Non-Bitcoin cryptocurrencies to follow in 2021

The rise in the value of Bitcoin dominated the cryptocurrency market in 2020, but in 2021, lesser-known digital currencies could develop.

Investors may want to follow other, cheaper, digital currencies and tokens.

Ripple

Ripple is a coin tied to XRP, a blockchain that is advertised as a payments platform that enables faster and decentralized exchange of currencies and remittances compared to ordinary bank transfers.

Although Ripple is not possible to mine like Bitcoin, some consider it a viable alternative to the foreign exchange payment system, especially for small transactions.

Ripple also recorded a sharp rise in value over the past month, climbing about 107% since the end of November to $0.60.

Litecoin

Although Litecoin lost its luster after its appearance in the early 2010s as the first altcoin, it still attracted users to its platform as a faster way to conduct transactions compared to the long-standing nature of the Bitcoin blockchain.

Litecoin also offers a cheaper entry point for new crypto investors than more expensive Bitcoin, because despite an increase of 167% this year, it is still trading at around 140 US dollars.

This cryptocurrency does not occupy the dominant position it once was, however, investors may want to take it into account again.

Cosmos

As blockchain technology continues to expand its polarity, more and more projects are emerging to take advantage of the system, one of which is Cosmos.

However, unlike other altcoins on the market, Cosmos aims to address some issues regarding the scalability of different blockchain platforms and their ability to interact.

Although the token is currently on the cheaper side of about $6 apiece, Cosmos could experience a wave of investor interest if it manages to pull off its ultimate goal of connecting blockchain chains, potentially opening up whole new methods for technology to function and interact.

Bitcoin Cash

Despite the fact that the name is closely related to the original cryptocurrency, Bitcoin Cash is not correlated with Bitcoin itself.

Bitcoin Cash cannot be used for transactions on the original Bitcoin blockchain and vice versa.

Bitcoin Cash offers a cheaper option for Bitcoin, with current value in digital currency trading, at a price of about $470 per piece.

Bitcoin “turned 12” and broke records again

When exactly 12 years ago(January 4, 2009) a person or group of people under the pseudonym Satoshi Nakamoto presented their digital innovations – blockchain technology and their cryptocurrency Bitcoin, the news may have been looked at only by some IT experts, but at that time not even most computer scientists could not explain exactly what it was about and how it worked.

Meanwhile, the digital world has mastered blockchain technology, so at the moment there are several thousands of cryptocurrencies, most of which are directly related to Bitcoin, and tens of millions of people around the world now look at monitors every now and then following the price of cryptocurrencies on the market.

Although the world of cryptocurrencies is still a great mystery for “ordinary mortals”, the impact that digital money has had on the global market is above all expectations, even the most optimistic ones who said ten years ago that cryptocurrencies are the future of the world economy.

During yesterday alone, the total turnover of trade in which Bitcoins were paid amounted to over 80 billion dollars, and only on that basis it is clear that cryptocurrencies are no longer the future, but the very present present of the world economy.

In the beginning, of course, this was not the case because the unknown technology did not immediately gain the trust of potential users of digital money and it was difficult(not much easier now) to explain that transaction security is guaranteed and that a set of data on a computer can be converted into real(paper) money.

What is being bought with Bitcoin today?

In 2009, when BTC was launched, it was not entirely clear how and where it could be spent. Now you can buy practically everything.

For example, large companies such as Microsoft and Del receive Bitcoin payments for a range of their products and digital content.

Bitcoins can be used to pay for airline tickets to about thirty airlines around the world, and tickets for some London theaters can also be paid for.

Other options include paying for hotels and buying property, settling bills at various bars and restaurants, betting at an online casino and making charitable donations.

There are also a variety of online markets that trade in everything from illegal substances to high-end, luxury items.

What critics of cryptocurrencies constantly point out is that the anonymity of transactions is conducive to all types of gray economy, including the payment for goods and services in classic crime.

It is known from the start that 21 million Bitcoins have been prepared globally, of which a little more than 18 million have been “mined” so far, while the remaining 3 million are still waiting for miners around the world to dig them up and assemble them into Bitcoins.

One pizza was worth 10.000 Bitcoins!

The first commercial transaction was recorded in 2010, when a certain Laszlo bought two pizzas in the American pizzeria chain “Papa Yon”, paying for them with 10,000 Bitcoins(which would be worth 400 million dollars today).

Shortly after that, the price of Bitcoin began to rise, so at the beginning of 2011, one Bitcoin was worth 30 American cents, and at the end of that year, it was priced at around 5.5 dollars for Bitcoin, which was considered a real miracle at the time.

At the beginning of 2013, the price started at 13.3 dollars and since then it has grown until September 2017, reaching 4,950. Then, the price fell and fell throughout October 2017. The reason was the cancellation of transactions in China.

After that, the price started to increase again, to reach 20000 dollars in December 2017.

The price continued to rise until December, when a record of almost 20,000 dollars for one Bitcoin was set. After that peak, there was a drastic decline that lasted practically throughout 2019 and in the first few months of 2020.

