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What is Bitcoin Cash? – A Full Beginner’s Guide in 2021

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Bitcoin Cash (BCH) is a cryptocurrency that was launched on August 1, 2017, after a segment of the Bitcoin community split from the main system. Bitcoin has a slew of scalability concerns, and these community members believe that the problem can be fixed by simply increasing the block size. They finally agreed to create its own cryptocurrency after a long standoff, with a block size restriction of 8 MB rather than the original 1 MB. The higher block size, they claim, will enable for more transactions to be executed.

Blocks are mined
Miners pool their computational resources to search for new blocks to add to the blockchain. The procedure follows the “proof of work” protocol, and anytime a new block is discovered, the miners who discovered it are rewarded with 12.5 bitcoins (which is half after every 210,000 blocks), but this isn’t the only motivation the miners have.

What is the purpose of Bitcoins?

Other than mining Bitcoins, there are other ways to make money with Bitcoins. To begin, you can take Bitcoins as payment for goods or services. It’s as easy as opening a PayPal account to create a Bitcoin wallet, which is where you store, track, and spend your digital currency. They’re free and can be obtained through a service like Coinbase.

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What are Stablecoins? What is Tether ( USDT ), ( BUSD ) 2021?

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Stablecoins are cryptocurrencies with a price that remains constant over time. Stablecoins are backed by collateral and are generally pegged to fiat currency, such as the US dollar. Stablecoins are mostly used on DeFi systems and to store funds within the crypto ecosystem.

There isn’t much of a difference from the standpoint of the average trader, except that USDT has a lot more trading pairings and liquidity than BUSD.

However, there are a few distinctions:

BUSD is a regulated and audited organisation. They guarantee that each BUSD is backed by a physical dollar held in FDIC-insured US institutions.

USDT has suffered security breaches and lawsuits in the past and is not audited. They don’t guarantee that every USDT is backed by a tangible dollar, and the money that does is held in offshore banks.

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So, while BUSD is a safer stablecoin, USDT is more useful for traders due to its large daily volume and quantity of trading pairings.

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Top 7 fastest growing cryptocurrency with huge potential in 2022

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Table of Contents

Bitcoin

Bitcoin is said to be the top fastest-growing crypto in recent times. Hope it will also have a huge potential in 2022. It is a decentralized digital currency, which can be sent from user to user without a central bank or any other intermediaries. In recent times, there are lots and lots of people and highly professional members who are also investing in bitcoins and becoming richer. Even these bitcoins also offer some loans to enhance our finance. So we can also make use of bitcoins loans to become financially developed people.These coins may be tell as fundamentally strong coins which can hold a strong place in recent economic times.

Top 7 Fastest Growing Cryptocurrency With Huge Potential In 2022
Bitcoin

Ethereum

Top 7 Fastest Growing Cryptocurrency With Huge Potential In 2022
Logo of Ethereum

Ethereum is the second top fastest-growing crypto in recent times, which is next to the bitcoins. But sometimes it may expect to beat bitcoins in 2022. So these coins are believed to be the 100x profit coins. It is also a decentralized digital currency that functions without the help of any intermediaries.It was released in the year 2015.It is defined as the open-source blockchain with smart contract functionality and it has been referred as the booming crypto in recent times.So it can produce different levels of financial levels for every individual who are all invest in this field.

Cardano

Cardano is the third fastest growing crypto in recent times.

Top 7 Fastest Growing Cryptocurrency With Huge Potential In 2022
Top 7 fastest growing cryptocurrency with huge potential in 2022

Most cryptocurrencies are supported by teams of altruistic people, but they do not have companies behind them. Something has to change. 

Daniel Garcia, creator of Daviescoin.

So this Cardano is also a decentralized digital currency. The layer in this Cardano is similar to the bitcoins. This type of crypto is also known as fundamentally strong coins. Cardano was founded in 2015. It was founded by Charles Hoskinson who was the co-founder of ethereum. Cardano is developed and supervised by the Cardano foundation which was founded in Zug, Switzerland. Cardano uses a proof of stake blockchain technique so that it can function as a large cryptocurrency with alternative protocols.

XRP

Top 7 Fastest Growing Cryptocurrency With Huge Potential In 2022
100 X Profit coins, fundamentally strong coins.

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ETHEREUM 2.0: Explained For NFT Artists (Lowest ETH Gas Fees?)

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Ethereum 2.0

So, as digital artists interested in selling NFT crypto art, our biggest problem when dealing with the Ethereum 2.0 blockchain is the high cost of gas fees. 

They are at the point where many artists can’t afford to participate in minting non-fungible tokens. You have likely heard about the upgrade to Ethereum Version 2, also known as Ethereum 2.0 or Eth2. I’ll break down what I know about the upgrade, including what it is, why it’s happening, and the expected timeline.

Most of what I’m about to cover comes directly from Ethereum.org, but I’ll try to break it down into digestible information. Let’s first dive into what Ethereum’s “upgrade” really is because it’s more complex than it sounds. Unlike upgrading software on your computer, it’s not as simple as flipping a switch and all of a sudden… goodbye gas fees. 

