Bitcoin is having its moment, but there are better sustainable alternative currencies
The alternative currencies with the liberating features are undone by its vulnerabilities to fraud. With many better other options available out there in the market for purchase of shares and bonds, BTC may not be the best option for an individual. The cyber crimes are increasing on an extensive scale and thus chances of losing the crypto currency-Bitcoin.
The system of BTC payment system is based on the concept of peer-to-peer networking where all nodes are keeping a record of the transactions in book of public distributed account and thus uses it is self-developed unit for the purpose of accounting also known as Bitcoin. It has the capability to work without any central depository because of which Bitcoin was termed as a virtual currency which was decentralized in nature. Bitcoin has had a very long time in the market, but there are innumerable of other alternative currencies that would be able to offer a sustainable change in the market of money that can be traded on sites like bitcoin wisdom.
The alternative currencies to BTC are dogecoin, dark coin, litecoin, peercoin, and a lot of other currencies are available in the market with the similar premises and which work using a similar concept.
How sustainable is alternative currencies for the near future
The arguments rumbling around for digital e-currency will keep on going as it is. But, from the point of sustainable perspective for the financial field, is it worth the fuss? If an individual is looking for some alternate currency system to that of Bitcoin that will drive a changeover towards the fact of sustainability, then for sure there are lot many of the better places to make a start with than opting for Bitcoin. For an instance let us take an example of e-portemonnee, which is an e-wallet system that is currently being an archetype in Belgium. The system, that is being run by the Limburg.net, which is an inter-municipal company for the waste disposal, considers whether the local people are gaining any discounts in facilities provided by the municipalities in the exchange for reduction of the waste and several other environmental friendly actions.
The digital currency is designed to facilitate the purpose of business between the companies as well as make trade with any individual who is interested in the scheme. SoNantes is very popular and well regulated by a mutual credit system that has the users’ credits and debits records tracked online and which are then settled after a fixed period.
Another bitcoin alternative which are sustainability-focused currencies include-
1) the TradeQoin that is used for trade between the SMEs
2) Amsterdam-based Makkie, which is used for the promotion of community involvement
3) UK time credit scheme Spice that is used for the encouragement of the community-led development schemes.
The dominance of physical cash as an instrument of exchange is tapering at a rapid rate. There is Expectation of more and more alternative currencies of Bitcoin to spring up in the coming years. Thus, many options are available for individuals.
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