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Visualizing the Rise of Digital Payment Adoption

7 months ago
in investors
3 min read
Visualizing the Rise of Digital Payment Adoption
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Cryptocurrency is a thriving ecosystem, quietly encroaching on conventional finance’s territory.

Over the last five years, Bitcoin users and transactions have averaged a growth rate of nearly 60% per year. Similarly, private and public investors have deepened their commitment to cryptocurrencies including Ethereum, Ripple (XRP), and Stellar—and a number of others across the industry.

Today’s infographic unpacks a cross-section of cryptocurrencies, stakeholders, and core applications across a sector that’s continuing to grow in importance.

The Evolution of Cryptocurrency

Cryptocurrency has erupted into a $200 billion industry, sparking a wave of global disruption.

At the heart of cryptocurrency is a rich history of innovation. It extends back to the 1980s with advances in the field of cryptography—eventually leading to the technology that forms encryption techniques designed to protect the network.

Since then, a series of key events have continued to shape the sector.

Year Event
2009 Satoshi Nakamoto mines the first Bitcoin on a decentralized network
2011 Litecoin launches
2012 Ripple is founded
2013 The price of a single Bitcoin reaches $1,000
2015 Ethereum launches, introducing smart contracts into the crypto ecosystem
2017 Over 1,000 cryptocurrencies listed
2017 Bitcoin’s price rockets past $10,000, reaching a peak just shy of $20,000
2018 EOS offers a blockchain-based infrastructure for decentralized apps (DApps)

Now, there are over 5,000 cryptocurrencies in circulation, with many built on innovative applications and use-cases as the ecosystem rapidly evolves.

The Value of Cryptocurrencies

Today, crypto offers cutting-edge advances that are diverse and transformative. In addition, it could also be considered an investment in tomorrow’s financial system—decentralized finance (DeFi).

DeFi is an emerging alternative financial system that is built on a public blockchain, which enables greater accessibility because anyone has the ability to connect to it. Additionally, transactions are publicly visible, enabling greater transparency across the system.

Here is a refresher on some of the practical advantages being applied across cryptocurrencies.

Use Cases Name Description
Payments Bitcoin
Ripple (XRP)
Stellar
Dash
Used for purchasing goods without the need of a trusted third-party
Value Storage Bitcoin
Litecoin
As the total supply of many cryptocurrencies are limited, this scarcity influences their value
Stablecoins DAI
USDC
GeminiUSD
Digital money that is typically pegged to a currency or commodity, such as gold
Privacy Monero
Zcash
Cryptography, the technology behind crypto, can enable the anonymity of its owners
Digital Ownership Bitcoin
Ripple (XRP)
Stellar
Can empower those without access to a bank to enter the financial system
Digital Gold Bitcoin Bitcoin shares similar attributes to money: a medium of exchange, unit of account, and store of value
Decentralized Apps (DApps) EOS
Tezos
Ethereum…



Read more:Visualizing the Rise of Digital Payment Adoption

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