The journey to version 2 is kinda series of upgrades, some of which had already occurred and were part of the original plan for Ethereum before it even went live in 2015. So although it’s been around for a few years, in the grand scheme of things, Ethereum and NFTs, in general, are in their infancy as a form of technology. 

The three goals of upgrading Ethereum 2.0 are to make it more scalable, secure, and sustainable. 

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Ethereum 2.0
Ethereum 2.0

Scalability

The current Ethereum network, referred to as Ethereum 1.0, can only handle a small number of transactions per second. Diginex.com states that this number is 30 transactions per second. Many others estimate it is closer to 15 transactions per second. Think about that. 

The whole world is going crazy for NFT’s right now, and only 15–30 transactions per second can be processed worldwide. At the very least, use Ethereum. So the goal of the upgrade is to get that number well over 100,000 transactions per second. This will speed up the processing time and reduce bottlenecks on the network, which is currently part of the reason for very high gas fees.

Security

The second goal of the upgrade is to improve security on the network. It’s not that the network isn’t secure now, but splitting it up into a larger number of smaller nodes will make it more difficult for a single person or group to gain control of the nodes. 

If any one person or group were to control 51% of the network, they could highjack the entire system. So, an obvious goal is to keep that and other types of cyberattacks from happening. 

Sustainability

The current Ethereum 2.0 network uses a “proof of work” transaction system, which has large computers worldwide competing with each other to solve equations to validate a transaction. The proof of work process intentionally sacrifices efficiency for security. 

Ethereum will move away from this process through a series of planned upgrades to what is known as a “proof of stake” system. This will also speed up transactions, reduce gas fees, and require far less computing power to run the Ethereum 2.0 network efficiently. 

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Upgrades on Ethereum 2.0

Ethereum 2.0
Ethereum.org Front page

Let us look at the sequence of upgrades planned for the Ethereum network with those goals in mind. But, again, these were part of the original roadmap for Ethereum even before the blockchain existed. 

The upgrades fall into three sets of projects, each with the following names: I will try to explain these as I understand them from the information available at Ethereum.org. 

The first upgrade is “The Beacon Chain,” which includes behind-the-scenes work that sets up the blockchain for future upgrades. The good news: this upgrade was completed in December of 2020, allowing future upgrades to move forward. The bad news is that there’s no immediate impact on users. 

The second upgrade implements “Shard Chains.” This will split the single blockchain into as many as 64 chains to spread the workload and improve security. This is planned to occur in at least two phases. But it’s not agreed upon if both phases even need to be implemented. Shard chains lay the groundwork for moving to proof of stake. 

This will eventually allow a personal computer to serve as a node for verifying transactions. You don’t have to understand exactly how this all works. I certainly don’t. 

But the key point is that this will be done in phases, possibly beginning as early as 2021. After the first phase, there will be improvements to the network capacity, but there will also be other benefits and a full transition to proof of stake.

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It will depend on what decisions are made about the third upgrade project called “the Docking.” The Docking will merge the existing Ethereum 1.0 network with the rest of the Eth2 upgrades. This will mark the full transition to proof of stake. 

This could happen in 2021 or 2022… Or it could be later. It’s not clear. But I wouldn’t hold my breath because there still seems to be debate among the many teams in the Ethereum community about how this will be implemented. Remember, Ethereum 2.0 is meant to be decentralized, so it’s not like there’s a CEO of Ethereum who can make a decision. There’s no single entity in charge… 

So, coming to a consensus can take a while. This is complex stuff. What does it all mean for an artist trying to sell NFTs? Once the shard chains arrive, network capacity will increase, and more transactions can be processed. I’m not clear how much of an impact this will have on gas fees right away. It should help since it will remove congestion on the network, but it’s not the final piece of the equation. 

Also, If you want to go more deep into getting information on ETH Gas fees, then do check this out!

Depending on when and how the Docking occurs, Ethereum’s full transition to proof of stake should be a more significant overall improvement to the user experience on the network. I find it hard to believe this will happen in 2021, but I could be wrong. 

What I think about Ethereum 2.0 and how it may affect NFT things and Gas fees

So, as artists, what do we have to do? Will our old Ethereum be obsolete? Will our NFTs be outdated? No, they will not. The answer is that you don’t have to do anything except waiting. Maybe that means sitting it out for a while. Many have no choice anyway because they can’t afford the gas fees. 

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Wnna know more about NFTs? Do check here:

We will have to hang in there while development teams worldwide continue to work toward the next generation of Ethereum. But as you can see, it’s not as simple as flipping a switch, and I’m not entirely clear on how much the next phase of the upgrade will help. 

There seem to be very intelligent people in the blockchain world who understand the technology. But, unfortunately, I am not one of those people, and few of those people seem to explain it in terms that make sense to the rest of us. 

Then there are artists and, presumably, you seeking an understanding of how to apply NFT technology to their lives and trade. I am trying my best to bridge the gap between those two. But it is important to realize that this technology still has a lot of evolving to do.

The most direct source of information on Ethereum is found at Ethereum.org. The link to several articles gives different perspectives on the ongoing project. These sources seem to be the most authentic, but the lingo can be challenging at times following the blockchain. These sources seem to be the most authentic, but the lingo can be challenging at times following the blockchain. That’s it for today, hope you liked the content we share through cryptocurrencysimple.com

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