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Cryptocurrency

Up and Coming Cryptocurrency

In this article we discuss some up and coming cryptocurrency projects. There are many options for potential winning cryptocurrencies and there is still time to become a crypto investor. Furthermore, many of the projects we discuss here are affordable for anyone who wants to invest in cryptocurrencies.

There are actually several cryptocurrencies that are important up and coming cryptocurrency projects. Read on to learn more about many growing, up and coming cryptocurrency projects.

The Up and Coming Cryptocurrency Projects

There are 5 solid projects that we believe are going to be winners in the future. They have solid technology, a winning team of developers and a strong community of supporters. In addition, these projects serve a purpose in the crypto currency space and may be considered one of the up and coming cryptocurrency projects.

Five Up and Coming Cryptocurrency Projects

Cardano (ADA)

Decentraland (MANA)

Hedera Hashgraph

Zilliqa

VeChain

I. The Cardano (ADA) Project

Is Cardano A Good Investment?

“Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp).. [of] ..verifiable smart contracts…Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. [It] is designed to be the platform of choice for …the economy of the future.” Cardano Roadmap

“Ada” is the native token for Cardano. It is named in honor of Ada Lovelace. Ms. Lovelace was a 19th-century mathematician. Ada was the daughter of the famous poet, Lord Byron. In addition, Ada is known as the first programmer.

Ada is a decentralized digital currency. Second, Ada doesn’t require third party involvement. In addition, Ada is exchangeable world-wide. Finally, the blockchain records each transaction permanently.

Cardano has three primary partners which embody the advancement and evolution of the project: The Cardano Foundation, Emurgo and IOHK. The public face of Cardano is Charles Hoskinson, who was one of the founders and developers of Ethereum in the early days. He’s a cryptocurrency heavyweight who has quietly helped build the Cardano project over the years to where it is today. Hoskinson has a powerful vision and plan for Cardano and has helped to create a project that is a serious threat to Ethereum.

History of Cardano

Cardano started out in 2015 as a vision to address blockchain problems of scalability, interoperability and sustainability. Later, after much communication and coordination on GitHub, the Byron era began in 2017. The purpose of the Cardano project was to solve the problems encountered in the future for cryptocurrencies. It is a next generation crypto project.

The Cardano (ADA) Project Proof of Stake

The Ada token is part of the proof of stake methodology. For example, each Ada holder can hold a stake in the Cardano blockchain network. As a result, users who hold Ada will earn a reward for participating in the network. This proof of stake model really helps improve Ada coin price prediction  by increasing the overall value of the project.

II. Decentraland (MANA)

MANA (Decentraland) is a virtual reality platform. The Ethereum blockchain powers the platform. Using Decentraland, users can create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize.

Launched in 2017

Decentraland was launched during an ICO in 2017. In addition, the project was opened up to everyone to use in 2020. Currently, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes and a variety of other interactive experiences.

How Decentraland Works

Decentraland uses two tokens: MANA and LAND. The MANA token is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of things, such as avatars, wearables, names, etc. The tokens are used on the Decentraland marketplace.

Decentraland is built for content creators, businesses and individuals that are looking for a new artistic medium, business opportunity, or source of entertainment.

The Metaverse Gaming World

In total, the Decentraland game world — termed the “Metaverse” — is divided into 90,601 individual parcels of LAND, each of which is represented by an ERC-721 non-fungible token. Each LAND is exactly 16m x 16m (100 square meters) and can be found at a particular coordinate in the Metaverse.

Though LAND holders are free to develop their plot into whatever they choose, much of the Metaverse is broadly divided into several districts, each of which has a different size and theme. These districts were generated through individual crowd sales for MANA tokens, and parcels of LAND in these districts cannot be traded.

Although Decentraland is not one of the hottest up and coming cryptocurrency projects, it appears to be a strong project with a promising future.

MANA Income

Besides being a creative outlet, many Decentraland users currently monetize their LAND through leasing, advertising and paid experiences. Likewise, other users generate an income by creating and selling items on the Decentraland marketplace for MANA tokens.

III. Hedera Hashgraph (HBAR)

Hedera Hashgraph is a public network that allows individuals to create decentralized applications (DApps). HBAR has also been called the “trust layer of the internet.” It is designed to be a fairer, more efficient system. It eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.

