Welcome beautiful steemit to the concluding part (Episode 3) of this exciting topic.Like I did mentioned in the last episode,I will unveil some of my favorite crypto picks by revealing my own perspective and views on the coins based on my long term research so far.
However, my pick goes into the followings, based on my experience in exploring/trading thus far
- BITCOIN –
Bitcoin can be considered as the cryptocurrency king,the applecart,crypto fore runner,the pace setter among the pack and kinda perfect replacement for gold, simply because of its first mover advantage, great network effects and security of its blockchain. The computing power required to secure the network is 1000 times more powerful than the world’s top 500 supercomputers combined. If you calculate the costs of those 500 supercomputers, Bitcoin compounded computing power is much cheaper.
Bitcoin has limitation to transaction processing,the one megabyte size limit on blocks that is built into the system is becoming an issue, causing delays in processing transactions.Bitcoin transaction processing has gradually been rising, with a median processing time of 13 minutes which some consider is hurdle to be accepted as global payment method. Bitcoin can be consider the strongest p2p financial network in the world.
- Siacoin –
At the moment relatively low market cap, but buying Siacoin means that you buy a future on a peer-to-peer storage network called Sia. If Bitcoin replaces gold bars, Siacoin replaces hard-drives. Siacoin is a storage currency, which allows you to buy data storage on a peer-to-peer network. Can be considered as crypto-commodity. Strong fundamentals and P-o-W mineable. Block time is 10min,differs from bitcoin, in transaction handling,with a unique fundamental difference - the blockchain is smart contract enabled, which allow host and rentals to transact on open free market for data storage-the first in the world.
- Ethereum –
Ethereum network,allows building decentralized applications simultaneously running complex smart contracts thus emergence of world supercomputers.Its Smart contracts, allows a huge possibility of applications with computer protocols of executing the terms of a contract in order to satisfy common contractual conditions without the need of trusted intermediaries.Think of Ethereum as gigantic computer distributed all around the world, where you can deploy apps and business logic,isn’t that fantasic?
However this currency followed a series of unpleasant events in 2016 and a hard-fork, meaning that Ethereum chain was divided into two chains, and Ethereum Classic was born, which has exactly the same properties as Ethereum, but it is maintained by different group of developers.Network has potentials, but still have a lot to proof.
- Monero –
A privacy based cryptocurrency which allows anonymous transactions and had strong growth in 2016. Monero has block time of 2 min, which allows for faster confirmations of the transactions compared to Bitcoin. It has relatively low market cap compared to Bitcoin at the moment,it has a strong developer community,Its developers are very active to the project.Monero although needs more infrastructure, the network is growing and its fundamentals.
- Zclassic (ZCL).
This is a brand new coin that is faster than Bitcoin and offers anonymity features. Also it is very similar to bitcoin,. The low market cap makes it very appealing for the future. It is a fork of Zcash (ZEC) coin algorithm. ZEC would have made it to my list if its developers had not implemented a mining tax which ZCL doesn’t have.Also Zcash less privacy,non encrypted transaction protocol (private key pass to the other party), to prove the payment,makes it less attractive compared to Zclassic.
As usual your contributions and comments are vital,let us know your favorite pick and the reasons.endeavor to resteem to get across to greater audience.Ifyou missed the previous Episodes 1 and 2 here are the links -
DISCLAIMER: The above explainations are never intended as financial advice but my hearty contributions to the crypto trading community culminating from extensive research on the various digital assets.
To Your Success………. @detycoon