The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.
Bitcoin was launched in 2009 by an individual or group known by the pseudonym “Satoshi Nakamoto.” As of Nov. 2019, there were over 18 million bitcoins in circulation with a total market value of around $146 billion.
The nature of the blockchain means that individuals can transact directly with each other, even if they don’t trust each other.
Unlike traditional currencies, such as the U.S. dollar, they are not controlled by any central government or authority.
Cryptocurrencies don’t need a centralized party like a bank to carry out transactions between individuals.
Bitcoin is considered the first cryptocurrency and is currently, the largest and most famous, out of the more than 1,600 cryptocurrencies now available on the interwebz.
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.