Scrypt based cryptocurrencies by market

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. The cryptocurrency bitcoin now uses up more electricity a year than the whole of Argentina , according to recent estimates from the University of Cambridge. The energy these computers consume is unusually high. Police in the UK recently raided what they believed to be an extensive indoor marijuana-growing operation, only to discover that the huge electricity usage that had aroused their suspicions was actually coming from a bitcoin-mining setup. This has understandably prompted environmental concerns, with Elon Musk tweeting in May that Tesla would no longer accept bitcoin as payment for its vehicles on account of its poor green credentials. Many of them are attempting to use less environmentally damaging technology to produce each coin, which may ultimately herald a greener future for cryptocurrencies.

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Content:

• What Is Dogecoin?
• Bots Inc Reveals New Scrypt Miner — First Entry Level Model That Mines Dogecoin
• Here’s Why Quantum Computing Will Not Break Cryptocurrencies
• Oh no, there's been an error
• Dogecoin – Is It Sustainable?
• 10 Cryptocurrency Alternatives to Bitcoin
• Bitcoin Scrypt (BTCS) price
• Dogecoin: what is it and does it have any value?
• Elon Musk pumps Dogecoin with yet another tweet, token surges 25%

WATCH RELATED VIDEO: Top 15 Cryptocurrencies Sorted by Marketcap since 2013 (Summarized)

What Is Dogecoin?

With all the noise -- and it's fair to say, craziness -- associated with cryptocurrency, we thought you might like a bit of an overview. Like the off-the-rails GameStop stock hack , the cryptocurrency Dogecoin has been on a bit of an undeserved roll. And, because what's a fake currency without a bonkers billionaire, much of Dogecoin's recent moment and that of Bitcoin, too can be attributed to Elon Musk and his fondness for tweeting.

In this article, we'll take a quick look at the 12 cryptocurrencies we find most interesting. If you haven't heard of many of them, you're not alone. There are, of course, a whole lot more than twelve cryptocurrencies out there. Some of these are, well, let's just say that if you read the whole article, you'll find a currency based on the market value of weed. Need I say more? How to build a cryptomining rig: Bitcoin mining Read More. When Bitcoin and the blockchain concept exploded onto the internet in , it took the speculative world by storm.

It offered a way to transact money, protect identity, and move value across the world virtually instantaneously and free from government, banking, and central oversight. This freedom provided great value to many different types of individuals and organizations, ranging from activists stuck in repressive countries, to organized crime organizations hiding transactions, to individuals and massive corporations interested in exploring a new data management paradigm.

Today, there are thousands of different cryptocurrencies. Some are mere "forks" of the original Bitcoin concept, while many others have been coded from the ground up. Most leverage the architectural benefits of the blockchain concept, which allows transactions to be added to a central, yet distributed data store.

Bitcoin's blockchain is particularly interesting because, while the identity of each person conducting transactions can be hidden, every single transaction ever conducted in Bitcoin is available for anyone to review and analyze.

Bitcoin also introduced the concept of coin "mining," the practice of using computer hardware to solve challenging problems as a way of creating new digital coins. Mining exploded over the past few years, transforming from a program running on a spare PC to giant mining complexes built into the sides of mountains in frigid climates in order to control the heat generated by mining computers.

It's important to note I am not recommending any of these cryptocurrencies. Investing in cryptocurrencies is speculative, at best.

Their values can fluctuate wildly, their underlying management is often unknown, and the question of how governments will react and regulate is always top of mind. That said, cryptocurrencies are fascinating, and it's possible you'll transact business using one or another at some point in the near future. It's almost guaranteed that you'll transact business using blockchain technology, whether because you're specifically using a cryptocurrency, or because one of the businesses you encounter has adopted it as an underlying technology.

With that, we present a dozen fascinating cryptocurrencies, starting with the one that started it all: Bitcoin. Bitcoin is the famous cryptocurrency that set off the entire digital gold rush. Launched on the internet in by a mysterious figure calling himself Satoshi Nakamoto, the Bitcoin code introduced blockchain technology and solved many challenging technical problems about transaction security. You can even buy a Tesla with Bitcoin. Unfortunately, Bitcoin also set off a race for so-called mining of the digital coins.

The core Bitcoin algorithm requires more and more resources for each coin mined, as a way to add friction into the production of the currency. The inevitable side-effect of that design is an ever-increasing energy footprint. Scientists estimate that worldwide Bitcoin mining consumes somewhere between megawatts and 3. A typical electrical plant generates about megawatts. Some writers have even postulated that Bitcoin's mining operations will consume the world's entire energy supply.

