How PGI Can Help Manage Bitcoin and Other Established Cryptocurrencies

PGI Can Help Manage Bitcoin

Bitcoin remains the trendsetter among the existing cryptocurrencies. Since its release, Bitcoin enables the creation of other emerging digital currencies that employ a decentralized peer-to-peer network.

Also, this very first cryptocurrency has provided a de facto standard with its ever-increasing legion of fanatics and spinoffs worldwide.

Cryptocurrency Overview

As commonly defined, cryptocurrency is a virtual or digital currency in the form of coins or tokens. For the past decade, cryptocurrencies have grown steadily as bitcoin was first released. The upcoming digital token with innovative features may be launched anytime soon and the crypto community will be on the lookout.

Regarding market capitalization, Bitcoin is a frontrunner in the pack of cryptocurrencies launched, including user base and global recognition.

Other emerging virtual currencies include Ethereum and XRP. They are increasingly used for enterprise solutions.

Meanwhile, several altcoins are gaining popularity for their excellent or advanced features like bitcoins.

PGI: Managing Global Bitcoin Currencies

Praetorian Group International (PGI) works as a crypto firm that can manage your Bitcoin currencies. The company is equipped to administer and market your Bitcoin on a single platform. It employs a cryptocurrency system supported by a 100% decentralized system through the blockchain.

PGI is an authorized cryptocurrency trading company that can be your financial advisor. In any investment you make, we strongly recommend that you do your due diligence, evaluate the teams and conditions, and get an in-depth understanding of how the PGI platform can work for you before you begin. In the process, we assist our clients and provide an end-to-end financial advisory to our potential and existing customers.

Cryptocurrencies vs. Altcoins

Let us briefly evaluate the difference between altcoin and cryptocurrency. As earlier cited, cryptocurrency is a digital or virtual known to take the form of a token or 'coin.' Although many cryptocurrencies have been developed with a physical link when using your credit cards or other tasks, many of them remain intangible.

The term 'crypto' in cryptocurrencies is related to complicated cryptography, enabling the development and processing of digital currencies, as well as their transactions using decentralized systems. Another essential "crypto" feature of these digital currencies is their solid commitment to decentralization. These currencies are designed like a code among teams with a mechanism in place for issuance (usually it is part of a process known as 'mining') and other control buttons.

Free from State Control

Cryptocurrencies are seen to be free from any form of government manipulation and control. However, this feature is very controversial, which has been under fire. The succeeding currencies patterned after bitcoin are collectively known as altcoins. They are presented as modified or enhanced bitcoin versions.

Although some of the new currencies are easier to mine compared to a bitcoin, there may be tradeoffs like higher risk caused by reduced liquidity levels, acceptance, and retention of value.

Over 2,000 new cryptocurrencies have been recorded since January 2020. Most of these tokens and coins became popular with some dedicated community of investors and supporters.

Top 5 Digital Tokens

Despite bitcoin is a pioneer token among cryptocurrencies, analysts consider many processes for evaluating digital tokens other than BTC. Analysts can assign a great deal of importance based on the coin ranking, which is related to one another through the market cap. Below are the top five digital tokens widely used in the crypto industry.

#1. Ethereum (ETH)

Ethereum uses a decentralized software tool that is vital in smart contracts and decentralized applications (DApps). It is developed without any third-party's downtime, control, fraud, or interference. Also, the Ethereum apps work on its platform-specific cryptographic token. The ether is a platform for shifting around on the Ethereum tool, which is sought by many developers seeking to develop apps inside Ethereum. Also, some investors may be looking to buy other digital currencies employing ether.

Established in 2015, ether is the second biggest digital currency according to market cap after bitcoin. However, it stays behind the prominent cryptocurrency by a significant margin. Since January 2020, ether's market cap is about 1/10 of the bitcoin's size.

Sometime in 2014, Ethereum conducted a pre-sale for ether, which had an overwhelming response. This led to ushering the age of the initial coin offering (ICO). Based on Ethereum's application, it can be employed in codifying, decentralizing, trading, and securing anything under the sun.

#2. Ripple (XRP)

Ripple is characterized by a real-time global settlement network that provides definite, instant, and low-cost payments worldwide. Established in 2012, Ripple helps financial institutions to conduct real-time cross-border payments with end-to-end transparency and reduced costs.

Regarding Ripple's consensus ledger or confirmation approach, it is distinct, which does not need mining. Initially, all Ripple had pre-mined XRP tokens before their release. This means XRP cannot be created over time. What can only be designed are the XRP launch and elimination from the market supply based on the network's guidelines. With these, Ripple separates itself from bitcoin and other altcoins. Considering Ripple's structure requires no mining, it minimizes the computing power used while reducing network latency.

As seen, Ripple has been successful with its existing business model. It is one of the most popular digital currencies among conventional financial firms seeking means to innovate cross-border payments. Currently, it is the third-largest cryptocurrency in the world based on its overall market cap. As of January 2020, Ripple recorded a market cap amounting to $9.2 billion with $0.21 as its per-token value.

#3. Litecoin (LTC)

When Litecoin was introduced in 2011, it was one of the first digital currencies with the same features of bitcoin and considered as 'silver to bitcoin's gold.' A proponent of Litecoin, Charlie Lee was an MIT graduate and previous Google engineer.

Litecoin uses an open-source global payment network that is not managed by any central authority. This digital currency employs a 'script' as proof of work. Litecoin can be decoded through the assistance of consumer-grade CPUs. Litecoin works like bitcoin in many aspects, but it provides a quicker block generation rate and faster time in confirming any transaction made. Aside from the increasing number of developers, many merchants widely recognize the value of Litecoin. Litecoin recorded a market cap of $3.0 billion in January 2020 and $46.92 as per-token value. To date, it is the sixth-biggest cryptocurrency worldwide.

#4. Tether (USDT)

Tether was identified as part of the first and most popular group known as stablecoins. These are digital currencies that seek to place their market value to a currency or other reference point externally to minimize volatility. As many digital currencies, including the major ones like bitcoin, have faced several periods of dramatic volatility, Tether and other stablecoins try to control price fluctuations to engage cautious users to invest.

Created in 2014, Tether is a blockchain-enabled platform developed to manage fiat currencies in a digital means. In effect, this cryptocurrency enables people to use a blockchain network and relevant technologies to transact using conventional currencies while reducing volatility and complexity experienced by digital currencies. As of January 2020, Tether was the fourth-largest cryptocurrency based on the total market cap of $4.6 billion with a per-token value of $1.00.

#5. Bitcoin Cash (BCH)

The Value of Bitcoin

Among existing altcoins, Bitcoin Cash (BCH) has an essential role comparable to the original bitcoin. In the cryptocurrency field, a fork is achieved as the result of debates and arguments among developers and miners. With the decentralized feature of digital currencies, modifications to the code are shown underlying the token or coin at hand that must be brought to the consensus. How the process works is based on a specific cryptocurrency.

Amid conflicting factions that cannot settle at a particular point, at times, the digital currency is classified, with the early version keeping true to its original code while the other copy promotes a new version of the initial coin, along with the code changes. To know more about PGI products and services, visit our about us page.

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