To many individuals, Bitcoin (CCC: BTC-USD) is associated with cryptocurrency. Bitcoin was the first crypto, and since today it’s the most significant by market capitalization. All other cryptocurrencies are based upon it.
However there are substantial defects with Bitcoin and its blockchain. One is the deal time. Many people are shocked to find out that a single transaction on blockchain could take as long as 24 hours to finish. A 2nd issue is the amazing quantities of power that are utilized by the Bitcoin network.
This is a result of the mining process. Bitcoin miners create brand-new Bitcoins. For doing so, they receive some Bitcoin as a benefit.
In order to mine, the miners require to resolve incredibly complex cryptologic puzzles. To do so, they require significant amounts of calculating power. Some price quote that the Bitcoin network uses more power than the whole country of Chile.
Since of this other cryptocurrencies have actually been established. Right now there are more than 4,000 other cryptocurrencies. The majority of them will most likely stop working. But some will be very effective.
Robinhood users must be aware that the business’s crypto platform is limited. Users can only trade Bitcoin and Bitcoin Cash (CCC: BCH-USD), Ethereum (CCC: ETH-USD), Litecoin (CCC: LTC-USD) and Dogecoin (CCC: DOGE-USD).
Here are 7 other cryptocurrencies that Robinhood should contribute to its platform:
- Cardano (CCC: ADA-USD)
- Excellent Lumens (CCC: XLM-USD)
- EOS (CCC: EOS-USD)
- Chainlink (CCC: LINK-USD)
- OmiseGO (CCC: OMG-USD)
- Ripple (CCC: XRP-USD)
Crypto: Cardano (ADA-USD)
The developers of Cardano want it to be the monetary operating system of the world. It can likewise be utilized for other applications, like securing elections and legal contract tracing. The specified goal is to”rearrange power from unaccountable structures … to individuals. “Cardano was co-developed by Charles Hoskinson, among the five initial founding members of Ethereum. He wasn’t pleased with the instructions Ethereum was entering, so he left to begin Cardano. Not remarkably, Cardano is competitors for Ethereum now. Some even call it the “Ethereum of Japan.”
As you can see on the above chart, ADA traded generally flat for the latter part of in 2015, simply below the 20-cent level. However then, in the beginning of January, it got captured up in the recent crypto trend and skyrocketed to levels around $1.10. The existing market capitalization has to do with $37 billion.
Outstanding Lumens (XLM-USD)
The idea behind Excellent Lumens is an open network that permits money to be moved and saved around the globe. The existing
market capitalization has to do with $9.2 billion. An advantage of this crypto is the extremely low transaction cost. Every deal, regardless of the size, costs just 0.00001 XLM. Stellar was released in July 2014. The objective was to bring banking services to the 2 billion people worldwide who do not have access to traditional banking. It has because progressed, and the focus now is to utilize blockchain technology to link financial firms. As you can see on the chart, XLM is evaluating support around the 35-cent level. There is assistance at this level due to the fact that it had previously been resistance. If this assistance breaks, the next level with assistance need to be around 20 cents. This level was resistance throughout December.
EOS is a smart-contract platform.
The current market capitalization is about $3.5 billion. As you can see on the above chart, EOS is evaluating support around the$ 3.60 level. This level was resistance in November and January. This is a crucial principle of financial markets. Levels that had actually been resistance in the past can
turn into assistance levels. It might seem unusual, but this is a common incident. It happens since of remorseful or regretful sellers. These are the financiers who offered EOS at $3.60. When the crypto trended lower later, they believed that their decision to sell was an excellent one.
And now that EOS is above that level, a number of these investors have actually concerned regret their choice. Much of them decide that they will buy it back– however just if they can get it for the exact same cost they sold it for. This leads to buy orders being placed at a level that was resistance.
If there are enough of these buy orders, assistance types like we see here.
Uniswap is an Ethereum token or cryptocurrency that powers the Uniswap network. It is designed as a decentralized
exchange. This implies there is no middleman or main facilitator on Uniswap. Instead, the tokens are exchanged or traded through liquidity pools. These swimming pools are created and defined by clever agreements. Some analysts believe that in the long run, decentralized exchanges might be a much better investment than payment currencies like Bitcoin. As the name implies, payment currencies are utilized to make payments. Other payment cryptos include Litecoin and Bitcoin Cash.
Exchanges, like the Uniswap network, are open for people to develop their own applications on its blockchain. As more applications are developed, the demand for the UNI tokens will increase. This need to drive the rate greater.
As you can see on the above chart, the $23 level was resistance through the majority of February. Now it has actually ended up being assistance.
Chainlink is a decentralized exchange that operates in a comparable way to Uniswap. LINK is a cryptocurrency that powers the Chainlink procedure or network. It was introduced in 2017 by Sergey Nazarov. The network offers cost and events data that is collected from on-chain and real-world sources. It has the capability to get the information needed to operate numerous blockchain-based wise agreements
. Chainlink does not operate its own blockchain like many cryptocurrencies do. LINK is designed to be blockchain agnostic. This implies that it can operate on many different blockchains at the very same time.
Like the others, what was resistance for LINK has actually now become support. As you can see on the above chart, this has actually happened at the $24.90 level.
OmiseGO Network (OMG-USD)
OmiseGO is a crypto that was developed for a particular factor. It was really developed using the smart contracts on the Ethereum Network, but it is a different currency.
OMG was developed to enable monetary services for people who do not have checking account. This is possibly a huge market. It is approximated that two billion individuals have access to cellular phone and cell service, however do not have access to standard banking. They can’t stroll to their regional branch and meet with a customer care agent if they want to obtain a mortgage or a charge card.
They are locked out of the system due to the fact that, without access to these services, these individuals can’t establish credit histories.
As you can see on the above chart, OMG has rallied recently. But the gains are less than BTC over the same time period. However in the long run, if OMG has the ability to achieve its goals, the rate might move substantially higher.
The idea for Ripple is really older than Bitcoin. It was developed in 2004 as a peer-to-peer network that would remove banks. When Bitcoin came along, Ripple decided to establish its own cryptocurrency. XRP was the result.
XRP has benefits over Bitcoin. One is that it isn’t mineable. The are no miners in the network. It is restricted to the 100 billion coins that are in flow now. Because of this, it does not need the enormous amounts of power that Bitcoin does.
Furthermore, the Ripple network is much faster than the Bitcoin network. It can also manage more transactions.
Today, the most significant users of Ripple are large financial institutions. The network has facilitated and increased the performance of deals of their users.
At the time of this publication, Mark Putrino did not have any positions (either straight or indirectly) in any of the aforementioned securities.