Cryptocurrencies have changed the world’s expectations surrounding money. They have also evolved incrementally since the first Bitcoin block was mined in early 2009.
Since then, many other cryptocurrencies have started to gain popularity and recognition in the world. Despite the thousand different cryptocurrencies available, Bitcoin still remains the most popular.
So what is the reasoning behind Bitcoin’s immense popularity compared to other cryptocurrencies in the world? But first, let’s find out what cryptocurrencies are.
What are Cryptocurrencies?
Before we delve into the most popular cryptocurrencies in the market, let’s step back and briefly define these terms like cryptocurrency.
A cryptocurrency is usually something seen as intangible, also known as digital ‘coins’. While some cryptocurrencies have ventured into the physical realm with credit cards or other forms of payments, the large majority still remains digitized.
Let’s break down the word ‘cryptocurrencies’ to help you understand this term further. It certainly does sound futuristic to most, and many fail to grasp the significance of this term.
The “crypto” refers to the general encryption algorithm used in the generation of the currencies. Cryptocurrencies are almost always designed as an independent entity from the control of the government, which makes it far more credible.
So now since we’ve explained the basics of cryptocurrencies, let’s delve into a list of the most popular cryptocurrencies in the market today.
1. Bitcoin (BTC)
It has been around a decade since Bitcoin gained popularity on the Internet.