Skip to main content

World of Crypto Currencies and should I take a punt?

You might have heard of "BitCoin". But did you know BitCoin is just ONE out of many decentralised crypto-currencies out there in the market? This article is just to summarise some of these crypto-currencies and makes you to judge whether to invest or try-out on them. Just a word of caution: These are highly volatile and risky. DO AT YOUR OWN RISK

What is crypto-currency?

A cryptocurrency is a digital asset designed to work as a medium of exchange. Many of us express it in terms of USD or GBP or EUR, but always consider them as old plain "Barter" system to exchange goods and services.

BlockChain and why is it powerful?

A blockchain is a decentralised digital ledger that records transactions. Think of it as a huge sheet of paper which records every transactions in the world which are unique and is permanently written and cannot be reverted. This makes validating transactions transparent to anyone in the world, thus making it extremely secure to trade goods and services.
       BitCoin is just ONE implementation on top of BlockChain. Consider BlockChain as yourself and BitCoin is like a Suit you wear, but the real value is you (BlockChain).  Some of the clever Software Engineers made it highly decentralised thus extending the power beyond dreams and might become Internet2.0 for Trade and Finance.

Should you try out your luck with crpto-currencies?

Can you imagine how many crypto-currencies fellow geeks have created in last year alone. Yes more than 1000 !! at time of writing and market cap exceeds $25 Billion already for all of the crypto-currencies combined whereby BitCoin takes the 2/3rd Market Share. Below Data is compiled from coinmarketcap top100 which manages a substantial list of Crypto currencies with market movements.
Top 100 Crypto-currency Market Share (2017 March)

Top 5 crypto-currencies by Market Cap

Which one to try out?

It depends on your risk appetite. The least risky one is BitCoin with larger market cap. Rest are all highly risk, but worth the punt. But below is a table which I compiled based on risk vs value from various data sources.
Potential Swing
+/- 300%
The reason for the huge potential Swing for Ripple is because of its very low cost per unit with backing from multiple ventures. But the risk is very high as always. Also at time of writing lot of exchanges are encouraging Ethereum as complimentary for BitCoin, so that's a space to watch for as well.

Some of the good way to Start into crypto-currencies are
  1. bitStamp
  2. CoinBase (now offers derivatives if you want to risk more !!)
  3. Or Your laptop  or Android/iOS apps if you don't want Exchanges

Good vs Bad Scenario

Let's assume a good scenario of buying Ripple at 0.007 per $(USD) which amounts to approximately 14200 units of XRP for $100. Assume XRP assumes $1 , you are easily gaining $14000 . On flip side, you will loose $100. So up-to you if you want to take a punt.

How it is going to Impact Daily Life

Currency in today's world is controlled by an Individual country and is flexible only within that country (except US Dollars). BlockChain takes this concept completely decentralised which means NO ONE can control it. No one can block the exchanges and nothing can obstruct free movement of exchange of services. When US government rejected BitCoin ETF, the crypto-currencies went down for short period of time. But that news got escalated and another 10 million people came to know about bitcoin and more people purchased it !!

How would be the world with BlockChain, Artificial Intelligence & Unlimited Energy before 2030 !

Popular posts from this blog

Create your own Passport Photo using GIMP

This tutorial is for semi-techies who knows a bit of GIMP (image editing).   This tutorial is for UK style passport photo ( 45mm x 35 mm ) which is widely used in UK, Australia, New Zealand, India etc.  This is a quick and easy process and one can create Passport photos at home If you are non-technical, use this link   .  If you want to create United States (USA) Passport photo or Overseas Citizen of India (OCI) photo, please follow this link How to Make your own Passport Photo - Prerequisite GIMP - One of the best image editing tools and its completely Free USB stick or any memory device to store and take to nearby shop A quality Digital camera Local Shops where you can print. Normally it costs (£0.15 or 25 US cents) to print 8 photos Steps (Video Tutorial attached blow of this page) Ask one of your colleague to take a photo  of you with a light background. Further details of how to take a photo  yourself       Take multiple pictures so that you can choose from th

Syslog Standards: A simple Comparison between RFC3164 & RFC5424

Syslog Standards: A simple Comparison between RFC3164 (old format) & RFC5424 (new format) Though syslog standards have been for quite long time, lot of people still doesn't understand the formats in detail. The original standard document is quite lengthy to read and purpose of this article is to explain with examples Some of things you might need to understand The RFC standards can be used in any syslog daemon (syslog-ng, rsyslog etc.) Always try to capture the data in these standards. Especially when you have log aggregation like Splunk or Elastic, these templates are built-in which makes your life simple. Syslog can work with both UDP & TCP  Link to the documents the original BSD format ( RFC3164 ) the “new” format ( RFC5424 ) RFC3164 (the old format) RFC3164 originated from combining multiple implementations (Year 2001)

VS Code & Portable GIT shell integration in Windows

Visual Studio Code & GIT Portable shell Integration Summary Many of your corporate laptop cannot install programs and it is quite good to have them as portable executables. Here we find a way to have Portable VS Code and Portable GIT and integrate the GIT shell into VS Code Pre-Reqs VS Code (Install version or Portable ) GIT portable Steps Create a directory in your Windows device (eg:  C:\installables\ ) Unpack GIT portable into the above directory (eg it becomes: C:\installables\PortableGit ) Now unpack Visual Studio (VS) Code and run it. The default shell would be windows based Update User or Workspace settings of VS Code (ShortCut is:  Control+Shift+p ) Update the settings with following setting { "workbench.colorTheme": "Default Dark+", "git.ignoreMissingGitWarning": true, "git.enabled": true, "git.path": "C:\\installables\\PortableGit\\bin\\git.exe", ""