Cryptocurrencies: Different Types are Changing Financial Services Providers

Cryptocurrencies: Different Types are Changing Financial Services Providers
November 26 11:17 2018 Print This Article

Introduction

Cryptocurrencies are taking over the world, however, some people still think that cryptocurrencies = bitcoin when in fact, cryptocurrencies are the umbrella and bitcoin just was the first one to sit under that umbrella.

Financial Services providers are important to the economy as they offer solutions to start, sustain and expand businesses. Without financial services providers, Cryptocurrencies would have no growth. As for a company to use cryptocurrency must have certain growth.

In this article, we will give you the top 5 Cryptocurrencies and how they are changing the financial services providers such as banks, auditing companies, and insurance brokers.

EOS

EOS was established in 31st January 2018 and its technology is written in C++. Although the best version was established in 2018, tests were being done from as early September 2017 and it’s constantly being updated to improve.

The EOS is valued at around $7.83 Billion and nearly a 1 Billion of Tokens around in the blockchain network.

With EOS tokens already being used to buy tickets in museums and other events are slowly following suit, financial services sector are yet to feel the impact of EOS. As it’s yet to hit the popularity as other cryptocurrencies.

Bitcoin Cash

Known as the second fiddle spin off the top box movie Bitcoin. The market cap of Bitcoin Cash is around $14.5 Billion with the value of $843 per coin.

The Bitcoin Cash was created in September 2017 to increase the block limit of the chain..

With Bitcoin cash being used as a payment option in some of the best poker sites. The banks are losing some value due to this as other currencies may lose some valuation and cryptocurrencies grow.

Ripple

The Ripple Payment Protocol was originally created in 2012 however, it stabilized and grew in May 2018.

There is much hype around Ripple right now due to the sudden growth of its tokens. Ripple is estimated to be worth $19.8 BIllion. The rise is also due to how cheap it is to buy a token, with 1 token costing just 50cents.

The so-called Ripple effect is affecting banks in a good way as the network can be replaced by users to put a bank instead of the chain.

Ethereum

Ethereum, the cryptocurrency that aided the rise of the ICO (Initial Coin Offering). Only smaller than bitcoin with its value being estimated to be $50 billion and can be bought for $500 per token.

The Ethereum technology is affecting real estates due to the famous Smart Contracts as this is helping agents to reduce costs such as paperwork and escrow as the smart contract is digital. Smart contracts will be affecting the financial services too. Insurance companies to be exact.

We all are familiar with the numerous clauses on insurance contracts and time is taken to validate the customer requests. With Ethereum Smart Contracts, the clauses are automatically activated and time is not wasted.

Bitcoin

Daddy Cryptocurrency! What started as an imaginable idea in 1998 by Satoshi has become as Bitcoin and the breakthrough of the cryptocurrencies. Is the first one to be created, and so it’s the most popular.

Every success cryptocurrencies are achieved, you will find bitcoin written somehow. The popularity of cryptocurrency leads to be the most being valued, the most common but also the most expensive.

However, the Bitcoin saw a huge drop from last year, this is due to the fact that it hasn’t been used as often as it was touted to be used. Which probably is a side effect of being quite an expensive cryptocurrency.

With the bitcoin market being valued at a staggering $125 Billion, 1 Bitcoin costs around $3, 785 and last year it was even worth $7.000!

The Bitcoin is affecting the audit firms as they need to start auditing the cryptocurrencies as well. However, the blockchain will ease the process. A transaction can be tempered with although the user can choose to be unanimous.

Final Words

With the major cryptocurrencies explained and how they are taking over the financial sector, we must look forward to these changes and embrace it.

Because like it or not, Cryptocurrencies may be yet to stabilize, however, it’s growing. More shops and companies are accepting it as payment coupled with information and training given to the relevant institutions to make sure that the right legalities and strategies are aboard.

Make no mistake, these are the top 5 cryptocurrencies, but there is much more and much more will be created as the blockchain technology continues to grow.

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Clare Louise
Clare Louise

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