In that period, the price of Bitcoin fell below $3,500, but the pandemic and the growing acceptance of cryptocurrencies with the announcement of their introduction in official cash flows, re-launched the price of Bitcoin, which yesterday exceeded 40 thousand dollars per piece.

The price of Bitcoin was negatively affected by thefts and hacks of cryptocurrency exchange, so during the first six months of 2018, theft of cryptocurrencies worth 761 million dollars was reported, which shook the image of impeccable security of Bitcoin transactions, but these incidents did not significantly slow down development.

As a phenomenon that is still new and not very easy to understand, the division over the use and application of cryptocurrencies is still very present.

On the one hand, critics claim that cryptocurrencies are a scam and that the bubble will one day burst, while on the other hand, some experts who follow this market, a couple of years ago claimed that the price of one Bitcoin will soon be around half a million dollars.

These statements were initially listed in the “conspiracy theories” section, but at the moment they do not seem impossible…

What Is Bitcoin BlockChain?

Blockchain has only existed for ten years and has started to expand. You can do so much with it that most people don’t really know how to put it in simple words.

Blockchain makes commerce better and reliable. Depending on your goals, you can give them one application or another. One of them turns out to be Bitcoin blockchain, the coin that’s changing the crypto world.

Although Bitcoin wouldn’t exist without Blockchain, most people never hear it unless they research. They hear it on the news and online media(like BitcoinTellAll.com for example), and how Bitcoin is going off the charts.

But Bitcoin isn’t a trading trend. It bases on real advancements with true market value. If we know how blockchain works, it can help us understand what Bitcoin how it will do in the future. Because blockchain is here to stay.

Why Is Blockchain Valuable?

International commerce would be inefficient without institutions. Without banks, there would be a lot of friction with the transfer. Why should we trust each other?

Instead, we rely on an institution to make secure transfers. It adds other privileges, such as buyer-seller protection, money lending, and interest.

But you still need to trust your bank and pay fees for their brokerage service.

Blockchain creates secure transactions, so we won’t need anybody in the middle to monitor. Apart from making transfer cheaper, it prevents banking and accounting fraud.

What Is A Bitcoin BlockChain

1. You buy or sell something online.

2. A computer network verifies it. Each transaction is sequential and comes with data to identify the previous transaction. If they don’t match, they cancel the transfer.

3. Block-chaining. A transaction block has three parts: the previous block signature, your transaction data, and your one-time signature. If the last-block signature matches, they approve it and chain your transaction block.

Mind that the verification steps become more secure as more people use blockchain. For further security, each block has 10-30 minutes to verify before it cancels.

A Blockchain transaction can take ten to thirty minutes to complete. But once it does, nothing will undo it.

What BlockChain Has To Do With Bitcoin

With Blockchain, buyers and sellers can trade with confidence. Because of how it’s built, you only need the block identity.

Blockchain is public, but could be anonymous? That’s what makes a bitcoin blockchain different.

Since it’s designed to be unhackable, there’s no harm in making transactions untraceable.

Bitcoin encrypts the data to protect it, but it’s relative to the number of validations you get. Does it matter if you get ten checks, six, three…zero?

“Imagine you want to buy Bitcoin for $3000 cash with a peer. How do you coordinate to protect the payment?

The trader will send $3000 in BTC to your crypto-wallet, and computers start to verify it:

  • 0 checks. No security unless you trust the person.
  • 3 checks. Verified for most cases (+75%)
  • 6 checks. Highly secure (+90%)
  • Up to 30 checks. Maximum (~99%)

The more validations, the safer. After six, you can pay the other person.”

Blockchain has many applications. What we see with Bitcoin today is a demonstration of how powerful it can be — which only leaves us wondering what will be the next big thing.

Editor’s note: This article was written by a guest author from allthingsdefi.io. Visit their site to learn more about decentralized finance and cryptocurrency in general.

Fighting Fraud in the Bitcoin Industry

With Crypto-Fraud on the rise, Tech View OU and Yotam Namir and Robert Provorovas company directors taken a more proactive approach in designing the process flow of its exchange platform, CoinTandem.

System developers and digital entrepreneurs are continually required to think ahead and imagine their built system’s intended use-cases and its misuse or abuse cases. The duo of Yotam Namir and Robert Provorov of Tech View OU is leading the charge in the fight against crypto-fraud in the Bitcoin industry with the development and integration of fraud mitigation systems on their Bitcoin exchange platform, CoinTandem.

CoinTandem is a digital block chain service that is revolutionizing the digital currency exchange platform process. The platform uses propriety algorithms and combines advanced payment processing with state-of-the-art fraud prevention technology to offer a safe and secure platform for all.

The Problem

Compared to the fiat currency, digital currency offers a highly unique set of security challenges. The sheer volume of the market, the anonymity of transactions, and the fact that it is instantly transferable and that transfers cannot be reversed attract lots of fraudsters to the industry like bees to honey.

