One of the driving factors behind having cryptocurrencies is to force competition among other currencies in order to create an environment in which there are more opportunities to invest, trade, shop and even game online. One of the main issues that currently affects the price comparison between the alternative currencies and bitcoin is the legitimacy of their use. Bitcoin has the highest price range currently in the crypto space and has held it the longest, although Zcash did start off at a lot higher when it was first introduced.
With this in mind, it’s hard to try and think of a way that a small alternative crypto currency can reach the equivalent of a worthwhile hold in the long term especially with the understanding of market fluctuation based on the popular psychology of technical analysis being abundant. As with Zcash that started off well above Bitcoin even raising itself to a over 1000 BTC in a big spike and is currently worth roughly .03 Bitcoin.
The herd mentality started off with the enormous hype behind how specialized the coding was, and then as the hype died off the currency price went down to lows fairly quickly. With the aid of a slow mining start creating high demand and low supply, as supply increased and demand lowered it leveled out, still at a higher point for an alternative crypto currency. A marketplace without major government interference creates a choppy market place where it is an almost completely free market. It becomes challenging to find any sort of stability especially, when there are those who have much easier and more access to capital.
There are already two major different forms of online payments that are currently accepted through various websites, Paypal and Credit Cards. They are complimentary in a way Paypal pushes for privacy and protection, where as credit cards aim for convenience and assurance. With this in mind many of the alternative coins vying to gain enough traction in simply the currency space have to find ways to have meaningful applications over the web just to meet the bare minimum of being treated as worthwhile to catch interest.
Crypto currency Privacy
One of the best ways cryptocurrencies help in the market place though is that they offer the ability to stay anonymous, even better than paypal does and doesn't leave a trace like credit cards do. In fact you can be undetectable with enough different accounts making it impossible to trace you if there is enough effort put in place. Most people would assume then that this would mean you are obviously using it for nepharious purposes right? Well no, How often do you like your internet or daily life purchases being brought up to you on a regular basis? Personally If I have someone tracking each time I make a financially questionable purchase I’m aware I’m doing it and I’m also aware I don’t want anyone following me around doing it. Not to mention the awkward purchases that can be misconstrued, if I get something for either my niece or nephews, should I then be questioned as to why I enjoy toys at an age where I have outgrown them? No.
At this point in time, cryptocurrencies can be viewed as a free capital markets test. They create value for those who are able to spot short term trends from day to day, to week to week depending on chart patterns information and the herd mentality. There is also the ability to use crypto currencies for gambling on certain sites which allows for profits in trading.
One of the ways in which crypto currencies represent a new way for cash flow is that they run similar to a corporation or a government. With Masternodes being given voting power to allow for new budgets for new coins being calculated. However this lies within the power for those holding the currency not those who are elected for a position letting the stakeholders own and choose what they wish. PIVX, previously known as darknet is looking into allowing anyone holding on to the currency not just those with masternodes to have a vote, or a say in how the budget will be used. This will be interesting to find out if a fully democratized currency will be in play in the cryptocurrency marketplace.
To check out pivx, go to www.pivx.org
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