Cryptocurrencies are digital currencies that use cryptographic technologies to ensure their security as a medium of exchange. Bitcoin (BTC), which was launched in January 2009, is the first cryptocurrency to truly achieve mainstream recognition.
Bitcoin’s rise to fame was made possible by the use of blockchain, a distributed, cryptographically secured digital ledger that recorded every Bitcoin transaction. The use of the blockchain allows the Bitcoin network to effectively function without requiring a central authority, like a bank, which made its system decentralized.
Bitcoin’s appearance inspired further growth of the cryptocurrency industry that gave birth to various innovations such as Decentralized finance (DeFi). The operation of all of these networks were made possible by cryptographic algorithms.