With the overall cryptocurrency market steadily growing Bitcoin was the first cryptocurrency created. And it aims to create a decentralised digital currency which can remove the need for third parties to facilitate transactions. Bitcoin is the biggest crypto currency in the world and is the most widely-adopted by exchanges.
Therefore Bitcoin has shown its proof of work and we are seeing it happen. That as well as the sprouting of the many new altcoins” that are also cryptocurrencies that have been made. This shows further proof of the crypto currency uptake. With new comers on the market like Ethereum and Ripple, which bitcoin has lost market share to.
All of these crypto currencies can be very different to Bitcoin with many coins based on their own blockchain technology. They’re out there in the world, and not just out there but also out there working.
Along with many more other crypto currencies or even those soon to be released. And each of these crypto currencies works differently. Crypto currencies like BitCoin cash are seen as a transactional currency. While Ripple is seen as a payment protocol which runs on a permissioned blockchain and aims to support instant, cheap transactions.
And there’s Cardano a work-in-progress crypto currency, which aims to create a decentralised smart contract platform similar to Ethereum. But it plans to support a number of advanced features. The cryptocurrency is a work-in-progress, and its “Ouroboros” proof of stake consensus mechanism has not been finished.