Cryptocurrency is the new favourite of the business world. Every discussion, event or business plan is aligned with the scope of cryptocurrency. Ok so businesses understand cryptocurrency and have researched every possible thing about it. But what is the first thing that come to one’s mind when one hears the word cryptocurrency?
Bitcoin quite naturally.
But cryptocurrency is not only about Bitcoin. Yes, you heard it right. There is more to cryptocurrency than just the Bitcoin. There are different kinds of cryptocurrency and each differs from the other. A knowledge about the various forms of cryptocurrency can help an entrepreneur to explore more opportunities. As competent entrepreneurs it is wise to keep a track of the cryptocurrencies that subtly give Bitcoin a competition.
Ethereum complements Bitcoin. The Ethereum Blockchain runs programming codes for its user’s applications. People generally use Ethereum to mostly create the following
- Custom Crowdfunding Platforms
- Autonomous Online Organizations
- Own Cryptocurrencies
These applications are centralised and can be built only on the Ethereum network. This cryptocurrency works very differently than bitcoin given that this money was not meant to be used for everyday payments. However, anything of value can be traded with this medium for products and services. It is most popularly used by developers to help pay for and build applications.
Watch Out For
This Cryptocurrency is not accepted by many online stores.
Litecoin is a form of cryptocurrency that works just as a counterpart of Bitcoin. The main difference is that it is worth a little less than Bitcoin. To give an example, there are around 21 million total Bitcoin and up to 84 million Litecoin. Litecoin works in a faster block generation and so it moves quickly from person to person. For the novice users Litecoin is the most suitable form of cryptocurrency. Because of its easy to go features, it is easy for people to experiment with it. A Litecoin’s wallet can be easily downloaded from the official Litecoin website. No hassles here.
The fact that it is fully encrypted against accidental spending and computer viruses make it extremely safe.
What is it best for?
Litecoin is best for people who need to move small amounts of money fast.
Ripple stands apart from other cryptocurrency given that it embraces banks. Yes you have heard it right!
Ripple was initially customised for banks to allow banks to make faster, low-cost and on-demand global payments. Ripple eliminates the intermediaries that a bank has to go through to make a traditional cross-border transaction.
With the use of Ripple a person in America can send a payment to a different bank customer in China in minutes. This form of cryptocurrency is so designed that it can also update both the customer’s ledger immediately so that customers don’t need to wait for it to update after the transaction.
Why is it good for businessmen?
This form of cryptocurrency makes banking hassle free. It allows a bank to offer its customers improved payment products and also simplifies the regular transactions for customers across borders.
Shopaholics have a reason to be happy with Dash.It is a cryptocurrency that is made only for shopping. Paypal is the closest relative of Dash.
Dash is accepted by many shops. The faster transaction and easy to use features make it an ideal currency for shopping. One can buy Dash simply by using government-regulated currency and keep it in a Dash wallet.
What’s in it for you?
A business that wants to make a move to cryptocurrency can easily add one’s business to the merchant map.
Zcash is for users who want to operate very privately. It stands apart from other cryptocurrency because of its feature that enables it to shield the identities of everything that make up a transaction namely – senders, recipients and the amount. Zcash makes it possible to use the benefits of a public blockchain without giving away private information.
Similar to Bitcoin
Zcash is very much every bit the same as Bitcoin with the only difference being its confidential element.
Monero is a cryptocurrency that is almost similar to Zcash. This currency give the users full control over their money. It is safe to say that if one uses Monero, one is answerable to only oneself. Unlike Zcash one can select who can see transactions and who cannot. The best feature of Monero is that crisis faced by banks and other governments will not affect the assets or its confidential information. Monero is characterised by the cryptocurrency feature of being decentralised and is community built. Thirty developers have come together to build Monero.
The future of currency is cryptocurrency. It is wise for entrepreneurs to buckle up for the change and if possible embrace it as soon as possible. The benefits of cryptocurrency are worth mentioning here.
- No Intermediaries
- No Payment Fees except for a minimal charge to speed up the process.
- Faster Transactions than traditional money
- Works across borders
The convenience of Paypal, Stripe and other payment systems that we know today is nothing compared to Cryptocurrency. The only disadvantage of cryptocurrency is that it needs to be bought from the government currency. But compared to the benefits it is nothing. If you ask people who deal in cryptocurrency, they would say that it is just like transferring funds from a payment system to one’s checking account. This definitely do not outweigh the conveniences that cryptocurrency provide.
Bitcoin has been the much talked about cryptocurrency, but people need not stick to just that. The above mentioned forms of cryptocurrency are the next big thing to shape the finance world digitally. Entrepreneurs who are still apprehensive about cryptocurrency can start up with Litecoin. For those who are already into cryptocurrency need not bend to the rules and values of Bitcoin only. They can easily explore all the other, equally effective sources of cryptocurrency. Cryptocurrency is the future of finances. It is best for entrepreneurs to embrace the conveniences of this new technology.