October 11, 2017
If you have not been living under a rock for the past 6 months, you will know that one of the most popular topics people seem to be talking about these days is about cryptocurrency. While the most popular digital currency people know about is Bitcoin, there are actually a lot of other similar virtual currencies that people are mining and investing in. What are these cryptocurrencies? Here are some of the more well-known ones that people seem to be interested in:
Ethereum – this is considered one of the closest rivals of the very popular Bitcoin, and is slowly gaining momentum with prices rising exponentially from $10 at the start of 2017 to $300 in October of the same year. There are predictions that this currency will hit the $1000 mark by the time 2018 rolls in, making people take notice of this digital currency and investing in it as well.
Litecoin – while some people think that ethereum is a close second to Bitcoin in terms of value and popularity, others believe that Litecoin is actually the “silver to Bitcoin’s gold”. Although it does show some promise, it does not show as high a value and as quick an increase in value as that of Bitcoin or Ethereum. It had a $3 at the start of 2017 and has a value of a little over $50 by the start of October 2017, which is a far cry from the first two cryptocurrencies mentioned here. It is seen as a more stable digital currency however, with very little fluctuations in value seen over a span of 6 months.
Ripple – this is a cryptocurrency that is a bit different from its counterparts since it is not mined, unlike Bitcoin and Ethereum. Instead, it is being offered as an incentive to liquidity providers, as an investment to institutional buyers, and as payment for various business development deals. This cryptocurrency is currently nowhere near the value of the others in this list, but is seen as a good investment since it has risen from a value of $.0063 at the start of the year to $.2386 at the start of October 2017. It is seen to steadily increase in value, with a projected value of $3 by start of 2018.
Dash – this digital currency was originally named Darkcoin and was set to become the more discreet and secretive version of the popular Bitcoin. It was renamed Dash in 2015, and this is said to mean Digital Cash. This is a cryptocurrency that offers more anonymity and more untraceable transactions than its more popular colleagues. The value of Dash at the start of the year was $11.60 per coin and its current value as of October 2017 is $332, with a projected value of $1,000 by the start of the New Year.
Now you can probably see why cryptocurrencies are gaining a lot of fans these days and are being scooped up by whoever has the extra cash (or the capability and knowledge for mining these digital currencies) to get them. Their value is indeed going up, with some more than others. Will these continue to do so? Only time will probably tell.