There was a lot of skepticism by economists on the potential of cryptocurrencies. Most of them would not have advised an individual to invest in them. However, most cryptocurrencies are performing well, and it is the reason why many people are considering to invest there.
OneCoin is another cryptocurrency. Most of the other currencies aim to achieve decentralization, that is not having a central agency that controls the currency such as in government-issued currency. However, the founder of OneCoin had a different idea. It is the reason why she gave the management the power to make strategic decisions about the currency.
It critical to ensure there is no compromise of the currency and it maintains its integrity. The central control fosters predictability of the value of the currency. For example, the management would avoid actions which will lower its value.
Currently, there is little and even no regulation in cryptocurrencies in different countries. Therefore, the owners of the cryptocurrencies operate them as they wish. Most of the other firms do not perform an audit of the blockchain of their currencies.
However, this does not apply for OneCoin. The founder wanted to promote transparency. It is the reason why it is the only cryptocurrency that performs an audit of its blockchain. The audit helps prevent the use of the currency in online criminal activities such as fraud. Most people are adopting the usage of one coin because of its unique management, and its value is bound to grow in the coming years.
On the ranking in market capitalization, Ethereum is second to bitcoin. It covers a broader scope of financial transaction compared to bitcoin. It is because the founder of bitcoin focused in solving intermediary problems faced by third parties. On top of that, the founders of Ethereum focused on using the blockchain, a backbone of cryptocurrencies, to secure the cloud.
Using this method is quicker compared to involving third parties in the process. Also, it eliminates the drawbacks that come with using third parties. A good example is what happened at Equifax Inc. Involving humans in a process increases the risk of data breaches and leaks among other failures. Ethereum refers to this as a “smart contract.”
The distinct feature of Ethereum is earning this currency attention in the market. It will increase the demand for the currency, and this will result in a rise of its value. It is the reason why people should consider investing in Ethereum.
It would be impossible to discuss cryptocurrencies without discussing the bitcoin. First, it is because of it being among the first to enter the field. Also, the value of the bitcoin keeps rising each day. At one time the value of one bitcoin was below $500, and now it is above $10,000. In perspective, one bitcoin has the potential of buying five shares of blue-chip companies such as Alphabet or Amazon.
One advantage of dealing with bitcoins is that it is easy to purchase them. Also, you don’t need to buy whole bitcoins. You will be able to purchase bitcoin fractions for the money you have, and you can do this at any time. For example, you can buy a fraction of a bitcoin worth $100. Another benefit if investing in bitcoins is they have credibility compared to the other cryptocurrencies. It is not surprising because bitcoin has been around for longer.
There is no doubt that the future lies in cryptocurrencies. It is because these type of currencies are offering solutions to the drawbacks that users experience when using government-issued currencies.
Many people are adopting them and hence the astronomical rise in their value.