HBAR originated through an ICO in August 2018. Subsequently, the Hedera Hashgraph mainnet launched in 2019. The HBAR token has a dual role within the Hedera public network.

How Hedera Hashgraph Works

First, HBAR is the fuel that powers Hedera services, such as smart contracts, file storage and regular transactions. Second, it’s used to help secure the network, since HBAR users can stake their tokens to assist with maintaining the integrity of the platform.

Foundation

HBAR was co-founded by Dr. Leemon Baird and Mance Harmon. Dr. Baird is credited as the investor of the hashgraph distributed consensus algorithm. He currently works as Hedera’s chief scientist. Prior to founding Hedera Hashgraph, Baird accumulated more than a decade of experience in various computer science and security roles and previously worked as a senior research scientist at the Academy Center by Cyberspace Research. He also holds the position of co-founder and CTO at Swirlds Inc., a platform for building DApps.

HBAR’s cofounder, Mance Harmon, is the CEO and an experienced technology executive and seasoned entrepreneur. Harmon has around two decades of experience holding executive roles at prominent firms — many of which are in the IT security industry. Like Dr. Baird, Mance Harmon also holds a second position at Swirlds Inc., as its co-founder and CEO.

Hedera Hashgraph is Different than Regular Block Chains

Unlike most other cryptocurrency platforms, Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph. This technology allows it to improve upon many blockchain-based alternatives in several key areas, including speed, cost, and scalability. HBAR claims it can handle more than 10,000 transactions per second (TPS) — compared to the around 5-20 for most popular proof-of-work (PoW)-based blockchains.

Network Services Offered by Hedera Hashgraph:

  • Smart contract tools that let developers build powerful and efficient decentralized applications.
  • A consensus service that acts as a layer of trust for any application or network that needs a secure, verifiable log of events.
  • Decentralized file storage services with features include proof-of-deletion, controlled mutability, and time-based file expiry.
  • A token service that allows users to easily configure and mint both fungible and non-fungible tokens (NFTs) on Hedera with just a few lines of code.

IV. Zilliqa (ZIL)

Zilliqa is a blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications. In addition, it allows for staking and yield farming.

The project was founded in 2017 and launched its testnet in 2018. Later, in 2019, the Zilliqa platform launched its mainnet for everyone to participate. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

Founders

Zilliqa was first conceived by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Saxena and several students in the School of Computing published a paper in 2016 that outlined how a sharding-focused blockchain could improve network efficiency and speed.

Zilliqa Scalability Solved?

The project states that they run entirely on a sharded network. As a result, this allows it to achieve a high rate of transactions per second, which may solve the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.

Zilliqa seeks to become the blockchain of choice for large-scale enterprise use, including among the advertising, gaming, entertainment and financial services and payments industries. In its 2018 position paper, its team states that the platform “aims to rival traditional centralized payment methods such as VISA and MasterCard.”

V. VeChain (VET)

VeChain (VET) is a blockchain-powered supply chain platform. It was founded in 2015 and launched in June 2016. It uses distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.

The VeChain platform uses two tokens, VET and VTHO, to manage and create value based on its VeChain Thor public blockchain. Using two in-house tokens boosts the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users. VeChain launched in 2016, making it one of the oldest dedicated blockchain supply chain platforms on the market.

Founders

VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Fellow co-founder Jay Zhang, who directs VeChain’s global corporate structure, governance, and financial management, previously worked for both Deloitte and Price Waterhouse Coopers in the finance and risk management sphere.

Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation. VeChain’s model thus appeals to businesses looking to reduce supply chain friction and give a more transparent impression to clients.

VeChain’s official literature notes that its unique proposition lies in its dual-token setup, among other features. In-house token fees combine with charges for various services to generate operating income for the company, while token holders can engage in activities such as staking, thus providing liquidity in return for rewards.

VTHO and VET Tokens

The VET token is used for transactions and other activities, while VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH) transactions. VET holders automatically generate a small amount of passive income in VTHO, while 70% of the VTHO used in a VET payment is destroyed. VTHO is generated based on VET holdings, while VET itself has a maximum fixed supply of 86,712,634,466 tokens.

