Hey there! It’s been a while since I posted anything, hasn’t it?
You see I have been very busy these past few weeks and didn’t have the time to write anything. Fortunately, I have a bit of time at hand now hence this article.
Anyways, I got a question for you. If the internet has an official currency or currencies, what cryptocurrency would it be?
Firstly, let’s tackle Bitcoin and Ethereum; the two biggest cryptocurrency in the market to date. But before I begin though, I would just like to make a disclaimer that everything written in this article is just my personal opinion.
In term of monetary value; Bitcoin and Ethereum led the pack as no other cryptocurrency could match these two in that regard. That being said, being the most valuable cryptocurrency, in term of monetary value, doesn’t make the big two, the most suitable to become the internet’s official currency.
Reason number one: Bitcoin and Ethereum could not handle the amount transactions that an official internet currency requires. Why? It’s because Bitcoin could only do 3.3 – 7 transactions per second while Ethereum could only do 13 transactions per second. In other words, Bitcoin and Ethereum have scalability problem.
Reason number two: Bitcoin and Ethereum’s transaction (and gas) fees are absurdly high. Although bitcoin has a bit of an edge on Ethereum when it comes to transaction fees, it’s not much. And when it comes to an official internet currency, a currency that requires a huge amount of transaction fee to use is definitely not ideal. After all, there are hundreds of millions if not billions of internet users in the world.
Reason number three: Bitcoin and Ethereum is not practical for regular (small-scale and medium-scale) transactions. Bitcoin and Ethereum are good when it comes to large-scale transactions but for regular transactions, they’re the worst choice due to their scalability problem, speed, and transaction fees. This is especially true for Ethereum where even the simple approval is treated as a contract and therefore, requires gas fees.
Now that I established that Bitcoin and Ethereum don’t fit the requirement to become the official internet currency, let’s move to the cryptocurrencies that I think would make for a great internet currency (IMO).
Another disclaimer, the list below is just my personal list. Your list could be very different from mine and that’s okay.
Bitcoin Cash – Bitcoin Cash or BCH is one of those cryptocurrencies that I think would make for a good internet currency. Firstly, it doesn’t have the scalability issue of Bitcoin and Ethereum. Secondly, its cheap transaction fees make it very practical to be used by consumers and merchants alike. And thirdly, It’s a lot faster than Bitcoin and Ethereum.
Dogecoin – Are you surprise that the famous memecoin is included in the list? Well, don’t be. Despite being called a memecoin; Dogecoin or DOG, is surprisingly a viable cryptocurrency for reasons similar to that of Bitcoin Cash. Yeah, the memecoin that many people don’t take seriously is actually, a better currency than Bitcoin and Ethereum. How’s that for a twist?
Litecoin – Like Bitcoin, Ethereum, Bitcoin Cash, and Dogecoin; Litecoin or LTC is an established cryptocurrency with its own avid supporters and die-hard fans. It’s also one of the oldest cryptocurrency in the market to date. Also, similar to Bitcoin Cash and Dogecoin; Litecoin was created to be a much better cryptocurrency than Bitcoin and Ethereum whether it was in term of speed, scalability, and/or transaction fees.
Dashcoin – The Dashcoin or DASH is a privacy focused cryptocurrency. It’s scalable, fast, cheap to use. Moreover, it has a bonus of focusing on its user base’s privacy. I have used Dash before and the experience was very good which is why I included it on this list. But even without this list, Dash would still stand out as a cryptocurrency.
Hive Backed Dollar – Our first stable coin in this list. Hive Back Dollar or HBD is a token with a stable value. Unlike the other cryptocurrencies on the list, HBD’s price doesn’t fluctuate much. Meaning, it’s not as volatile in comparison to other cryptocurrency. And like other cryptocurrencies, it could be converted into other cryptocurrecy or fiat. Moreover, unlike other stablecoins, moving it from wallet to wallet does n‘t require gas fees. Its only downside was the fact that it’s limited to the Hive Blockchain.
Ripple – The so called “bank coin”. Ripple or XRP, is a cryptocurrency that’s very similar to BCH, DOGE, LTC, and DASH in a way that it’s scalable, fast, and cheap to use. And before, it the SEC lawsuit, XRP was one of the most popular cryptocurrency in the market. But despite its current predicament though, XRP, is still a viable as an internet currency.
So that’s the list of cryptocurrency that I think would make for a great (official) internet currency. It’s a very short and definitely an incomplete list but that’s because there’s just so many cryptocurrency in the market right now, and listing all of them would take too long. As such, I just listed the one’s I’m most familiar with.
Also, have you noticed that I only included one stablecoin in my list? I can assure you that it was on purpose. Although stablecoins are great as they’re not very volatile, most of them have absurd transaction (gas) fees similar to Ethereum. And if you read the three reasons why Bitcoin and Ethereum won’t make good official internet currency, you’ll understand why I only included HBD.
Anyways, that’s all for now. Thank you for reading.
Cheers!
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Disclaimer: This article was checked for plagiarism using the online tool; plagiarism detector, and was proven to be 100% original.
My other articles: https://read.cash/@beastion
