If we are talking about the Cryptocurrency, then there is one term you must have heard at every corner of the Cryptocurrency trade: Bitcoin. Bitcoin is the first Cryptocurrency that ever hit the market. Just like USD is the basic unit of the currency worldwide, in the same way, Bitcoin is the digital currency that is used worldwide.
After the introduction of the Bitcoin, several other Crypto coins surfaced after the Bitcoin. To compete in the market, Bitcoin has gone through many evolutions and has become what we see today.
When the Cryptocurrency came into existence, since then bitcoin has been there in the market. It has been the undisputed king of the Cryptocurrency trade market. It has been over a decade since its first appearance. Today, you will find more than 2000 Cryptocurrency in the market, but Bitcoin remains the most valuable Cryptocurrency in the market.
At one point in time, the price evaluation of the Bitcoin even reached its peak price of $20000 per bitcoin. Time passes, Blockchain technology evolved, giving several other Crypto coins to the market. These coins are all the result of the blockchain technology but have different features. These coins are dubbed as “Altcoin.”
Ethereum is the second most used Cryptocurrency in the market, and it is mostly famous for its “smart contracts.” Even after being a product of the same Blockchain technology, the nature of Bitcoin and Ethereum is different.
So, what smart contracts are? A smart contract is the deals that are encoded in the Ethereum coin with the help of the blockchain technology. And when the right time is reached, and all the condition is met, the contract implements itself.
New Perspectives on Older Problems
Bitcoin was initially designed as a decentralized digital currency that could replace the traditional financial transactions. And this is the reason why they were made simple with peer to peer transactional features. The purchase with the bitcoin is made with a consensus mechanism that connects the sender and receiver in a network to form a complete block.
If you see the bitcoin as only a payment solution, you will know that it still falls short with the efficiency you get with today’s digital payment methods. And add the mining charges as well.
But after the introduction of the newer altcoins, the transaction process has become less complicated, and the charges are even lower than the Bitcoin transactions.
Furthermore, there are other Crypto coins like Ethereum that lets you have smart contracts. This idea is much more plausible and can be integrated, informing applications and software.
Other coins like Ripple and Dash are the new addition to the Cryptocurrencies list. These coins offered fast transactional gateways with higher security.
Ripple boasts about having services that facilitate centralized cross border transactional services. And dash having a speed of one second per transaction.
How has Bitcoin Evolved to Cope up with its Juniors?
It was once a time when Bitcoin was the only member of the Cryptocurrency. This lack of competition stopped the growth of the Bitcoin. But after the introduction of several altcoins, Bitcoin realizes its shortcoming and started working on its flaws.
With great effort, Bitcoin was abler to catch up with the altcoins. Still today, Bitcoin is the most used coin in the world. Now that all the coins are on the same page. Bitcoin is adding new tools and features to make sure it remains ahead of altcoins.
Some of the thanks go to the developers as well. Instead of creating new Bitcoin, stick with the old Bitcoin and have developed the infrastructure around it, making it more usable in various situations.
A Thriving Cryptocurrency Ecosystem
You must be thinking that how come Bitcoin can lack any of the features which its successor has. Bitcoin does not require any of the elements, and it is just that developers need to enable the features.
Serval companies are surfacing up around the cryptocurrency trade. You can find the best jobs during lockdown for batter understanding and Binance works hard to give the best services to their audiences.
Blockchain technology is yet to be fully explored. Hence, we can be sure that the Cryptocurrency that we see today still has room for improvement. Till then, we can support the current Cryptocurrencies for smoother regulation.