Bonus: More Up and Coming Cryptocurrency

The altcoins discussed so far have demonstrated longevity, strong communities and real use cases for their growth and development. We believe they are legitimate projects and not $h*t coins. Here are a few more altcoins that are a little riskier, but offer more growth (and profit) potential (Remember: do your own research before investing).

  • Elrond (EGLD)
  • Aave (AAVE)
  • Uniswap (UNI)
  • Oasis Network (ROSE)
  • Ramp (RAMP)
  • Synthetix (SNX)
  • Zilliqa (ZIL)
  • VeChain (VET)
  • Kyber Network (KYB)

Note: Some of these altcoins may be more difficult to obtain, especially for US Citizens. Again, these are high risk, and you can easily lose money here. Buyer beware.

What is Cryptocurrency?

Cryptocurrency is a digital asset that can be exchanged. It is a payment method between individuals. It is exchanged among individuals on the internet. Furthermore, cryptocurrencies use cryptography to secure transactions on a block chain network. Miners use powerful computers to solve advanced equations in order to earn Bitcoin or other cryptocurrencies. Finally, mining makes the distributed ledger network secure.

The first successful cryptocurrency was Bitcoin. It was introduced to the world in January 2009. After Bitcoin came Ethereum. If Bitcoin is king, then Ethereum would be the queen. These two cryptocurrencies may be the best crypto to buy now in our lifetime. However, all investments come risks and you must do your own research to determine how to invest personally. In addition, Bitcoin is not one of the up and coming cryptocurrency projects, but is one to consider.

Bitcoin: A Peer-to-Peer Electronic Payment System Created by Satoshi Nakamoto

Bitcoin is an open-source, block chain-based technology that was designed as a peer-to-peer payment system. Furthermore, it is designed to be a decentralized electronic payment method. Payments can be conducted semi-anonymously among individuals. Bitcoin is digital cash. Many consider Bitcoin to be the best and most secure store of value coin you can own.

Furthermore, it uses block chain technology to maintain its function. In order for users to send and receive bitcoin, the block chain depends on miners. Miners use computers to complete complex calculations. The Bitcoin miners build blocks on the block chain. As a reward, the miners receive Bitcoin as payment.

Satoshi Nakamoto created Bitcoin in 2009. He wrote a 9-page white paper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” Bitcoin was the first cryptocurrency to experience widespread use and adoption. However, its use case has evolved over the years from a peer-to-peer payment method to a store of value model. Many Bitcoin users hold bitcoin much like you would hold silver or gold in an investment portfolio.

Why Bitcoin May Be the Winner (In the Long Run)

  • First cryptocurrency to experience widespread use and adoption
  • $1 Trillion market capitalization
  • Use case as a peer-to-peer payment method
  • Serves as a store of value much like silver or gold
  • Deflationary money: Limited supply of only 21 million Bitcoins
  • Replaces the US Dollar as World Reserve Currency
  • Privacy
  • Independence from Banks
  • Borderless Payments
  • Low Fees
  • Meets all the requirements of the definition of money

Ethereum: A Block Chain Project That Uses Smart Contracts to Power Other Projects

Ethereum is an open-source, decentralized block chain project that is known for its smart contracts. It provides open access to money, via the Ether cryptocurrency coin (ETH), and technology, exemplified by the thousands of applications that are operating on the Ethereum network. The ETH coin of Ethereum is second only to bitcoin in market capitalization.

Like Bitcoin, Ethereum is a Proof of Work consensus system. This means that powerful computers all over the world are continuously solving complexed equations in order to build blocks on the Ethereum block chain. Whichever machine or miner solves the problem quickest, completes the block and receives a reward as payment: ETH coin.

Although Ethereum shares some features with Bitcoin, such as being able to make peer-to-peer transactions, they serve different purposes and audiences. Moreover, Bitcoin was the original decentralized payment system that didn’t require a middleman bank to conduct payments. Although Ethereum is used for payment sometimes, its primary purpose is to serve as the core block chain on which newer projects operate.

ethereum cryptocurrency

Ethereum uses a payment system for ETH. In addition, it implements smart contracts which allows entirely new projects to run on top of the Ethereum block chain. For example, in November 2017, the decentralized application “CryptoKitties” was launched. It is a digital collecting and trading app of virtual felines that works on Ethereum.

