s gold.’ Charlie Lee – MIT graduate and former scientist at Google – is the founder of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized, open source payment network which functions without a central authority.
Litecoin is similar to Bitcoin in many ways and often leads people to think: “Why not proceed with Bitcoin? Both are alike!” . Here’s a catch: that the block generation of Litecoin is much quicker than that of Bitcoin! And this is the main reason why merchants around the globe are getting more open to accepting Litecoin.
Another open source, decentralized software platform. The money was launched in 2015 and enables Smart Assets and Distributed Applications to be assembled and operate with no downtime.
The applications on Ethereum platform require a particular cryptographic token – Ether. According to the core developers of Ethereum, the market can be used to trade, protected, and decentralize just about anything.
The internet is part of society and is shaped by culture. And until culture is a crime-free zone, the Internet won’t be a crime-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which essentially lets people send money to each other across the web without the need for a reliable third party like a bank or bank. The transactions are cheap, and in many cases, they’re free. And also, the payments are pseudo anonymous as well.
As well as this, the main feature is the fact that it’s completely decentralised, which means that there’s no single central point of jurisdiction or anything like that. The implications of this is carried out by everyone with a complete copy of all of the transactions that have ever happened with Bitcoin. This makes an incredibly resilient system, meaning that no one can change or reverse or authorities any of the transactions.
The high degree of anonymity in there means that it is very hard to follow transactions. It’s not entirely impossible, but it is impractical in most cases. So crime with cryptocurrency– since you have fast, borderless transactions, and you have a high level of anonymity, it in theory produces a system that’s ripe for manipulation. In many cases when it’s a crime online with internet payment systems, then they tend to go to the authorities and, state, we can hand over this payment info or we can stop these transactions and reverse them. And none of that can happen with Bitcoin, therefore it makes it ripe for criminals, in theory. Ideally, just as with so many other areas regarding crypto edge system software, you will need to pay more consideration to some things than others. What is more important for you may be less so for others, so you have to think about your unique circumstances. We really are just getting started here, and hopefully you will be thrilled about what more is in store. We are saving the best for last, and you will be delighted at what you will find out.
Some of these suggestions really are critical to your understanding, and there is even more going further than what is about to be covered.
In light of the a lot of different agencies are researching into Bitcoin and appearing at Bitcoin and trying to comprehend how it works and what they can do to authorities. It’s also been in the media quite a couple of times, and the press, being the press, like concentrate on the bad side of it. So they focus quite heavily on the offense with it. So if there’s a theft or a scam or anything like this, then they have a tendency to blame it upon Bitcoin and Bitcoin users.
So the most noteworthy is likely Silk Road, which got removed lately, and during their $1.2 million worth of Bitcoins, went to pay for anything from drugs to guns to reach men to all those sorts of things. And the media, again, very quickly to attribute this on Bitcoins and state that it was the Bitcoin consumer’s fault.
But there is really very little evidence of the scale of the issue of offense with cryptocurrencies. We do not know if there is a lot or we do not know if there is a bit. But despite this, people are very quick to brand it as a criminal thing, and they forget the legitimate uses, such as the fast and fast payment.
So a few research questions I’m looking at in this region is what does offense with Bitcoin look like? So a lot of people will say that scams and thefts have been happening for ages. But the means through which they happen changes with the technology. Therefore a Victorian road swindler would practically be doing something very different to a 419 Nigerian prince scammer. You must have a strong heart if you want to invest in crypto for long term.
So the next question which I’d love to investigate as well is considering the scale of the problem of offense with cryptocurrency. So by generating a log of known scams and thefts and matters like this, we can then cross reference that with all the people transaction log of all transactions and see exactly how much of the transactions are actually illegal and criminal. So my final question would be, to what extent does the tech itself really facilitate offense? By looking back in the crime logs, we can see which particular forms of crime happen, and if it’s truly the technology’s fault, or is this just the exact same old crimes that we have been considering before. And once we have consider these things, we can start to consider possible answers to this problem of crime with Bitcoin.
And we can think about that the only appropriate solution would be one which preserves the underlying values of this technology itself, which might be privacy and decentralisation. A whole lot of focus from the media is to look at the criminal aspects of it. And they don’t provide enough value to the legitimate uses, since Bitcoin is a technology which enables fast, quick payments, which is useful to anybody that’s ever paid for anything on the web.
The other day, I was talking crypto-currencies having an acquaintance in our regional Starbucks, and he let me know he had been working with a couple of entrepreneurs who’d previously been academic experts in IT Security. Of course, for crypto-currencies it’s all about secure transfer of this data, and the confidence in the intrinsic value of those individual’s and zero’s, or Q-bits. Perhaps, I might take a peek at their business plan, although these digital currencies have had any bumps in the path to the future I’m sure is going to be the future standard – that is how the world is led it appears.