The Evolution of Cryptocurrency: From Bitcoin to Altcoins

The world of cryptocurrency has really come a long way to witness the tremendous growth that has really taken place over the years. The world of cryptocurrency took off in the year 2009 with the awesome creation of a token called Bitcoin. The coin was looked down and underestimated by many during those periods in fact it was actually said that someone went to make use of its own bitcoin then to buy pizza because of the low worth.

Over 15 years later, there have really been tremendous growth that started from bitcoin to giving way to a whole lot of altcoins to dominate the market system. Today I will like to discuss about how the journey have really been and how the evolution have really taken place.

As we all know, cryptocurrency is a term that was not actually popular 10-15 years ago but now has really grown to become a fundamental part of what we regard as the financial world today. Like I said earlier, the journey of Crypto actually started back then in 2009 which started with the introduction of the concept of what is called the Decentralised digital currency that spreads to the world. Since then to this particular moment, there have really been a steady growth and evolution of what is called the alternative coins or the altcoins as it is largely regarded to as.

The Birth of Bitcoin

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Let's first of all start by talking about the birth of bitcoin as that is the starting point of the crypto space. Bitcoin been the first cryptocurrency that was created was actually created by someone which is still reported to be Sastoshi Nakamoto even though his identity is not yet know since then. Bitcoin according to research was launched in the year 2009 January to be precise and that kickstart the first block that was mined which is named the genesis Block.

It is really such a beauty to actually witness the bitcoin innovation with the use of the Blockchain technology. I will say the Blockchain technology really play a fundamental part because it helps to actually ensure transparency, security and even accountability. Not only that, bitcoin Decentralised nature also goes a very long way to help in the standing out of the bitcoin dominance.

The Rise of Altcoins

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Let me actually start by discussing about the rise of altcoins. Even though Bitcoin play the fundamental role in laying the foundation for the digital currency and the crypto space in general, it gives way for altcoins which is other called the alternative coins to rise. When developers begin to actually explore new possibilities that lies in the crypto space, people begin to come up with the creation of the altcoins.

Let's briefly look at some of the altcoins that find their way after the creation of bitcoin.

• Litecoin

The first one I will like to say on my list is definitely the litecoin. According to history, it is actually one of the most earliest and in fact the most significant altcoins. It was created by Charlie Lee in actually the year 2011. Since then it has rise to a very prominent rise in the market place. In fact it is popularly called the silver to bitcoin hold. One of the major reasons why litecoin was actually designed is the fact that it should offer faster transactions.

• Ethereum

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The second on the list which in fact is seen as the second in command for Bitcoin is the Ethereum. Ethereum in its own case was actually launched in the year 2015 by someone called vitalik Buterin. Ethereum is actually a Decentralised platform that helps in the creation of smart contracts and Decentralised applications (DApps). The creation of smart contracts actually helps to make Ethereum really stand out.

• Ripple (XRP)

The last one I will like to talk about before I actually round up for today is the Ripple(XRP). Ripple was created actually a bit earlier than Ethereum. It was created in the year 2012. This actually helps to focuses on actually facilitating cross -border payments actually. The major uniqueness of ripple is the fact that it does not actually rely on a Decentralised mining process. It uses this consensus algorithm which helps for a faster transactions.

I will like to stop here today. It has been evident that the world of crypto has really evolved from the journey of the first creation of coin like bitcoin to where we are today which is the altcoins. I am so sure this is actually the beginning and we will be witnessing more and more of this to come in the future.

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