Fraud schemes prevalent in the industry include identity theft, wallet hijacking, exchange scams, fake ICOs, Bitcoin Ponzis, etc. Although not all of these fraud schemes fall under the exchange platform’s mitigating purview, exchange platforms are constantly revolving their audit risk procedures to capture as many risks as possible.

Like canaries in a coal mine, exchange platforms are the usual targets for bad actors looking to breach the bitcoin ecosystem. To protect customers, exchange platforms like CoinTandem have developed propriety systems and are continually updating such systems to protect against various risks.

The CoinTandem Response

CoinTandem has developed a fraud-prevention system that loops both human and machine learning efforts to stop fraud. The propriety systems effectively utilize machine learning as one piece of the puzzle to prioritize risky users to watch more closely and a strict user onboarding process that mitigates the risk of identity theft.

But it doesn’t end there.

Some of the other procedures that push the zero-tolerance on fraud agenda of CoinTandem include an enhanced KYC protocol that is activated at the close of an exchange. What happens is, before an exchange is completed, the client is required to re-confirm by electronic signature his submitted crypto wallet and send BTC to the requested address.

In card transactions, OTP technology is activated for every buy transaction to ensure that only the owners of cards or due representatives are making purchases with such cards. Also, prior to a credit card purchase attempt, and in addition to the T&C, a Pop-Up disclaimer with a short and clear message asks the client to confirm that a 3rd party does not instruct him and that he is the sole owner of the wallet he has submitted on our website. The essence is to prevent Ponzi related bitcoin scams.

Some of the security features of the CoinTandem Platform include:

  • 2 – Factor authentication.
  • Robust real-time user verification.
  • Advanced platform with propriety algorithms and technology-driven fraud prevention systems.
  • Full KYC procedure in place to mitigate identity theft.
  • Full encryption of transaction to mitigate hijacking.

CoinTandem, a Tech View OU company is regulated by the Financial Intelligence Unit (“FIU”) in Estonia and licensed to “Providing a virtual currency service”(license number: FVT000205)
https://lp.cointandem.com/

From the Beginning to the Present: A Brief History of Bitcoin

Most people have heard of Bitcoin so far, probably because it reached the mainstream media two years ago. Since then, Bitcoin has been a very frequently discussed topic around the world, especially in online conversations where those who are willing to learn more about cryptocurrencies and the crypto scene appear.

Who is the founder?

Bitcoin began its journey more than a decade ago, in October 2008, when its creator Satoshi Nakamoto published the manifesto “Bitcoin: A Peer-To-Peer Electronic Cash System”. In that work, Nakamoto, whose identity remains a mystery to this day, sets out plans for how Bitcoin’s blockchain network(a chain of blocks as digital information) will function, and that moment is practically the very beginning of a climb all the way to the top.

First Bitcoin payment

In January of the following year, Nakamoto translates what he promised in the manifesto. He did this by excavating/mining the first block(which means that he mathematically processed the data from the first block in a chain array of blocks, ie blockchain), which became known as the genesis block. Only a year later, in May 2009, Bitcoin network user Laslo Hanjec paid 10,000 BTC(Bitcoin, digital coins) for two drinks, which went down in history as the first purchase made with a script currency.

The emergence of other cryptocurrencies

In the period between 2011 and 2013, the Bitcoin network is growing more and more, and at one point its value is equal to the US dollar. This period also represents the time when the first cryptocurrency rivals, Litecoin and Ripple, appeared, which were weak competitors.

Somewhere around 10 digital currencies can soon be found on the scene, and that number has multiplied hundreds of times since then. However, Bitcoin still remains the dominant cryptocurrency, which is reflected in the fact that one lesser-known “wallet” for cryptocurrencies is used by as many as two million people in at least 40 countries around the world.

The further path of Bitcoin

In 2014, the value of Bitcoin dropped dramatically – by over 50%. This was one of the biggest blows to the young cryptocurrency market and crypto scene and it took about two years for the price to recover. The decline in value was largely due to the enormous theft-hacking of cryptocurrency exchange offices, and such attacks still pose a great threat to many of them.

Bitcoin also has competition

Since 2016, work began on the network of Ethereum, the main rival of Bitcoin, which is responsible for the invention of the so-called “smart contracts“. Also, we experienced 2017 when the spotlights of big media houses lit up the crypto scene thanks to the rise in the value of Bitcoin, where at one point it was sold for about $20,000, and along the way probably over 6000, 7000 digital currencies were created(no one knows the exact number, many of them are inactive projects).

Institutions towards Bitcoin

Bitcoin and the blockchain technology behind it have also managed to leave an impression on other areas, where many industries and business models now recognize the benefits that this technology brings.

Bitcoin and blockchain gambling are developing rapidly, becoming more popular and managing to provide advantages that other payment methods, systems and platforms of different characters, value transfers and information simply cannot.

Also, there has been some progress in the banking and finance sector, as P2P(peer to peer) networks for loans have emerged, as well as real solutions to some of the banking problems that are also attracting more and more interest. Bitcoin started its adventure a little over a decade ago, but just have started.