The entire system is secured with asymmetric encryption that allows users to access the network via private and public keys. This is the first fold of security. The difference ensures that no wrongful transaction occurs. And if by any means a faulty transaction takes place the entire system is warned for malware and tampering, while the transaction itself is rejected.
The public ledger blockchain or centipede is the second fold of security applied to transactions.
The third fold of security is the addition of highly secure and complicated Proof of work and Proof of stake. These make the transactions very hard to replicate or alter. This tamper proofing demotivates hackers to perform petty fraud, as the time taken in the face of funds generated would not be worthwhile.
Cryptocurrency also makes it a safe choice for traders, exchanges, and issuers. For banks looking to adopt it, it will allow proof of payments that will in return prevent the problem of double spending – American Express already looking into patents for this technology.
Cryptocurrencies are border-less. They can be used anywhere. However, say Starbucks allows payments in Bitcoin, it will not take Ether in its place. Currencies may be competitors but the demand of one rarely means the demand of the other is low, until all investors have run out of funds and they have employed the maximum amount possible.
What are S*hit Coins?
These are used to buy cannabis on from legalized markets (also, on the black market sometimes) and it was created to become a mode of payment for the industry in the longer run.
These are digital currencies created to pay for pornographic services.
This can be used to send shit to a person, place or group of people.
Fuck tokens :
This is an alternative mode of payment to pay for sexual services.
While these are cult-based only, they are rarely applauded. Bitcoin and Ethereum, on the other hand, are serious currencies. There are more than 2000 currencies.
More currencies may mean that the total market volume has increased. As the market volume increases the market share of each coin may reduce as a percentage. Although this will only happen if the new currency that has hit the market is desirable and people are moving to it. Several new currencies enter the market and several exits. Yet the value remains for those who carefully structure their currency to be deemed as a valuable asset.