Bitcoin (BTC), one of the most popular cryptocurrency in the world, was created in 2008, followed by Ethereum (ETH) in 2015. Today, the number of available cryptocurrencies is so vast that people have stopped counting. This piqued our interest: which crypto assets emerged after Bitcoin? Where are they now? Why has Bitcoin endured while most of the earliest altcoins have faded into obscurity?
2008: The Beginning
This year marked the birth of the entire crypto industry. Amid the global economic crisis, Satoshi Nakamoto invented Bitcoin – a new, decentralized form of payment. Interestingly, the idea of cryptocurrencies first surfaced in 1989 when American scientist David Lee Chaum invented digital money based on cryptography (though at the time, it attracted little attention).
In 1998, engineer Wei Dai introduced the concept of "b-money," an anonymous, distributed system of electronic cash. That same year, another pioneer, Nick Szabo, developed a currency called Bit Gold, though it never officially became the first cryptocurrency.
Despite the debates surrounding it and its creator, Satoshi, Bitcoin remains the first recognized cryptocurrency. It inspired the creation of hundreds of alternative coins, but which ones were first?
The First 7 Cryptocurrencies After Bitcoin
Bitcoin’s success spurred numerous developers to create peer-to-peer digital currencies, hoping to capture even a fraction of the hype surrounding BTC. Most altcoins (alternative coins to Bitcoin) were built on its structure using the Proof-of-Work (PoW) mechanism. Let’s take a closer look at the first 7 altcoins.
- Litecoin (LTC) – October 2011
Litecoin was created by Charlie Lee, a former Google engineer. His goal was to reduce the time needed to process transactions: Litecoin transactions were completed in just 2.5 minutes compared to Bitcoin’s 10 minutes. The LTC team also abandoned Bitcoin’s SHA-256 hashing algorithm, replacing it with the faster Scrypt. Today, Litecoin is one of the most successful crypto projects, known for its high performance and low fees.
- Namecoin (NMC) – April 2011
Launched by Vincent Durham, Namecoin was inspired by the idea of creating a decentralized currency free from government control. Like Litecoin, Namecoin is a Bitcoin fork. Its original purpose was to facilitate decentralized domain name registration.
- SwiftCoin (SWIFT) – 2011
Another project from 2011, SwiftCoin was developed by Daniel Bruno. His team combined the Proof-of-Work algorithm with blockchain technology. SwiftCoin aims to address the volatility of cryptocurrencies, focusing on ensuring dynamic circulation. It's important to note that SwiftCoin is not a public blockchain.
- Bytecoin (BCN) – July 2012
Bytecoin stood out from its inception due to its high level of security and data protection. It uses the CryptoNote hashing algorithm, designed specifically for secure cryptocurrencies. Bytecoin was intended for fast and anonymous transactions, with an average processing time of just 2 minutes.
- Peercoin (PPC) – August 2012
Developed by Scott Nadal and Sunny King, Peercoin was a unique product at the time, combining both Proof-of-Work and Proof-of-Stake (PoS) algorithms. It was the first solid step toward advancing blockchain technology. Peercoin has several distinct features: it has no fixed market cap but maintains a constant inflation rate of 1% per year. The developers also ensured low transaction fees.
- Dogecoin (DOGE) – December 2013
The world’s first meme currency, Dogecoin, hit the market in December 2013. Created by Jackson Palmer, it reached a market capitalization of $16 million within just three years. By 2022, DOGE had entered the top 10 global cryptocurrencies by market cap.
- Ripple (XRP)
Ripple is a payment protocol with its native token, XRP, designed to facilitate international transfers. Unlike Bitcoin, XRP was not intended as a payment method. Today, it’s one of the most functional and efficient tokens launched after Bitcoin, designed to address scalability issues. XRP is consistently ranked among the top 10 cryptocurrencies worldwide.
Conclusion
The rise of digital decentralized assets has reshaped the economic landscape, introducing new rules and principles. The world is undergoing significant changes, and the strengthening position of cryptocurrencies in the global financial sector is contributing to positive shifts. However, it's crucial to remember that digital currencies are highly volatile and carry substantial investment risks. To navigate this space successfully, it’s essential to be well-versed in entrepreneurship, trading, and market analysis.
If you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Exploring Best Ways to Earn Free Crypto” and “Perpetual Futures in Crypto: Popularity and Risks”.
