Da Gooruf UK – What’s Crypto-Current? Cryptocurrency to look out for
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Amid a week of not so optimistic news, many investors have seen protests and once stable commodities retreat. A drop was the case with Catalan and Gold, which had its referendum and value drop. The one good news was the surge of the Bitcoin which encountered bouncing prices over the last months. With the amount going up, the cryptocurrency looks to hit $4,700.
Far from resting on its laurels, Bitcoin has rivals newly emerging this year to compete against it. Bitcoin Cash, Neo and OmiseGO have hit the market in force and new investors worldwide. Here we’ll explore the stories of these coins and what makes them worthy challengers.
Bitcoin Cash: A cryptocurrency answer to Bitcoins volatility
Much like its older cousin, Cash is a part of the legendary blockchain but represents a fork in the road. Unlike Bitcoin, Cash relied more on transactions than anything else and was the by-product of BTC’s ‘Fork’. So what’s the difference? The amount of data each Bitcoin ‘Block’ has also affected its payment speeds.
Cash expands on its originals 1MB speed, increasing it to 8MB, streamlining it for multiple payments per second. This rate makes them more reliable and less volatile. It’s unlikely to be a passing craze, as it passes the $400 value this week.
Neo: China’s Ethereum emerges?
Previously referred to as ‘Antshares’ has undergone a name change and has since seen its value spike. In August, it saw its rebranding pay off in the shape of a 374% rise in its share value. But even with this remarkable increase, it is a significantly leaner alternative to Bitcoin and Ethereum.
Unlike the others, NEO’s coins aren’t a ‘coin’ like Bitcoin; its designers refer to them as additional security. Its focus is on the development of a revamped version of Ethereum’s smart contracts. With Ethereum entering an Asian market already intrigued by Cryptocurrencies, Neo looks to compete against it.
Far from a rival to Ethereum, OmiseGO is powered by it. Where NEO is a ‘fiat’ currency, OMG operates as an Ethereum powered, financially agnostic wallet for users. Originally established in 2013, it has used blockchain to earn user trust, gaining it fame from Forbes in 2016.
Its function is very similar to online banking apps with the same payments system. It was fortunate in raising $19million in capital in May 2017 and growing amongst a developing market as a reliable p2p payments system.