New York – October 23, 2017 – Faster is always better, right? Well, when it comes to spending the cryptocurrency loaded on your smartphone, faster will surely be better – and a major determinant to its usability. Imagine waiting 10+ minutes for a Bitcoin confirmation to pay for your groceries or your dry cleaning or your lunch check. I know we’re not quite there yet, but it appears to be the direction we’re all heading. Even with Litecoin’s much faster 2 1/2 minute block confirmation time, its usability will be limited in most daily time-sensitive transactions. Let’s take a closer look at 2 cryptocurrencies with much faster and (someday) much more usable confirmation times than Litecoin and Bitcoin.
Ethereum [ETH] which holds the #2 ranking of largest cryptocurrencies behind Bitcoin, confirms blocks in 30 seconds (as of this writing; block time has been steadily rising since July, 2017). Now that’s a very usable transaction time. Ethereum has recently seen its market capitalization explode which now sits at over $32 Billion. Ethereum designed its blockchain for “smart contracts”, potentially further broadening Bitcoin’s trustless transaction environment. Ethereum was created by Vitalik Buterin, a cryptocurrency programmer, and launched on July 30, 2015. The price for Ethereum in 2015 was under $1. Ethereum currently trades for $320 each. That’s a whopping 32,000% increase in just the past 2 years!
New York Coin [NYC] is a fairly unknown cryptocurrency with a fast and steady 30 second transaction confirmation. New York Coin is a scrypt proof-of-work cryptocurrency with no pre-mine or early distribution that launched by an unknown developer on March 6, 2014. The open-source code is available at Github repository (nycoin/nycoin). NYC can be easily mined (verify network transactions in return for free coins) using basic cpu’s and as of this writing has a mining difficulty under 10, which is extremely low and means that NYC is easily mined without any specialized equipment.
New York Coin appears to be getting support from business owners in New York City. News releases recently reported “B&V Convenience Store” in Queens and “KEATS Bar” in Midtown Manhattan support New York Coin at their establishments. An upcoming promotion is also planned at the 2017 Macy*s Thanksgiving Day Parade in New York City. New York Coin has not yet experienced the same explosive price growth as many of its peers and currently has a micro market capitalization under $500,000.
Both Ethereum and New York Coin appear to be well positioned to be used as payment when engaging in time-sensitive daily transactions. Once that time actually arrives, and it appears to be getting exponentially closer by the day, it will be interesting to see if the market valuations for Litecoin, Ethereum and New York Coin become more closely aligned once it’s realized that fast transaction speed is a critical determinant to wide scale usability.
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