This is unrealistic for many reasons, but there's no doubt Bitcoin and other cryptocurrencies are consuming energy at a disturbing pace. All this is to say that the days of running Bitcoin mining software on a spare PC are long gone. Today's Bitcoin miners are so sophisticated, they're building mining operations in very cold countries like Iceland, where the cooling costs for all those computers can be offset by the naturally cold conditions. Because Bitcoin was the first major cryptocurrency, some inherent limitations have become apparent over time, including the cost and time of mining a single coin, and the limits to its scalability.

To improve upon the original Bitcoin, there is a whole slew of alternative currencies. One such is Bitcoin Cash, which is considered a "hard fork" from the original Bitcoin code. It uses a different verification mechanism and a larger block size. If you're looking for the original Bitcoin, verify that it is the currency trading as BTC.

Litecoin is the less-filling alt currency. Litecoin is one of the most popular Bitcoin-alternative currencies out there, with a market capitalization well into the billions of dollars. It's important to understand that, at its core, each cryptocurrency is essentially a software application. Therefore, the underlying code of the application greatly impacts the behavior of transactions in the currency. Litecoin's primary claims to fame revolve around three key elements.

Second, blockchain updates the actual transaction processing itself are substantially faster, leading to quicker transaction confirmations. Finally, Litecoin was founded by a former Google engineer who now works at Coinbase , a leading currency exchange. This means that access to Litecoin through Coinbase may be more efficient. Litecoin can be mined, but instead of using the SHA algorithm, it uses Scrypt.

This algorithm is far more memory-intensive than compute-intensive, so the custom ASIC chips that have been developed to mine Bitcoin aren't suited for Litecoin.

The prevailing premise is that this reduces the so-called "arms race" in mining technology that's caused such a frenzy in the Bitcoin world. Ethereum , which originated in Russia, takes the currency-as-software concept even further. Ethereum is considered an application platform, rather than merely a digital analog of money. This will undoubtedly give you a headache, but it's worth paying some attention.

The underlying architecture of Ethereum was designed to decentralize computing processes, to take the storage resources of cloud apps out of a single entity's hands like Google or AWS and to distribute the storage resources across the entire internet.

If this seems to you to have the flavor of the old peer-to-peer music sharing services, you aren't wrong. Since these resources, even if they're on individuals' computers, aren't free, they're paid for by a currency called "Ether. The idea is for web apps to be built on top of Ethereum, and for Ether to pay for their use. One very interesting aspect of this idea of currency-as-platform is that you can add intelligence to transactions.

This opens the door to smart contracts, which are contracts built into the DNA of software rather than negotiated by lawyers. Once a certain condition is met, the currency itself can decide to spit out payments. Royalties are a good example. A smart contract can be built into a royalty currency app that decides that once a month, a certain amount of Ether would be distributed, based on some pre-programmed criteria.

Ether can be mined, essentially by providing the resources for the Ethereum platform. There is no top-end circulating supply of Ethereum, so inflation is definitely possible. This uses the so-called original Ethereum blockchain but is subject to considerable controversy. What makes Ripple different from most of the other cryptocurrencies profiled in this directory is that Ripple is built entirely around the centralized control of one company, Ripple Labs, Inc.

The company, which has deep ties to the banking industry, controls nearly 60 percent of the overall supply of XRP, the Ripple currency. XRP can't be mined.

This means that the company can either keep or dump that supply, which could result in possibly problematic company-initiated sell-offs and value fluctuations, outside of the influence of the market as a whole. What makes Ripple interesting is that it's a blockchain technology being adopted by some very blue-chip banking companies , including Bank of America and UBS. This technology is being used to fuel-secure international transactions, with relatively high speed and low transaction fees, making it interesting to those who are looking at new generations of banking and transaction technology.

While most cryptocurrencies support anonymous trading, there are limits to the privacy afforded. In Bitcoin's case, for example, while the owner of a given wallet's identity can be kept private, all the transactions associated with a given Bitcoin wallet are actually a matter of very public record.

If you can be connected to a given Bitcoin identifier, all your transactions can be traced through your entire transaction history. This has been a concern for privacy advocates and has given rise to what is considered "private" currencies.

These are, essentially, blockchain-based currencies where the identity information of both the sender and recipients can be concealed through " zero-knowledge " cryptographic security.

Zcash implements zero-knowledge in its blockchain algorithm. While it competes with other private currencies, none other than the NSA-records fugitive Edward Snowden has declared , "Zcash's privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but if it's not private, it's not safe. Zcash also protects transactions through a blockchain mechanism that is almost the polar opposite of Bitcoin's. While Bitcoin's proof of security is the availability of every transaction in history for verification, Zcash does not link older transactions to currently trading coins.

