Every second, someone is buying and selling something online, using cryptocurrencies. You might have heard of BitCoin, but what are some of the alternative cryptocurrencies? How does OneCoin stack up against BitCoin?
Which cryptocurrency should you invest in today? Some of the features, you want to look for in the best cryptocurrencies are total capped limit, mining, blockchain and popularity. We will compare BitCoin, BlackCoin and OneCoin, based on these criteria.
BitCoin (BTC) was the first cryptocurrency, issued in 2008. It has a total market cap of 21 million. While, it created the blockchain concept for verifying transactions, it is very limited.
The BitCoin verification model is “proof of work,” which takes an average of about 10 minutes to process. This is meant to replicate the “work” it takes to dig up gold from a mine. Unfortunately, its mining hardware and software are quite expensive and energy-intensive. Its smallest unit is the “Satoshi.”
Established in 2014, BlackCoin (BC) started with the same “proof of work” system, but upgraded to a less energy-intensive “proof of stake” system called “minting.” It might only take about 64 seconds to confirm a BlackCoin transaction.
As of 2015, there were 74.5 million BlackCoins and there can be an unlimited number created. Unfortunately, BlackCoins have a low value, which has been declining. Also, BlackCoins are still not used by many people. The smallest units are called “Ratoshi.”
The OneCoin cryptocurrency has been able to learn from the development of other electronic currencies, like BitCoin. Unlike BitCoin, OneCoin has added Know Your Customer (KYC) documents into the blockchain. Also, OneCoin audits its blockchain. This digital currency hopes to be more government-friendly.
The number of total OneCoins to be mined will be 120,000,000,000. Bitcoin is maxed at 21,000,000, so it might become more of a luxury currency. OneCoins might be better for every day purchases.
One of the reasons why Japanese automobiles are more affordable and better built is because their manufacturing plants were built in the 1950s (compared to American plants built in the 1900s). OneCoin was established later than BitCoin; therefore, it can learn from its predecessor and create a better cryptocurrency with more security safeguards and total number of units. This makes it more likely that OneCoin will satisfy the future needs for cryptocurrencies on a global scale.