As most of crypto enthousiasts know, Bitcoin was created with the idea to instore a decentralized economy but became an investment vehicle instead. With its 10 minutes block time, high transaction fees and a low finite supply that leads to strong deflation due to worldwide adoption, bitcoin is really not suited to be a day-to-day currency. It’s would be like carrying gold bars and cutting off thin slices to pay for daily expenses.
One cryptocurrency that is trying to solve the bitcoin’s inability to be a daily used crypto is obviously XPR Ripple. But the main problem with XRP is the fact that it’s not decentralised. It’s owned by a company, not by the community. Cryptocurrencies are to economy what democracy is to politics in a sense that it is meant to redistribute power to the masses. Since XPR is owned by Ripple Labs, a private company, mass adoption would be going back to a centralised system. I’m not saying that Ripple Labs is a bad company, I’m just saying that it is private and therefore not community based.
On the other hand, there is NewYorkCoin, a community based cryptocurrency that as been around since 2014. NYC is getting back to life after a recent market surge in early January 2018. NYC seems to have all the features to become a worldwide day-to-day cryptocurrency if enough people believe it’s possible.
- Block time: 30 seconds
- Available on Coinomi (Phone wallet for Android, soon on iOS)
- Adopted by more and more stores and restaurants (only in NY for now)
- A growing support and development community
Don’t take my words as financial advice, you have to make your own researches but if you believe we can live in a world where we could use daily a community based cryptocurrency, NewYorkCoin might be the crypto you want to know better.