Bitcoin has not just been a trendsetter, ushering in a wave of crypto currencies built on a decentralized peer-to-peer network, it’s become the de facto standard for crypto currencies, inspiring an ever-growing legion of followers and spinoffs.
KEY TAKEAWAYS
A cryptocurrency, broadly defined, is currency that takes the form of tokens or “coins” and exists on a distributed and decentralized ledger.
Beyond that, the field of crypto currencies has expanded dramatically since Bitcoin was launched over a decade ago, and the next great digital token may be released tomorrow.
Bitcoin continues to lead the pack of crypto currencies in terms of market capitalization, user base, and popularity.
Other virtual currencies such as Ethereum are being used to create decentralized financial systems for those without access to traditional financial products.
Some coins are being endorsed as they have newer features than Bitcoin, such as the ability to handle more transactions per second.