It is a mineable currency. Special report: How blockchain will disrupt business free PDF. Dash has been something of a digital currency in search of an identity. Its developers then changed its name to Darkcoin, and then, finally, they settled on Dash. Dash is a fork of the Litecoin code but provides nearly instantaneous transaction speeds and private money transfers.

Unlike Bitcoin and Litecoin, the blockchain of Dash is tiered. One tier, the one used for block creation, is utilized by currency miners. The second tier, the "masternodes" tier, is used to perform transfer and governance functions.

Dash the organization behind the currency fashions itself to be a decentralized autonomous organization or DAO. What this means is that its governance is not conducted by a human board of directors, but rather is encoded in a series of smart contracts embedded in its own software program.

We've managed to go almost 2, words without coming back to Elon Musk. You're welcome. Musk, it seems, has been tweeting about Dogecoin. It started with this:. And he's gone on to tweet more about it.

Bots Inc Reveals New Scrypt Miner — First Entry Level Model That Mines Dogecoin

After the creation of bitcoin , the number of cryptocurrencies available over the internet is growing. From Wikipedia, the free encyclopedia. List article detailing notable cryptocurrencies. Economics of Networks Journal. Date accessed August 28, Miami Herald. Retrieved January 24,

Here’s Why Quantum Computing Will Not Break Cryptocurrencies

New York CNN Business Bitcoin and its many peers have surged to new levels of popularity over the past year, but they're still a mystery to many investors. More Videos Dogecoin's value has skyrocketed this year. TV star has new role: Crypto critic. Crypto: The future of money or the biggest scam? Jamie Dimon blasts bitcoin as 'worthless'. Crypto experts explain how to regulate the industry. Will cryptocurrency replace the dollar? Scott Galloway explains.

Oh no, there's been an error

With all the noise -- and it's fair to say, craziness -- associated with cryptocurrency, we thought you might like a bit of an overview. Like the off-the-rails GameStop stock hack , the cryptocurrency Dogecoin has been on a bit of an undeserved roll. And, because what's a fake currency without a bonkers billionaire, much of Dogecoin's recent moment and that of Bitcoin, too can be attributed to Elon Musk and his fondness for tweeting. In this article, we'll take a quick look at the 12 cryptocurrencies we find most interesting.

Dogecoin – Is It Sustainable?

Such Wow. By Cryptopedia Staff. Dogecoin DOGE started out as a parody of cryptocurrencies and, in particular, the proliferation of altcoins. Despite these facts, market forces have kept the cryptocurrency alive. According to the founders, it was never about the value of DOGE, but rather about giving people an accessible introduction to the world of cryptocurrency through a face many already knew from an internet meme — Doge.

10 Cryptocurrency Alternatives to Bitcoin

The Australian government has just recognized digital currency as a legal payment method. Since July 1, purchases done using digital currencies such as bitcoin are exempt from the country's Goods and Services Tax to avoid double taxation. As such, traders and investors will not be levied taxes for buying and selling them through legal exchange platforms. Japan, which legitimized bitcoin as a form of payment last April, already expects more than 20, merchants to accept bitcoin payments. Other countries are joining the bandwagon, albeit partially: businesses and some of the public organizations in Switzerland, Norway , and the Netherlands.

Bitcoin Scrypt (BTCS) price

One midyear survey estimated that there were million cryptocurrency holders, more than twice the number in January. And this year, El Salvador declared Bitcoin to be legal tender , and several countries including the U. At the same time, we also saw severe backlash against cryptocurrencies.

Dogecoin: what is it and does it have any value?

RELATED VIDEO: Most Profitable Scrypt Coin

Before you jump into this overview of a few cryptocurrency alternatives, check out our first two articles in this series, Bitcoin, explained and Buying and selling bitcoin. Bitcoin was the first. Since its release in , it's become the most famous, established and valuable cryptocurrency. But it's not the only game in town.

Elon Musk pumps Dogecoin with yet another tweet, token surges 25%

Dogecoin has again grabbed headlines for hitting new record values. What started as a joke years ago is becoming one of the more well known cryptocurrencies. The open-source digital currency is amongst a list of alternatives to Bitcoin. Over billion Dogecoin units are already in circulation. But this could just be a beginning as investors have started showing their interest towards the currency following the stimulation made by Musk.

Two years back no one had the proper idea of Cryptocurrency or Bitcoins. However, now it is one of the most talked-about and searched words around the world. The cryptoverse is filled with a number of different cryptocurrencies. It goes from Bitcoin, Dogecoin, Ethereum, Tether, and so on.