Reasons Why Ethereum May Be a Future Winner

  • Industry leader in smart contracts
  • Widespread use and adoption
  • $120 Billion market capitalization
  • Home of block chain decentralized applications (dapps)
  • Well established decentralized payment network
  • Serves as the block chain base for hundreds of projects
  • Independence from Banks
  • Borderless Payments
  • Low Fees

Up and Coming Cryptocurrency Projects in 2021

Currently, in 2021, Bitcoin is trading around $60,000 per Bitcoin. Obviously, it is the least affordable crypto out there. However, there are many analysts who believe it could go much higher. But even more importantly, Bitcoin and other cryptocurrencies may break the banking chains that imprison us today. And it’s no longer a conspiracy theory to discuss cryptocurrency. Respected investors are taking it seriously like never before.

Future Predictions of Bitcoin and Ethereum Prices

Reputable Investors Foresee Exponential Growth in Bitcoin and Ethereum Markets

It seems clear that in 2021, Bitcoin and Ethereum have begun the next phase of expansion and adoption. As a result, the price of both cryptocurrencies will likely go much, much higher. In addition, these may be the best crypto to buy now. However, there are other good choices as well.

Anthony Pompliano and Max Keiser, two well-known investors in the Bitcoin space believe that Bitcoin price will exceed $100,000 in the next few years. Other investors like Mike Novogratz and Chamath Palihapitiya believe Bitcoin price is destined to go even higher to levels like $400,000 and $1,000,000, respectively.

As for Ethereum, investors are optimistic about its future price as well. Because Ethereum’s market capitalization is only $200 Billion, there is much room for growth. Continual adoption of Ethereum by institutional investors could easily lead to a $1 Trillion market capitalization, equating to a $7,500 ETH price. Investors such as Nigel Green and Blockfyre co-founder Simon Dedic predicted much higher prices ($2,500 – $9,000) for Ethereum in the future.

Several of the investors mentioned are worth Billions cumulatively and have a clear track record of investing in markets. They have been advising investors of which is the best crypto to buy now for years. As a result, their predictions are very serious.

Bitcoin Exchanges and More Information

Hopefully this article has helped you make a better decision about some of the biggest up and coming cryptocurrency projects. There are many exchanges that can be used to purchase cryptocurrency. Binance, Gemini, Kraken, Coinbase and so many more. Please do your research if you decide to invest. There are many scams in the crypto industry that are searching for an easy mark. If you want to learn more about Bitcoin and cryptocurrency, there are more articles by Piggy Bank Coins below.

Up and Coming Cryptocurrency Wrap Up

As you can see, there are many choices for the up and coming cryptocurrency projects. Cryptocurrency is a growing industry with a bright future. Blockchain technology is here to stay and will be a part of the growing tech revolution. As a result, cryptocurrency should play an important part in everyone’s investment strategy.

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Disclaimer

It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.

Categories
Cryptocurrency

Top 5 Altcoins 2021

Many experts predict Bitcoin price will achieve a price of $100-200K. Although we can’t advise you on what you should invest in, we will share some options for the top 5 altcoins 2021 which many investors are buying. In addition, we will discuss what cryptocurrency is, the pros and cons of owning cryptocurrency and some future price predictions.

2021 is definitely going to be a big year for Bitcoin and Ethereum, as well as several other cryptocurrencies. As institutional investors flood into Bitcoin and Ethereum, prices for altcoins are expect to rise exponentially. As they say, “a rising tide lifts all boats.” We will discuss why these two cryptocurrencies deserve serious consideration as the top 5 altcoins 2021. In addition, we will also briefly discuss some other cryptocurrencies worth noting.

What is Cryptocurrency?

Cryptocurrency is a digital asset. Payments occur between individuals on the internet. In addition, the best cryptocurrency uses cryptography to secure transactions on a network. Block chain technology is part of what makes the network secure. Miners use powerful computers to solve advanced equations in order to earn Bitcoin or other cryptocurrencies. Finally, mining makes the distributed ledger network secure. In addition, it ensures that transactions are complete. As a result, no one can cheat the system.

What is Block Chain?

The block chain stores data on a public database. The blocks of information include transaction data, participant data and distinguishing data. Moreover, each block of data stores thousands of transactions under cryptographic lock and key. A network of computers operates the blockchain. They make the network run and keep it secure by solving algorithmic hashes. The network computers earn cryptocurrency for their work. Finally, the bitcoin block chain technology uses a distributed ledger. Bitcoin’s network security hinges on the distributed ledger that the network participates in.

