Introduction
Cryptocurrency is a digital or virtual asset designed to work as a medium of exchange.
Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.
In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.
Bitcoin: The first cryptocurrency
When it comes to cryptocurrency, Bitcoin is usually the first thing that comes to mind. But what is Bitcoin, exactly? And where did it come from?
Bitcoin is a decentralized digital currency, which means that it is not subject to government or financial institution control. Transactions are instead peer-to-peer, and are verified by the network of Bitcoin users rather than by a central authority. This makes Bitcoin a potentially powerful tool for circumventing traditional financial systems, and has led to its involvement in some controversial activities (more on that later).
Nakamoto’s original vision for Bitcoin was as a “purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.” And indeed, Bitcoin does allow for fast and convenient online payments.
The price of Bitcoin has been notoriously volatile, and has seen a number of large swings over the years. However, the overall trend has been upwards, and Bitcoin has seen a surge in price and popularity in recent years. As of this writing, the price of Bitcoin is over $11,000 – a new all-time high.
The future of Bitcoin is uncertain. Some believe that it has the potential to become a global currency, while others worry about its volatility and lack of regulation. Only time will tell what the future holds for Bitcoin. But for now, it remains the most well-known
Ethereum: The smart contract platform
In this way, it serves as a platform for many different types of decentralized applications, or dapps.
He was inspired by Bitcoin, but he thought it had limitations.
Bitcoin was designed as a digital currency and a way to store value. Buterin saw that Bitcoin could be much more than that. He proposed Ethereum as a way to decentralize and democratize the Internet.
Ethereum is a programmable blockchain.
In this way, it serves as a platform for many different types of decentralized applications, or dapps.
He was inspired by Bitcoin, but he thought it had limitations.
Bitcoin was designed as a digital currency and a way to store value. Buterin saw that Bitcoin could be much more than that. He proposed Ethereum as a way to decentralize and democratize the Internet.
In this way, it serves as a platform for many different types of decentralized applications, or dapps
4) Litecoin: The faster alternative
Litecoin was created with the intention of being a lighter and faster version of Bitcoin. Bitcoin can take up to 10 minutes to confirm a transaction, while Litecoin only takes 2.5 minutes. Litecoin also has a higher amount of currency units.
Bitcoin Cash: The fork that conquered
The fork that conquered : 5 Bitcoin Cash
When Bitcoin forked into Bitcoin and Bitcoin Cash in August 2017, it was a pivotal moment for the cryptocurrency community.The fork occurred at block 478,559 and split the Bitcoin network into two competing chains.
The original Bitcoin chain continued on as Bitcoin (BTC), and the new Bitcoin Cash chain inherited the transaction history of the Bitcoin blockchain up until the fork. Since its inception, Bitcoin Cash has become one of the most popular and well-known cryptocurrencies. It is often lauded for its low fees, fast transaction times, and scalability.
In November 2018, another hard fork occurred on the Bitcoin Cash network, splitting it into two separate chains: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). The fork was the result of a long-standing disagreement between two factions of the Bitcoin Cash community over the future of the protocol.
The disagreement centered around the block size limit. Bitcoin Cash ABC proposed increasing the block size limit to 8MB, while Bitcoin Cash SV proposed increasing it to 128MB. In the end, the two chains could not come to an agreement and split off into two separate cryptocurrencies.
Today, Bitcoin Cash is one of the top 10 cryptocurrencies by market capitalization and continues to be a popular choice for users looking for a fast and affordable way to send and receive payments.
Conclusion
Cryptocurrencies have come a long way since their inception in 2009. Bitcoin, the first and most well-known cryptocurrency, has paved the way for an entirely new asset class.
The future of cryptocurrencies is full of potential. With the right regulations in place, cryptocurrencies could play a major role in the global economy. Cryptocurrencies could help to reduce fraudulent activities, increase transparency, and provide a more efficient way of conducting transactions.
The cryptocurrency market is still in its infancy,test and it will take time for it to mature. In the meantime, there will likely be volatile price swings and periods of uncertainty. However, the long-term outlook for cryptocurrencies is positive, and they have the potential to revolutionize the way we interact with the global economy.
