Gooruf UK – Crypto-Conflict: Do Bitcoin and Ethereum have rivals on their tail?

Investments |3 mesi fa

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2017 is making for a unique year for Cryptocurrency, not without their stumbles, they all surpass expectations and have risen exponentially. Both Bitcoin and Ethereum have seen their values rise significantly, both however face challenges with China’s recent decision on ICO’s. This decision by China’s central bank has wiped 20% from Bitcoin and 15% from Ethereum’s value. With the race now on for Singapore as they seek to scoop up ICO’s, do Bitcoin/Ethereum have a Crypto-conflict with rivals on the horizon?

Rivals on the horizon?
While a setback for the big two, companies are showing mixed reactions to the report from China’s central authority. Companies such as Omise Go, apparently unfazed in a Reddit post, reiterating their position as ‘currency-agnostic’ and reassuring their consumers. With major Cryptocurrencies recuperating, do Bitcoin/Ethereum have rivals on the horizon?

With China’s decision against Initial Coin Offers, Bitcoin and Ethereum have been dramatically hit, with Litecoin gracefully bouncing back. While impacted by the decision, Litecoin has returned to its original value fast, signifying a stronger chin in the cryptocurrency battle.

Litecoin: Silver to Bitcoin’s gold
Much like Ethereum and Bitcoin, Litecoin has seen exponential growth over 2017, with its value increasing by 2,000%. Much like Bitcoin, Litecoin is a peer-to-peer currency, but improving upon where the inventor Charles Lee, saw limitations to Bitcoin. Litecoin lauded as the ‘Silver to Bitcoin’s gold’, but improvements to transaction volume and payment times make it a tempting silver.

The transaction speed is due in part to the block generation involved in user Blockchains, allowing for peer-to-peer transactions on a larger scale. The relative size of Bitcoin vs Litecoin allows for the latter to update without interference, unlike the former. The speed of operations are another component, with users waiting only 2.5 minutes compared to Bitcoins 10, the advantage to Litecoin.

Litecoin’s drive to be seen as a currency transaction holds the possibility of raising its value to greater levels. But with announcements of SigWit2x from Bitcoin, and its rally could take the air out of Litecoin’s momentum. But if Litecoin Crypto-currency represents the Silver, then Ripple is set to be a precious metal yet.

Ripple: A potent Bronze and Rival?
While others are rebuffed, promising news emerged over talks between China’s Central Bank and Ripple, a remarkable achievement. Ripple quite literally exploded onto the scene, with a value of $26 billion, unheard of for a 5-year-old company. With plans for adding 55 billion into the Escrow feature, acting as a means of ensuring the scale and rate of transactions continue.

“Enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV)” – Ripple is Emerging as a Stable and Trusted Cryptocurrency – Investopedia

Far from just being a cryptocurrency, it offers the ability to conduct transactions which take 4 seconds to finalise. Additionally, it operates on a sliding scale for the number of operations a user wished to initiate. Unlike Ethereum and Bitcoin, it targets enterprise and bank transactions, setting it apart as more stable than its larger opponents.

It remains difficult to tell what will happen with Ripple’s already existing foothold in that area. But with new Ripples added, they appear to be consolidating their grip ready for a fierce 2018.

The years ahead are getting intense between these rival currencies, with plenty of deals and tricks up their sleeve. The rivals have every possibility of closing the gap with their larger rivals, and possibly even surpass them in areas.

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