How The Evolution Of Cryptocurrency Took Place?

September 18, 2018 Quick read

The cryptocurrencies are a great investment commodity in today’s market. The cryptocurrency industry has thousands of cryptocurrencies in the play where every one of them is different than each other. This difference is the technology that governs each cryptocurrency. This difference and upgrade in technology started with the introduction of Bitcoin and the blockchain technology.

Back in 1980s people began thinking of virtual currencies and how to make it practical. The banks and other organizations were only able to reach to credit cards and online payments till 2005-07. The introduction to cryptocurrency was really a revolutionary idea. There are many investors who only focus on the current cryptocurrency and investment and trading. There are only a few investors who actually know about the evolution of cryptocurrency. As investors knowing the revolution of cryptocurrencies can really be helpful in future. The evolution of cryptocurrencies will help you know the behaviour of cryptocurrencies and assess each crypto coin based on the process of evolution.

Bitcoin - The prodigy

The Bitcoin was the first cryptocurrency ever introduced to the market which was backed by the blockchain technology. It was considered a revolutionary technology which changed the payment management system as we know. The Bitcoin attracted many users over the years which made Bitcoin the best cryptocurrency in the industry. There are many Cryptocurrency Exchange platform that adopted Bitcoin as their primary exchange currency. The blockchain became a base of reference for many cryptocurrencies.

Altcoins followed

The first ever Altcoin that was introduced in the market was Litecoin. The introduction of Litecoin started many rumours such as Litecoin is a Bitcoin clone but in reality, both Litecoin and Bitcoin used a different hashing algorithm. This came into notice of many investors and they started investing in Litecoin. The Litecoin was followed by Namecoin and Swiftcoin in the same year later after which major cryptocurrencies started stepping in.

Ethereum – The new “coin” in the block

The introduction to Ethereum was somewhat of a late entry. In spite of that, it didn’t stop Ethereum to perform outstandingly. The Ethereum was actually a programming platform for developing decentralized solutions. It used smart contracts which made the development of a decentralized platform easier. The Ether coin commonly known as Ethereum cryptocurrency became the unit of processing in the programming platform.

Present and Future of cryptocurrencies

The cryptocurrency market has become a multi-million dollar business. There are many investors who are constantly investing in surging cryptocurrencies. This gives them a chance to gain a good market profit which can be useful in further investing in the cryptocurrencies. There are many Cryptocurrency Exchange platform such as Evonax that supports many cryptocurrencies which are prominent in the current market. The future of cryptocurrency looks bright as there are chances that these cryptocurrencies will be much more adaptable and a part of the global infrastructure in the future.

Parting thoughts

The cryptocurrency thrives on its investors and there are now many investors who are investing in the cryptocurrency. The cryptocurrency has a great future where it would be included in the global currency which will be legalized all over the world. If you are willing to invest in cryptocurrency then it is a good time to start.