There is no denying that cryptocurrencies have caught the attention of many; however, it hasn’t always been for the best reasons. At the beginning of the year, it was announced that cryptocurrencies will be listed, using the Weiss Rating scale.
The rating scale takes into account the investor and reward, and the technology and adoption fundamentals. It is rated from A to E, where D & E are considered weak and very weak respectively. The latest grades have shown which cryptocurrencies you should stay away from. The following virtual currencies received a rating of D or lower; Auroracoin, Comet, Electroneum, Expanse, Gulden, Matchpool, Magacoin, Novacoin, PotCoin, Quark, Rise, and SaluS.
It is important to point out though that these are updated regularly and can change. Bitcoin, which is the number one cryptocurrency by market capitalisation, was given a Weiss score of C+, despite being praised particularly for its security and widespread adoption. They justified this low score because of the high transaction costs. The good news for Bitcoin is though that its grade has been upgraded to a B-.
In addition to everything that has been mentioned; the Weiss rating also takes into account the Lightning Network adoption increases, which is a scaling solution that is being developed on top of Bitcoin. The whitepaper stated;
“While we continue to monitor its progress with interest, our Technology Index is not designed as a crystal ball of future upgrades, but as a tool to evaluate the state of the art as it stands today. Thus, as soon as the Bitcoin network becomes more efficient, our ratings model, updated daily with new performance data, will reflect the improvement.”
So, the likelihood is that Bitcoin’s grade will improve even more over the coming few months.
Featured Image Source: Flickr – Great Photo By Marco Verch
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