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Ever since cryptocurrency took over the world, Bitcoin has been the most sought mode of payment by vendors from all corners of the globe. With hopes of the coin appreciating in its value, it’s widely accepted and makes transactions easier and faster.
As more and more people lose hope in the banking system, Bitcoin – the decentralized currency, uses its own network without any intermediaries. The cryptocurrencies’ sheer anonymity makes it ideal for those who wish to keep their online identity hidden.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.
Here are some of the pros and cons of Ethereum:
Bitcoin Cash is a peer-to-peer electronic cash system for making transactions on the Internet. Like Bitcoin, Bitcoin Cash is also fully decentralized, which means that the cryptocurrency does not require the central bank not does it require any third parties to operate.
However, it varies from the other cryptocurrencies in that it has enabled the increase of the block size from one MB to eight MB. Bitcoin Cash hopes to increase the number of transactions that can be processed by the network, hoping that Bitcoin Cash will be able to compete with the volume of transactions that industry giants like PayPal and Visa can currently process.
Here are some of the pros and cons of Bitcoin Cash:
Ripple is a cryptocurrency that is a part of RippleNet. The currency is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.
Here are some of the pros and cons of Ripple:
Litecoin is a digital currency that came into being as a fork of the Bitcoin Core Client to serve as a faster, lighter and cheaper supplementary coin to the original BTC.
Litecoin is a peer-to-peer online currency that permits instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities.
Here are some of the pros and cons of Litecoin:
Is my cryptocurrency safe? Can cryptocurrencies ever be hacked? If I make online payment through cryptocurrency, will it be traced? There are dozens of questions that cross the mind when dealing with cryptocurrencies. From traders, investors, enthusiasts, opponents to regulators from around the world, the answer can vary for each individual.
While everyone holds their opinion of the cryptocurrency bubble, the crux is that yes, a cryptocurrency can be hacked. It doesn’t take a genius to decipher that the cryptocurrency boom is drawing the attention of all stakeholders and criminals alike.
In recent years, cryptocurrencies and the blockchain technology have been heavily attacked for the very reason of making good money. Since the blockchain represents value and money, cybercriminals have all the more reason to hack the cryptocurrency infrastructure.
Although cryptocurrencies can be used for anonymous payments online, they’re not entirely anonymous. If you want to go incognito on the web, use a VPN as it provides you a pseudo identity so that you’re entirely off the map.
The new broadband privacy bill is just the beginning of the anti-privacy era. To better survive in this era, we have to be proactive in protecting our privacy. Fortunately, we have the above tools like a VPN to keep our home networks secure and the privacy of our family hidden from unwanted eyes.