Looking at the modern cryptocurrency market I find myself thinking in surprise that I myself do not completely understand which product virtual money is. Money is an understandable word to everyone and by analogy with fiat money virtual money should have the same use. But behind the virtual money there is a magic word ‘blockchain’. We are releasing a new token and shouting, ‘Blockchain technology!’ So ​​what? A coin or a token is all the same money and it must have an appropriate use, that is, to be money. Or not? And where is magic? What is better dollar or euro? Probably both are the same although there is no magic word ‘blockchain’ behind them, so what? Does money on the blockchain technology really grow in leaps and bounds? Or is it still the same money and one should treat it simply as money? Or am I wrong? And if this is just money, let’s see why I have to stop choosing this particular money and try to understand how some virtual money differs from others.

So bitcoin . Yes, this is independence from states and banks, anonymity and blockchain technology (we pay for this word, gentlemen! We pay!) Good. This coin is really needed!

Yes! This coin has brought a lot of new things in the financial sector! Excellent! But bitcoin has forks: BitcoinCash, Litecoin and Dash. All of them promise more anonymity, higher transaction speed, cheaper money transfers, and of course, all advertise themselves as Bitcoin killers. In fact, 50% of the market belongs to bitcoin and all of its forks taken together have about 10%. In all we already have 4 coins which are similar to one another like two drops of water. But in essence they are different money as for instance a dollar, a euro, a Swiss franc and a Polish zloty. But here currencies are bound to a specific state and union. And these virtual currencies are just a product of a team. However, this number is not final, at the moment we have about 10,000 names together with tokens

Cryptocurrency Ethereum. Yes. This coin has brought a lot of new things to the virtual currency market. This is not a fork of Bitcoin. This is not a copy for the sake of a copy. On the basis of this coin you can create tokens that de facto behave like full-fledged crypto coins. And these tokens are really needed. I will give an example. You can make a platform, i.e. just a website where people can exchange information with each other or pay each other (I’ll give our CustomCoin Platform as an example) and link all payments to our own token instead of another cryptocurrency. What for? Well, for example, in order to make it possible to tie the token directly to fiat and then its price will no longer jump along with the price of its host-Ether. And you can even start the process of reverse inflation, that is, the growth of the token in price which will later be used by our platform CustomCoin ( I have written about it in previous articles). A token is very good if it plays the role of money and it does not scream that it is a coin equal to bitcoin. But Ether appeared and its ‘brothers’ appeared, many brothers. ‘Hello, I am a Chinese Ether’, that’s the way cryptocurrency Neo is advertising itself, it provides absolutely the same services as Ether, but ‘better’, of course. In addition, we have EOS — Ethereum’s killer thought it hasn’t killed the last yet. And Etherem’s fork — Ethereum Classic. Altogether four more almost identical coins.

Is XRP a coin? They say that yes, but an entry on the Ripple network platform has almost nothing to do with our cryptocurrencies, except the fact it is not tied to any country. Is it needed? Yes, first of all, for banks to get around all the formalities while dealing with a verified partner. Ripple has a brother, Stellar. Come to two more coins.

In general we have three main directions for the development of virtual technologies for cryptocurrency and three representatives that can really be called necessary for development, I will not be afraid to say, for the economy as a whole. Apart from that, I would point out some other cryptocurrencies that in my opinion deserve attention. These are Tether, Cardano, Monero, Iota, which due to their originality, are so high in the list of cryptocurrency capitalization.

So, friends, there are so many cryptocurrencies, and there are only three turning ideas. And there is only one idea above all these ideas actually — the idea of ​​virtual money. Cryptocurrency is just money, do not yield to the magic associated with technologies that cryptocurrency use, do not pay for shaking air, if you know what I’m talking about. Use cryptocurrency only for its intended purpose. Do not believe the one who is waving the blockchain flag and trying to sell you dreams. Blockchain in space! Decentralization of international flights using blockchain! Have you already believed me? I don’t think so. Invest only in projects that are tied to the real business. Do not look at the cryptocurrency the project uses. After all, you do not pay much attention to the fact whether a company uses euros or dollars in its calculations, do you? Invest in crypto projects related to the real sector.

The resport was made by Daniel Stoykov and the ICO CustomCoin Platform team

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