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New cryptocurrencies are being created. What advantages can a new cryptocurrency claim that aren't already features of older cryptocurrencies?
What advantages do new cryptocurrencies claim?
- Thread starter Stephen Tashi
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In summary: The big one these days seems to be finding alternatives to proof of work which require lots of energy.
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DavidSnider
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The big one these days seems to be finding alternatives to proof of work which require lots of energy.
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BWV
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People sometimes falsely claim cryptocurrencies are volatile, when in fact they are extremely stable - it is only with their introduction have we learned how volatile are the prices of every else in the economy. Just the other day the value of my house, car and stock portfolio (denominated in Bitcoin) increased by 30% then fell by about the same amount
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russ_watters
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You are joking, right?BWV said:
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fluidistic
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I think he's partially joking. Some cryptocurrencies are called stablecoins for a reason, they (try to) follow states-backed up currencies. (USDT, BUSD, USDC, etc.). They are volatile but not that much, I think.russ_watters said:
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fluidistic
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I think there is a lot more going on than that (see Polkadot... although, 2016 can be barely considered new in the cryptocurrency world!). Over my head to give an answer to the OP.DavidSnider said:
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BWV
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More seriously, Bitcoin consumes around 129TW of electricity relative to a market cap of around $1T. at 10 cents/kWh that would be an annual electric bill of around $13B , or 1.3% of the market cap. Of course most of the Bitcoin power consumption comes from lower cost sources - hydro and geo in the west, with the majority coming from aging coal plants in China. Combine this with the fact that Bitcoin is the enabling technology for ransom ware and other criminal activities I cannot imagine that governments will tolerate it for long.
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Leo Liu
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The frame of reference you used is non-inertial. Took me a second to realized it.BWV said:
FAQ: What advantages do new cryptocurrencies claim?
What advantages do new cryptocurrencies claim?
New cryptocurrencies claim to have several advantages over traditional currencies, such as:
Are new cryptocurrencies more secure?
Yes, new cryptocurrencies use advanced encryption techniques to ensure the security of transactions and protect against fraud and hacking.
Do new cryptocurrencies offer faster transactions?
Yes, new cryptocurrencies claim to have faster transaction times compared to traditional currencies due to their decentralized nature and use of blockchain technology.
Can new cryptocurrencies be used globally?
Yes, new cryptocurrencies are not tied to any specific country or government, making them accessible for use globally without the need for currency conversions or exchange rates.
Are new cryptocurrencies more transparent?
Yes, new cryptocurrencies use blockchain technology which allows for transparent and traceable transactions, providing a level of transparency not seen with traditional currencies.
Do new cryptocurrencies have lower transaction fees?
Yes, new cryptocurrencies typically have lower transaction fees as they do not involve third-party intermediaries and operate on a decentralized network, reducing costs for users.