CRYPTOCURRENCY'S FUTURE

CRYPTOCURRENCY'S FUTURE Smart Contracts For financial institutions, one of the most practical uses for cryptocurrency is not the currency itself, but the underlying blockchain technology. Most of the world’s major banks are developing blockchain technology (specifically, that of the Ethereum blockchain) for the purpose of enabling smart contracts. Smart contracts are self-executing contracts, meaning that the terms of the contract automatically are triggered by the code with no additional human intervention. The terms of the contract between buyer and seller directly are written into lines of code. Options Other Than Bitcoin It’s hard to predict the future movements of any coin, but some people speculate that Litecoin will prove to be the be-all and end-all of cryptocurrency. Litecoin, which was originally an offshoot of Bitcoin, is easier to mine than Bitcoin and has the additional advantage that the Litecoin community is more flexible about changes to the protocol than the Bitcoin community is. Ethereum has robust near-term prospects, as well — largely because the underlying technology is more versatile than Bitcoin and allows for many financial innovations, such as the aforementioned smart contracts. Ripple is widely used by financial institutions and this is likely to continue in the near future. While Bitcoin is a payment method and Ethereum is a multifunctional platform for decentralized smart contracts, Ripple is a decentralized solution for banks and financial institutions that is fast (4 seconds) and scalable (1,000 transactions per second). While Ripple as a currency has been fraught with controversy, including a lawsuit by a party dismayed with how Ripple it was rolled out to the public, the underlying technology is highly useful regardless of what happens to the coin. It’s hard to be sure what crypto’s future is. Plenty of regulatory and security concerns have many potential users holding back — not to mention price volatility. But tech companies and banks are enthusiastically developing blockchain-based technology, so it’s a fair assumption that they are betting on the long-term future of cryptocurrency technology in some form.

Banks Claim They're Building Blockchains. They're Not What exactly is this "technology behind bitcoin" that banks, governments and a generation of next-big-thing seeking MBA grads are piling into? Read More Understanding Smart Contracts What are smart contracts and are they the future of contractual agreements? Read More Are Smart Contracts the Best of Blockchain? Smart contracts may be one of the best innovations to accompany blockchain development. Read More

Is Litecoin The Future of Cryptocurrency? Litecoin’s drama-free community gives it less volatility and a steady trend, making it great for arbitration, trading, spending, or even fundraising. Read More Is Ethereum More Important Than Bitcoin? Ethereum's market capitalization is only about a third of Bitcoin, but some think it is gaining ground fast. Read More Ripple Is Emerging as a Stable and Trusted Cryptocurrency Ripple is the third-biggest cryptocurrency​ in terms of market capitalization and has performed extremely well during 2017. Read More

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