Ethereum: A Block Chain Project That Uses Smart Contracts to Power Other Projects

Ethereum is an open-source, decentralized block chain project. It is known for its smart contracts. It provides open access to money, via the Ether cryptocurrency coin (ETH), and technology, exemplified by the thousands of applications that are operating on the Ethereum network. The ETH coin of Ethereum is second only to bitcoin in market capitalization.

Like Bitcoin, Ethereum is a Proof of Work consensus system. This means that powerful computers all over the world are continuously solving complexed equations in order to build blocks on the Ethereum block chain. Whichever machine or miner solves the problem quickest, completes the block and receives a reward as payment: ETH coin.

Although Ethereum shares some features with Bitcoin, such as being able to make peer-to-peer transactions, they serve different purposes and audiences. Bitcoin was the original decentralized payment system. As a result, banks do not manage payments. Ethereum’s primary purpose is to serve as the core block chain on which newer projects operate.

Ethereum uses a payment system for ETH. In addition, it implements smart contracts which allows entirely new projects to run on top of the Ethereum block chain. For example, in November 2017, the decentralized application “CryptoKitties” was launched. It is a digital collecting and trading app of virtual felines that works on Ethereum. As a result, Ethereum may be one of the top 5 altcoins 2021.

Reasons Why Ethereum May Be One of the Top 5 Altcoins 2021

  • Industry leader in smart contracts
  • Widespread use and adoption
  • $40 Billion market capitalization
  • Home of block chain decentralized applications (DApps)
  • Well established decentralized payment network
  • Serves as the block chain base for hundreds of projects
  • Independence from Banks
  • Border-less Payments
  • Low Fees

Other Cryptocurrencies to Consider

Here are some other cryptocurrencies that are worth looking at more deeply. Although Bitcoin is the most dominant and most secure cryptocurrency, there are many other cryptocurrencies that have strong security and strong use case value. A cryptocurrency investment portfolio may include other cryptocurrencies.

Cardano (ADA)

Named after Gerolamo Cardano, a 16th century Italian polymath, the Cardano project began in 2015. It is an open-source software project. Moreover, it innovates the design of cryptocurrency. Cardano has a long-term plan called the Road Map. Cardano’s most notorious feature is its implementation of peer-reviewed research. Research and peer review are a part of project development. It has a $27Billion market capitalization in 2021, which is 9X higher than just a year ago in 2020.

Ada price prediction

A team of academics, researchers and developers manage Cardano. They focus on solving cryptocurrency problems. Moreover, Cardano doesn’t focus on one use case scenario for cryptocurrency; instead, it appears to be tacking many problems at once, such as currency, proof of stake, smart contracts, scalability, security and even scripting. In addition, Cardano uses the delegated proof-of-stake method to maintain the network functionality. This is different because it is more efficient for electricity consumption. Cardano is the closest and most powerful competitor to Ethereum. It is also the most decentralized smart contract token, making it a favorite of investors. Cardano is definitely one to watch if you are looking for one of the top 5 altcoins 2021.

Chainlink (LINK)

Developed in 2017, Chainlink is a decentralized network that connects smart contracts with real world data. Furthermore, the Chainlink decentralized oracle network is operated by node operators. In addition, operators that maintain nodes are paid LINK cryptocurrency. The nodes connect the system like links in a chain. Chainlink runs on the Ethereum network and plays a critical role in execution of smart contracts. It is one of the new rising stars of the cryptocurrency revolution and one of the top 5 altcoins 2021.

Polkadot (DOT)

polkadot cryptocurrency

Another new rising star in the cryptocurrency space is Polkadot. The Web3 Foundation created Polkadot. Its primary function is to facilitate the operation of block chains together. The DOT coin functions in three ways: staking, bonding and networking. Finally, Polkadot contains special tools like specialization, scale and inoperability which act as catalysts between block chains.

Binance Coin (BNB)

Binance coin is a utility token. It is used to pay for Binance exchange fees. In addition, it also helps power the Binance decentralized exchange (DEX). The Binance coin is a deflationary coin. It is burned frequently by Binance. Part of the reason that BNB is so popular and successful is due the success of the Binance exchange. Binance is definitely a strong consideration when looking for one of the top 5 altcoins 2021.

