Cryptocurrency, which is a decentralized and secured form of virtual currency is controlled by cryptography and is not issued by banks or government bodies. The value of cryptocurrency is therefore purely based on supply and demand. The first cryptocurrency is Bitcoin that was created in 2009, soon followed by an entire range of altcoins (alternative coins).
At present there are over 700 alternative cryptocurrencies in the crypto market such as Ethereum, Litecoin and Ripple each having its own purpose and goal. During the last couple of years the use of Bitcoin and altcoins has grown exponentially as more people started to adopt crypto as alternative currency and companies started to create new products and features and are also accepting Bitcoin as payment method.
A few examples:
Cheapair.com, a travelling site which accepts Bitcoin as a form of payment for purchasing flights, car rentals, hotels, cruises and much more since 2013.
Propy.com, the world’s first real estate site which accepts cryptocurrency as a mode of payment to buy or sell property.
Finally the education system is also seen taking a sip with the cryptocurrencies. The university of Nicosia which is located in Cyprus is the first university in the history to accept crypto as payment for tuition fees and a couple of other universities in Germany, United States, Switzerland and Cyprus are now also accepting Bitcoin as payment.
To give an overview of the most popular cryptocurrencies our friends at Mrbtc.org designed an infographic on Thirty-Three Cryptocurrencies Described in Four Words or Less. Let us know your thoughts on it in the comments section.