At last count, a website that tracks the market, coinmarketcap.com, listed 36 so-called crypto-currencies, with names like bitbar, freicoin and cryptogenic bullion, and new ones are being added each month. Collectively, these digital moneys had a recent market value of about $US3.3 billion, of which $3.1 billion was from the dominant currency, bitcoin.
This is the online currency that people are buying as a hedge against financial collapse. Unlike the Community Exchange Systems where you can’t buy currency, you need to trade to gain points, Bitcoin allows you to buy currency. This has resulted in some spectacular crashes where people have lost a lot of money. Ripple, another offshoot, improved on the flaws in bitcoin. For instance, users of Ripple put money into the system through so-called gateways, which should allow regulators to monitor transactions more easily. Ripple also does away with the process of “mining” bitcoins, which has eaten up enormous computing power. It is considered the best of a new range of alternative currencies.
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