Bonus: More Top 5 Altcoins 2021

The altcoins discussed so far have demonstrated longevity, strong communities and real use cases for their growth and development. We believe they are legitimate projects and not $h*t coins. Here are a few more altcoins that are a little riskier, but offer more growth (and profit) potential (Remember: do your own research before investing).

  • Elrond (EGLD)
  • Aave (AAVE)
  • Uniswap (UNI)
  • Oasis Network (ROSE)
  • Ramp (RAMP)
  • Synthetix (SNX)
  • Zilliqa (ZIL)
  • VeChain (VET)
  • Kyber Network (KYB)

Note: Some of these altcoins may be more difficult to obtain, especially for US Citizens. Again, these are high risk, and you can easily lose money here. Buyer beware.

Pros of Owning Cryptocurrency

Owning Cryptocurrencies May Save A Failing System

Owning cryptocurrencies requires that you have a future vision that is radically different than our current banking system. In addition, cryptocurrency is inherently risky and volatile for investors. However, many believe that cryptocurrency investment is a vote for monetary freedom and independence from governments.

Bitcoin doesn’t require using a bank; the bitcoin holder is the bank. Making borderless payments between friends became easier and more private. In addition, Bitcoin is deflationary, with only 21 million Bitcoins available for use. And, if you are starting to have doubts about government money printing and overspending, then Bitcoin is an obvious candidate for safe-haven status.

Furthermore, it is clear that the US Dollar and many other leading world currencies are struggling. Central banks around the world are printing larger sums of cash to cover debts and expenses, which weakens the currencies. As a result, investors are looking for safe places to maintain their wealth and currencies like the US Dollar become weaker. Cryptocurrencies can be an option for investors looking for a place to park their cash.

Cons of Owning Cryptocurrency

Fraud, Theft and Volatility Are Still Issues with Cryptocurrencies

There are some cons to owning cryptocurrency. In addition, cryptocurrency and the block chain space are a very new industry. Bitcoin is only 11 years old and there have been growing pains in the space. First, cryptocurrency has been vulnerable to fraud in the past. For example, $800 Million worth of Bitcoin was stolen from “Mt. Gox” crypto exchange in 2014. Second, scams have been a problem in the industry, especially with new projects. Finally, price volatility has frightened away many new potential Bitcoin users.

Future Predictions of Bitcoin and Ethereum Prices

Reputable Investors Foresee Exponential Growth in Bitcoin and Ethereum Markets

It seems clear that in 2021, Bitcoin and Ethereum will begin the next phase of expansion and adoption. As a result, the price of both cryptocurrencies will likely go much, much higher. These are certainly important when determining the top 5 altcoins 2021.

Anthony Pompliano and Max Keiser, two well-known investors in the Bitcoin space believe that Bitcoin price will exceed $100,000 in the next few years. Other investors like Mike Novogratz and Chamath Palihapitiya believe Bitcoin price is destined to go even higher to levels like $400,000 and $1,000,000, respectively.

-CoinMarketCap Bitcoin Price Chart

As for Ethereum, investors are optimistic about its future price as well. Ethereum’s market capitalization was only $40 Billion in 2020. It has recently reached $200 Billion in market cap and is rising. Continual adoption of Ethereum by institutional investors could easily lead to a $1 Trillion market capitalization, equating to a $4,000-5,000 ETH price. Investors such as Nigel Green and Blockfyre co-founder Simon Dedic predicted much higher prices ($2,500 – $9,000) for Ethereum in the future.

It should be noted that several of the investors mentioned are worth Billions cumulatively and have a clear track record of investing in markets. As a result, their predictions should be seriously considered.

Altcoin Exchanges and More Information

Hopefully this article has given you some ideas about choosing the top 5 altcoins 2021. When making investing decisions it is important to do your own research and determine for yourself what is a good investment.

In addition, there are many exchanges that can be used to purchase cryptocurrency. Binance, Gemini, Kraken, Coinbase and so many more. Please do your research if you decide to invest. There are many scams in the crypto industry that are searching for an easy mark.

Wrap Up: Top 5 Altcoins 2021

Hopefully you have a better idea of how cryptocurrency works and what the top 5 altcoins 2021 are. This new technology is set to change the world and how we do things online.

