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.
|2009||Satoshi Nakamoto mines the first Bitcoin on a decentralized network|
|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.
|Used for purchasing goods without the need of a trusted third-party|
|As the total supply of many cryptocurrencies are limited, this scarcity influences their value|
|Digital money that is typically pegged to a currency or commodity, such as gold|
|Cryptography, the technology behind crypto, can enable the anonymity of its owners|
|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