Who passed? Who flunked?
The dawning of the revolutionized economic technology, cryptocurrency is here. As the market opens on a global scale, it is inviting a wide variety of investors betting on the most popular coin. The new resident of wall street is playing big time with a great sum of assets to be handed at the risk of stock market trading, so if you are an investor, it would be best to consult a crypto- expert or firm that could help you choose which cryptocurrency to trust.
The last 7th of January 2018, there are some total of 1384 cryptocurrencies available on the internet and is still growing. Bitcoin is the biggest by market capitalization followed by Etherenum, Litecoin, Bitcoin Cash, Ripple, and Cardano. With the competition still growing in number, people are also getting a wide variety of options. Aiming to cut through the hype and identify the solid cryptocurrencies, Weiss Rating graded the top 74 coins in the crypto-market. Now that Weiss Rating, an independent security rating agency released the GPA’s of the top 74 coins, this information sparked a lot of outrage for some of the biggest cryptocurrencies.
Bitcoin, the first decentralized ledger currency with the most famous, popular, notable, and highest market capitalization got a C+ from the rating company creating a lot of insinuations for the existing investors of the coin. On the other hand, Ethereum, the second largest cryptocurrency by market cap topped the class with a B rating. Ripple and Dogecoin tied in receiving a middling grade of C. Ripple are also adjusting to its recent partnerships with financial companies. Bitcoin Cash squeaked at C- due to the challenges faced by the founding company—Bitcoin, in terms of electricity consumption and processing time.
According to Weiss, every coin did go through a rigorous analysis and was based on a ground-breaking model that evaluates collected data in terms of trading patterns, technology, adoption, security, and more. They also explained the reason behind Bitcoin’s rating against Ethereum. In a statement that Weiss Rating released, “encountering major network bottlenecks, causing delays and high transactions costs. Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”
Despite the grades released by the rating company, Bitcoin still is hard to dethrone as people refer to Bitcoin before anything else. Revolution and Evolution to this dynamic approach of virtual currency are happening, but it will take time to eliminate Bitcoin as a champ.