If you want to learn more about Bitcoin and cryptocurrency, there are more articles by Piggy Bank Coins below.

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Disclaimer:

It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.

Categories
Cryptocurrency Money

Fedcoin Vs The US Dollar

In this article we will learn about the new Federal Reserve Bank Coin, or “Fedcoin” vs the US Dollar. In addition, a new Federal Reserve digital dollar wallet is to be created. Finally, we will see how the new digital currency is different from Bitcoin and how the wallet may be used as tool for social engineering.

“Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin. As soon as July, officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, which have been developing prototypes for a digital dollar platform, plan to unveil their research, said James Cunha, who leads the project for the Boston Fed.” – Bloomberg News Article, March 22, 2021

Although the Federal Reserve and MIT are planning on revealing their research later this summer, rollout of the Fedcoin electronic currency may take years. Ultimately, the plan appears to be to replace the US Dollar with Fedcoin. Obviously, Fedcoin vs the us dollar will be a big deal which may involve US Legislators.

The Banking for All Act

During the midst of the COVID-19 crisis in 2020, Congress and the Senate quietly passed “The Banking for All Act.” The new law requires Federal Reserve “member banks to maintain pass-through digital dollar wallets” for Americans.

Fedcoin Replacing the US Dollar with a Fedcoin Digital Dollar Wallet

If the rumor is true of Fedcoin replacing the US Dollar, there must be a digital wallet to accompany the Fedcoin.

“Digital Dollar Wallet means a digital wallet or account, maintained by a Federal reserve bank on behalf of any person, for the purpose of holding digital dollar balances.” Website for the United States Congress, S.3571

The new digital dollar wallet is different than traditional banking. For example, interest is paid to the account holder. In addition, there are no minimum account balance requirements or account fees.

The ostensible purpose of the digital dollar wallet is to allow the Federal Reserve Bank to put money into American’s bank accounts. However, instead of collecting your personal banking information, the US Government is creating a new account for you. As a result, Fedcoin replacing the us dollar in the digital space negates the use of the paper dollar.

Additionally, during times of crisis (like the COVID-19 Pandemic), governments can provide welfare payments to citizens. Unfortunately, allowing a central government to control your money may not be a good idea. Clearly, Fedcoin vs the US Dollar will be a controversial change for privacy supporters.

Bureaucrats Control The Money

Some people are concerned that allowing government bureaucrats to control your money via a digital dollar wallet may be giving them too much power. For example, what if the administrators of your digital dollar wallet decide that you are purchasing things that are not acceptable? Perhaps you bought too much beer or cigarettes using your account.

Would the Federal Reserve Bank then freeze your Fedcoin wallet, preventing you from buying anything? If you think this is impossible, it’s not. Governments can easily change citizen’s behavior by controlling money. Furthermore, Fedcoin replacing the us dollar seems to be happening, whether we like it or not. Obviously, Fedcoin vs the US Dollar will be an issue for the future.

China’s Social Engineering Experiment

China Limits Citizens Freedom with Social Credit Score

Think governments limiting citizen’s freedoms is a conspiracy theory? Think again. In early 2019, a report stated that China banned more than 20 million people from traveling. This was because their “social credit score” was too low.

“Skipped paying a fine in China? Then forget about buying an airline ticket. Would-be air travelers were blocked from buying tickets 17.5 million times last year for “social credit” offenses including unpaid taxes and fines under a controversial system the ruling Communist Party says will improve public behavior. Others were barred 5.5 million times from buying train tickets, according to the National Public Credit Information Center. In an annual report, it said 128 people were blocked from leaving China due to unpaid taxes.” AP News Article entitled, “China bars millions from travel for ‘social credit score’ offenses” – February 22, 2019 by Joe McDonald

Social Engineering occurs when governments attempt to influence people’s decisions through incentives or disincentives.

“the use of centralized planning in an attempt to manage social change and regulate the future development and behavior of a society.” – Social Engineering defined, Google Dictionary

The Federal Reserve Exploring Distributed Ledger (Block Chain) Technology

For several years, the US Federal Reserve bank has been researching distributed ledger technology. This technology, also known as block chain technology, is part of the building blocks of the cryptocurrency Bitcoin.

