- Bitcoin is revolutionizing the financial system by transforming it into a decentralized one.
- The features that cryptos offer are attracting many investors.
What is Bitcoin
Bitcoin is the first ever introduced cryptocurrency. It was introduced in r 2009 by a pseudonymous person called Satoshi Nakamoto. This person releases a whitepaper mentioning the working of this cryptocurrency. This cryptocurrency was first introduced to revolutionize the current financial system.
There are many discrepancies in the current centralized financial system such as the whole power rests in the hands of few people. This is dangerous because a few people can manipulate the whole system according to them.
Bitcoin is fully decentralized because once information is entered into this blockchain, it is irreversible.
What is Ethereum
Ethereum is the second biggest cryptocurrency as per the market cap. it enjoys a market of $224,024,018,986 and has a dominance of approx 19 percent on the market. This currency is also called the second generation of cryptocurrency. This is because it has many innovations as compared to Bitcoin. It is more efficient than Bitcoin in terms of energy consumption and is also able to process transactions much faster than Bitcoin. It has a speed of 15 transactions per second whereas Bitcoin can process only seven transactions per second.
What is Solana?
Solana is an open-source project that provides open-source solutions to organizations for developing decentralized apps. The development of this project was started in the year 2017 by Anatoly Yakovenko and Raj Gokal in 2018.
Solana has a market cap of $6,473,064,716 and is the 10th biggest cryptocurrency in the crypto world as per the market cap. Currently, this cryptocurrency is trading for $16.21.
How are these cryptocurrencies revolutionizing the Economy?
All cryptocurrencies are built for the betterment of the financial system. To run it more smoothly than ever before. These cryptos not only provide users to store their precious money in a place that is safe since they do not have any centralized control. Although the price volatility in the crypto space is very high still.
Many cryptocurrencies are there which are not that much volatile. For example, several stablecoins do not show too much price volatility like Bitcoin and Ethereum. Users can invest in these coins without any fear of losing so much money.
This is because these coins are pegged with the US dollar and do not show soo much price volatility. Crypto is not only safe nowadays but also nontransparent. There are many cryptocurrencies like monero. Which hides user identity very efficiently and makes it very hard for fishy eyes to track the transactions. Bitcoin is the first cryptocurrency hence it also has several discrepancies. These discrepancies are solved by introducing cryptocurrencies like Cardano.
This cryptocurrency was developed by one of the co-founders of Ethereum this crypto is not only energy efficient but also very fast as compared to Bitcoin or Ethereum. Cardano has a transaction speed of 250 transactions per second. They are also planning to increase the speed and take it to 1 million transactions per second. With the help of their Hydra 2 layer.
In this way, cryptocurrency will revolutionize the digital economy.