The birth of digital money was one of the greatest results of the Internet industry development. The history of cryptocurrency is associated with talented persons who managed to inspire millions of people with their idea. The virtual finance idea for non-cash turnover came to the community of cryptography experts in the 1980s. David Chaum was at the origins of the creation of the digital currency. He described the prospects of using electronic money and even presented their brief concept. Today, there are more than 1000 varieties of cryptocurrencies in the world. In this article we will discuss the most memorable coins of the last 10 years.
Do you know that more than 92% of all financial experts in the world described Bitcoin as an absolutely unpromising payment method during the first years of its appearance? However, this cryptocurrency continues not only to improve constantly, but also break records for its value. The first Bitcoin transaction was made on January 21, 2009. It is still unknown who created Bitcoin. There is a certain name – Satoshi Nakamoto – but no one knows whether it is an individual or a group of programmers. Bitcoin’s creator is still anonymous. The value of cryptocurrencies has risen gradually. Bitcoin became more expensive than an ounce of gold in 2013. The biggest dynamics of rise and fall of the Bitcoin exchange rate refers to April 2013, when it fell by 80% in a day.
Laszlo Hanyecz was the first person who bought two pizzas for Bitcoins in 2010. He paid 10,000 Bitcoins for food. It is easy to calculate that he could feed a small country with pizza today.
In general, the Bitcoin exchange rate is a reason for the endless controversy. There are some people thinking that its rate is overvalued, they predict the fall to $1,800. On the other hand, some crypto enthusiasts write about its imminent growth to $100,000.
Bitcoin is not the only digital currency with a really large-capitalization which price is growing steadily in the long term.
Russian-born Canadian programmer Vitaliy Buterin has invented the new payment system, which was to significantly expand the cryptocurrency functionality. Initially, Ethereum was not created as a means of payment, but had a slightly different purpose – this system should allow creating various algorithms for performing the required operations. According to the data of the authoritative cryptocurrency resource CoinMarketCap, at the beginning of 2016, Ethereum became the second largest cryptocurrency in its market capitalization among other cryptos while managing to sideline such leading altcoins as Litecoin and XRP.
XRP is among the top 3 cryptocurrencies by market capitalization. The base of the Ripple system is the ledger that is a distributed database that stores all data about user accounts and transactions. The system interacts with the outside world (stores) and exchange offices through the so-called “gateways”. The creator is a Ripple Labs Corp which has entered in partnerships with more than 200 major financial institutions, including Standard Chartered Bank, Westpac, Banco Santander, etc. The Ripple platform was originally launched in 2012. It has been on the market since February 2013. The first coin was sold in April 2013. The cryptocurrency market capitalization today is almost $8.5 billion. This is quite impressive taking into account the fact that the price of one coin is 20 cents. Specialists have discussed the XRP price prediction for 2020, and if we talk about numbers, gurus of the Crypto World predict that XRP coin will cost $20-25.
Bitcoin Cash (BCH)
A new cryptocurrency appeared in August 2017 which caused a storm of controversy. Bitcoin has been the major leader among cryptocurrencies for 10 years and set the direction for the development of the cryptocurrency market. Unfortunately, Bitcoin is imperfect like everything in this world. As a result of the cohesive work of concerned developers, a new coin appeared – Bitcoin Cash. The official Bitcoin website defines this coin as an electronic currency available worldwide that continues the idea of Bitcoin. The strategy of the Bitcoin Cash team is aimed at increasing the block size that allows its users to make more transactions in the shortest time. The first thing that the team introduced was to increase the block size to 8mb for better scalability of the blockchain. Specialists in the area of cryptocurrency have an opinion about the BCH price prediction. The short-term outlook may seem bearish but in the long term, BCH will start to rise in price. For example, Brian Kelly, a cryptocurrency expert, did not mention any numbers but said that this was one of the most promising coins that every smart trader should buy.
Bitcoin SV (BSV)
After a little more than a year of existence, Bitcoin Cash could not resist, splitting into two cryptocurrencies: Bitcoin SV and Bitcoin ABC. Bitcoin SV is an abbreviation for “Satoshi’s vision”, meaning that this cryptocurrency was made exactly as it was conceived by Bitcoin’s creator. Daniel Connolly was at the head of the development team, and Craig Wright was among the supporters of this project. He is known for posing as Satoshi Nakamoto in 2016, but the American did not provide convincing evidence of this. Currently, there is a trend that the value of Bitcoin SV increases with the fall of the cryptocurrency market and vice versa, the cryptocurrency market led by Bitcoin increases when the value of Bitcoin SV decreases. Now the crypto-asset retains its investment potential.
Binance Coin (BNB)
The word ‘Binance’ consists of two words – ‘binary’ and ‘finance’. Binance Coin (BNB) is used as an internal token on the stock exchange with the same name and feeds this ecosystem. This cryptocurrency stock exchange is characterized by a high degree of security and high speed of operations. The distinctive feature of Binance Coin among the number of ordinary cryptocurrencies is the ability to reduce the commission to its holders. It turns out that users who believe in the project and keep Binance Coins on their accounts have privileges relative to other traders in the form of a reduced commission when trading. It was launched in the middle of July, 2017. Acknowledging the current popularity of Binance, it seems fair to assume that many customers are happy to use the token to pay for most trading expenses. As its popularity continues to grow, more people are learning about BNB and its features. Relative to other cryptocurrencies, Binance Coin is on the 9th place in terms of market capitalization. The BNB price reached its highest value on June 22, 2019 when 1 Binance Coin cost $39.57. The historical minimum was reached on August 1, 2017 when the price of the coin was $0.096109. Currently 1 BNB costs around $23.66.
The Tezos cryptocurrency (XTZ) and the platform with the same name were created in 2014. They are focused on building a democratic voting system to avoid problems with hard forks which Ethereum had, and the inability of Bitcoin users to participate in making certain decisions. The Tezos cryptocurrency has many features that are inherent in other blockchains. It is transparent, very secure, and decentralized.
So we can see that the strongest positions are held by the currencies: Bitcoin, Ethereum and XRP. Other coins can move up and down several levels in the CoinMarketCap rating. They are leaders of the last decade which had great development and occupied the first positions in the Crypto World.