“With these important issues in mind, the Federal Reserve is active in conducting research and experimentation related to distributed ledger technologies and the potential use cases for digital currencies.” – Federal Reserve Governor Lael Brainard on August 13, 2020

Distributed Ledger (Block Chain) Technology: Bitcoin vs Fedcoin vs The US Dollar

The functionality of Bitcoin depends upon miners who contribute to the system. The miners use computers to complete complex calculations which build blocks on the block chain. Miners receive payment subsequent to completion of a block. Without miners, the block chain would cease to operate and transactions would grind to a halt.

As a result, it is unclear how the Federal Reserve Bank will operate Fedcoin and the digital dollar wallets using distributed ledger technology. The new system will likely be a simple, centralized network that does not use the proof of work model of solving equations like Bitcoin. There is no doubt that Fedcoin vs the us dollar as a replacement is under way. However, Bitcoin will remain a decentralized store of value.

It is important to understand that there is a critical difference between the cryptocurrency Bitcoin and Fedcoin. The primary difference is that Fedcoin is a centrally controlled currency. It does not use blockchain technology or a distributed ledger with a proof of work system. Fedcoin is simply numbers on a computer screen. It is created by a central bank.

Bitcoin (BTC) Explained

BTC is a Peer-to-Peer Cryptocurrency Payment System

Bitcoin is an open-source, block chain-based technology. In addition, Bitcoin is a payment system. Furthermore, Bitcoin is secure and anonymous among individuals. Finally, Bitcoin is like digital cash.

Using block chain technology to maintain its functionality, Bitcoin miners contribute to the system. In order for users to send and receive bitcoin, the block chain depends on miners. Moreover, miners use computers to complete complex calculations. As a reward, the miners receive Bitcoin when each block is completed.

Bitcoin was born in January 2009. It is unknown who invented bitcoin; however, a developer named Satoshi Nakamoto (probably a pseudonym) released a 9-page white paper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” The Bitcoin white paper describes Bitcoin’s purpose and how it works.

American Universal Basic Income

There’s a concern among some that digital dollar wallets will lead to the formation of a welfare state in the United States. Moreover, if the Federal Reserve Bank has the ability to print currency to no end, creating money out of thin air, then why not give some directly to citizens?

“Universal Basic Income (UBI) is a government program in which every adult citizen receives a set amount of money on a regular basis. The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.”  –Investopedia, Universal Basic Income

By creating a special bank account or digital dollar wallet for American Citizens, the Federal Reserve Bank opens the door to the welfare state and to collective control of its citizens. This kind of quid pro quo banking keeps the masses under the thumb of government. As a result, Fedcoin vs the us dollar will play an important role in the growing social welfare state. The new electronic Fedcoin will likely be used as a carrot or stick for social welfare.

The New American Socialism: Universal Basic Income

43% of Americans Believe Socialism is a Good Thing

Providing Americans a digital dollar wallet is a form of socialism. Historically, America has been a population that embraced capitalism and entrepreneurship. However, beliefs in the 21st century appear to be changing. In fact, Americans may be approaching a tipping point regarding the adoption of socialism.

According to a 2019 Gallup Poll, 43% of Americans believe that socialism is a good thing. In contrast, only 25% of Americans supported socialism in 1942. Clearly, Americans have shifted to believe that socialism is a positive thing. With Fedcoin vs the us dollar, the former is simply a way for the state to buy more votes for socialism.

The socialist idea of a universal basic income has become a mainstream political issue in 2020. Andrew Yang, an American entrepreneur, ran as a presidential candidate in the 2020 Democratic primaries. One of the policies of his political platform was to create a universal basic income for Americans. He called it the “Freedom Dividend” in which every American would receive $1,000 each month. This idea was wildly popular among many younger voters.

Wrap Up: Fedcoin Vs The US Dollar

It seems clear that Fedcoin vs the us dollar as a replacement is happening now. The Federal Reserve, MIT and others in the US government are working hard to bring the plan to fruition. The new digital dollar wallet will be introduced sometime in 2021 by the Federal Reserve Bank and MIT. Sometime later, everyone in the United States have a digital dollar wallet with Fedcoin in it.

“All Federal reserve banks shall, not later than January 1, 2021, make digital wallets available to all residents and citizens of the United States” Website for the United States Congress, S.3571

Are you ready for Fedcoin?

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