Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, but also has become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs.
KEY TAKEAWAYS
• A cryptocurrency, broadly defined, is a form of digital tokens or “coins” that exist on a distributed and decentralized ledger called a blockchain.
• Beyond that, the field of cryptocurrencies 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 cryptocurrencies in terms of market capitalization, user base, and popularity.
• Other virtual currencies such as Ethereum are being used to create decentralized financial (DeFi) systems.
• Some altcoins are being endorsed as having newer features than Bitcoin, such as the ability to handle more transactions per second or use different consensus algorithms like proof of stake.
