Bitcoin is a new kind of money that can be sent from one person to another without the need for a trusted third party such as a bank or other financial institution; it is the first global, decentralized currency.
One can use Bitcoins to purchase goods or to store value. The following are some unique features of it:
🔸 Every transaction on the Bitcoin network is published publicly, without exception. This means there's no room for manipulation of transactions or adjusting the rules mid-game. The core of Bitcoin is free and open-source so anyone can review and use the code.
🔸 Bitcoin transactions cannot be reversed by the sender. In comparison, banking transactions can be reversed after the payment has been made.
🔸 Bitcoins can be sent to someone across the world easily within minutes, therefore, it's global. It is available 24/7, isn't closed on weekends and doesn't impose any arbitrary limits.
🔸 Bitcoin transactions don't contain any identifying information other than the bitcoin addresses and amounts involved which can be changed any time you initiate a transaction, therefore Bitcoin is private.
🔸 Due to the cryptographic nature of the network, Bitcoin transactions are way more secure than standard debit/credit card payments. Since there is no sensitive information required to be sent. There is a very low risk of your financial information being compromised.
Bitcoin's so-called "White Paper" was originally issued by Satoshi Nakamoto in 2009, which describes how the system he invented works. Bitcoin is basically a software, anyone can run it on their computer and participate in a global economy.
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency, no company, country or third party owns or directs it. It can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Ethereum (ETH) is a blockchain-based open software platform that allows developers to build decentralized applications (dApps).
Ethereum is a pioneer in blockchain-based smart contracts.
A smart contract is a standalone program that automatically moves money, content, property, stock or value when certain conditions are met, without the interference of a third party.
Ripple (XRP) is an independent digital asset that belongs to the Ripple Consensus Ledger.
Like Bitcoin, Ripple also has open source code and operates on a peer-to-peer principle, but cannot be mined, instead, it uses a so-called Hash Tree (Merkle Tree) to aggregate data to a single value which then validated and confirmed by servers.
XRP is one of the most efficient accounting facilities for financial institutions and liquidity providers looking for global access and quick settlements for interbank transactions.
EOS is a blockchain platform for the development of decentralized applications (dApps), thus competing with Ethereum. The dApps features are similar to an operating system, which makes the use and development easier.
The idea behind EOS is to collect the best features and promises of various smart contract technologies (eg Bitcoin Security).
Simply put, the EOS community is working to provide an easy-to-use, accessible dApp platform for everyday users.
Litecoin is one of the most popular cryptocurrencies, which is often compared to Bitcoin, which has almost exactly the same features apart from transaction costs and its speed.
Charlie Lee, the creator of Litecoin, did not want BTC and LTC to compete with each other. In his view, Bitcoin will be used for larger volume (house, car, share purchases), while Litecoin will be used for smaller everyday transactions.
Bitcoin Cash (BCH)
This means that the Bitcoin network has been "cloned", so any user who had Bitcoin at the time of the fork (August 1, 2017) acquired Bitcoin Cash equivalent to the amount of BTC held (the wallet used had to support the hard fork).
The question may arise, what is the difference between the two cryptocurrencies?
The cryptocurrency world has been arguing for years what exactly would be the best way to extend Bitcoin to multiple users. The most popular solution was the larger block size introduced by BCH. So, Bitcoin's 1-megabyte block limit has been increased to 8 MB for Bitcoin Cash, due to this protocol more transactions are available at a lower cost and in less time.