Welcome to our Top 5 Cryptocurrencies Briefly Explained List – January 2018 Edition
This article includes a brief explanation of the Top 5 Cryptos in the market so you can use this as your go-to-place for ultra fast learning
Every month, we’ll be updating this list so make sure to bookmark the page to see February’s edition next month! We also recommend to bookmark this page so that you regularly return to it when searching for a brief summary of a coin/token.
YOU WILL LEARN:
A Brief Summary Of The Top 20 Cryptos
What Do Each Of Them Do?
Who Are Their Main Competitors?
Unique Selling Point For Each Top 5 Crypto
Prices are correct as of 9am GMT, December 1st, 2017
Before We Begin, We Want To Highlight 3 Points:
This is a brief summary of the top Cryptocurrencies – not an in-depth analysis. Over time, we aim to carry out in-depth reviews of all of these coins and we will be including links to them in these regular, monthly articlesSome Cryptos have more extensive information included than others – this is zero indication of whether we are fans of the project or notMuch of the information has come from the project teams directly. As such, we cannot 100% guarantee the accuracy of the information
Total Market Cap
$642 Billion (9am GMT January 2nd, 20118)
1 – Bitcoin (BTC)
Market Cap – $235.4 BillionToken Price – $14,030Brief Explanation – Digital CurrencyWhat is Bitcoin? – The original digital currency, run on a decentralized peer-to-peer network. Who Are Bitcoin’s Competitors? – Bitcoin Cash, Dash, Litecoin, NEM etcUnique Selling Point – Bitcoin is the original Cryptocurrency; people often know what Bitcoin is without even knowing what a Cryptocurrency is – it has major brand appeal
Buy BTC HERE
2 – Ripple (XRP)
Market Cap – $90.7 Billion
Token Price – $2.34
Brief Explanation – Digital Currency For Banks
What Is Ripple? – A global real-time settlement network, its system aims to connect banks around the world to allow for cross-border payment systems
Who Are Ripple’s Competitors? – Stellar Lumens
Unique Selling Point – Rapid transaction speeds; between 5-10 seconds. For banks, this currently takes between 2-4 days.
Note: Ripple receives bad press in the current Cryptocurrency space due to its plans to work with the banks. Many people believe that this goes against the core premise of Cryptos; to unbank the banked
Extra Points – We believe that Ripple provides banks with an unbelievably improved system and could one day be used globally BUT banks are able to use Ripple’s systems without buying Ripple tokens. With no consistent demand for the tokens, we don’t believe Ripple tokens should be priced any where as high as they currently are. Once the majority of the market realises this incredibly important point, we expect to see Ripple’s price crash.
Buy XRP HERE
3 – Ethereum (ETH)
Market Cap – $84.4Billion
Token Price – $872.65
Brief Explanation – Decentralised App Platform
What Is Ethereum? – A decentralised app platform, allowing companies to build decentralized applications (Dapps) on top of their blockchain that can make use of Ethereum’s smart contracts
Who Are Ethereum’s Competitors? – NEO, Cardano, Lisk, Waves, EOS, Ethereum Classic and more
Unique Selling Point – Ethereum have the first mover advantage in the smart contract sector and they have a huge community spearheaded by Vitalik with the most developers of any Crypto, other than Bitcoin
Extra Points – We have concerns about whether Ethereum will be able to scale quickly enough. There are many Ethereum-based projects which are currently in ICO/development stage. Over the next few months, many of these projects will launch and require the use of the Ethereum network. Unless Ethereum is able to increase their transaction speed in time, all of those projects might not be able to function correctly. This would be a PR nightmare for Ethereum and could seriously damage investor confidence.
Buy ETH HERE
4 – Bitcoin Cash (BCH)
Market Cap – $42.2 BillionToken
Price – $2,496
Brief Explanation – Digital Currency
What Is Bitcoin Cash? – A hard fork of the original Bitcoin, that operates with an increased block size but without the Segwit upgrade that Bitcoin has
Who Are Bitcoin Cash’s Competitors? – Bitcoin, Dash, NEM, Litecoin etc.
Unique Selling Point –Possesses a block size limit of 8MB, compared to the original Bitcoin’s 1MB, allowing an 8x higher on-chain transaction speed (without accounting for Segwit).
Extra Point #1 – Bitcoin cash may have an increased block size compared to Bitcoin but they have refused to implement Segwit on the network. As a result, Bitcoin Cash will be unable to implement some 2nd layer upgrades such as The Lightning Network. Without such an important upgrade, we don’t believe that Bitcoin Cash will ever be fast enough to function as a global, decentralised currency.
Extra Point #2 – Bitcoin Cash is positioned very highly in the market. However, many people believe that much of the reasoning behind this is simply because of their name – and not their technology – as they carry the Bitcoin name, investors are more keen to invest in the project.
5 – Cardano (ADA)
Market Cap – $20.1 Billion
Token Price – $0.775
Brief Explanation – Decentralised App Platform
What Is Cardano? – A platform to build decentralized applications (Dapps) and cryptocurrencies on with the use of smart contracts
Who Are Cardano’s Competitors? – Ethereum, Ethereum Classic, EOS, NEO etc.
Unique Selling Point – Cardano uses a programming language called Haskell (they have made their own improvements to the language also) –
which will supposedly allows for code to “be written in a more secure and reliable manner as it has a mathematical approach.”
Extra Point – Cardano has gone under the radar for many investors until a recent price surge up to 5th in the market as the project is extremely tech-heavy and is difficult to understand for non-technical investors. As a result, many investors are now beginning to believe that Cardano has been highly undervalued and could have an incredible 2018.
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