Cryptocurrencies today are considered a hot topic in the financial world and are regarded as a solid alternative and a payment option by many businesses. Actually, there are over 18,000 businesses across the world that accept crypto transactions.
However, the mass adoption of cryptocurrencies hasn’t been smooth by any account. Even though the crypto market has consistently grown ever since Bitcoin as the first virtual currency was created, there has been a lot of skepticism regarding cryptocurrencies as payment options, especially from the mainstream media and investors.
But in 2021, the outlook on crypto has definitely changed as we mentioned, there is an increasing number of organizations that are supporting crypto transactions and investors. So, if you want to learn more about the history of cryptocurrencies and how they have become a reliable option for traditional currencies, keep reading.
Bitcoin – First Virtual Currency
The first ever created cryptocurrency was developed by Satoshi Nakamoto. The identity of Nakamoto is, to this day, unknown, but we have all heard of his main innovations – the blockchain network and Bitcoin. It was created with the help of enthusiasts who were disappointed with the current condition of the finance markets and believed traditional currencies were totally controlled by financial institutions.
This is the major reason why Bitcoin was created as a solution and alternative to fiat currencies during the global financial crisis in 2008. But, with the innovative blockchain technology created by Nakamoto, the foundation for the crypto market was born. Blockchain technology is peer-to-peer-based and distributed network which functions without any financial institution.
Businesses That Support Crypto
Due to the unbelievable popularity of crypto, there is an increasing number of both online and offline businesses that support crypto payments. For example, many high-end online casinos decided to accept crypt transactions as a way to forge a new connection with casino players that want to play with their crypto funds.
They also offer crypto bonuses, among other offers on the platform. So, you can actually find a no deposit bonus low wagering requirements, and wager with your cryptocurrencies. Other famous businesses where you can use your crypto are Bloomberg, PayPal, Twitch, OkCupid, and many others.
Blockchain Technology and Crypto Mining
Blockchain technology is completely decentralized, and the mining process is essential for the network because it solves the double-spending problem. Through the mining process, which is known as the consensus mechanism, the BTC transactions are added to the network and verified.
This means that one crypto transaction cannot be used multiple times, and this is actually the double-spending problem associated with altcoins. Blockchain technology also created a safe atmosphere for processing crypto transactions, and it is one of the main reasons why other altcoins were quickly released after the development of Bitcoin.
The emergence of New Altcoins
The emergence of other altcoins was a result of the crypto supporters that believed in the potential of cryptocurrencies and blockchain technologies. They also had their own ideas for the crypto space, which is why today, there are more than 4,000 new virtual currencies on the market that have specific, distinguishable attributes and were even developed to fulfill a specific purpose.
One example is Litecoin which is the first cryptocurrency to ever be created after Bitcoin, and it was developed in 2011. It is still part of the crypto market even today. Other altcoins that were created after Litecoin are Monero, XPR, and Dogecoin, and also big corporations became interested in the crypto market. For example, Facebook has worked on the development of its own virtual currency Libra. As the crypto market is expanding at a rapid pace, there are a lot of cryptocurrencies that can be used for different purposes. One example is XPR which can be used by banks and to her financial institutions as a safe virtual currency.
