The first cryptocurrency ever created was Bitcoin in 2009, but here are the next nine cryptocurrencies that were also created in the early days of the crypto industry:
- Namecoin (2011)
- Litecoin (2011)
- Terracoin (2012)
- Ripple (2012)
- Peercoin (2012)
- Feathercoin (2013)
- Mastercoin (2013)
- Quark (2013)
- Novacoin (2013)
While all of these cryptocurrencies share the common trait of being decentralized digital currencies that operate on a blockchain, they differ in various ways, including their mining algorithms, block generation times, and transaction processing speeds.
How did these coins perform in their first five years?
Here is a brief overview of each of these cryptocurrencies and how they performed in their first five years of existence:
- Namecoin: Created in 2011, Namecoin is one of the earliest altcoins, and it was designed to provide a decentralized domain name system. It had limited success and has since then lost most of its value.
- Litecoin: Also created in 2011, Litecoin was designed to be a faster, more lightweight version of Bitcoin, with faster block times and lower transaction fees. It has been one of the most successful altcoins, with a market cap that has remained in the top 10 for years.
- Terracoin: Created in 2012, Terracoin is a peer-to-peer digital currency that was designed to be used for low-cost international transactions. It never gained widespread adoption and is now worth only a fraction of its all-time high value.
- Ripple: Launched in 2012, Ripple is a real-time gross settlement system, currency exchange, and remittance network. It has been adopted by banks and other financial institutions as a means of settling cross-border payments.
- Peercoin: Launched in 2012, Peercoin is a proof-of-stake cryptocurrency that uses less energy than Bitcoin. It has a stable market cap, but its value has declined significantly over the years.
- Feathercoin: Created in 2013, Feathercoin is a fork of Litecoin that was designed to be more resistant to mining centralization. It never gained significant traction and is now worth only a fraction of its all-time high value.
- Mastercoin: Launched in 2013, Mastercoin was one of the earliest initial coin offerings (ICOs), and it was designed to be a platform for creating and trading other digital assets. Its value has declined significantly since its all-time high.
- Quark: Created in 2013, Quark is a digital currency that was designed to be resistant to mining centralization and to have a fast block time. It never gained significant adoption and is now worth only a fraction of its all-time high value.
- Novacoin: Launched in 2013, Novacoin is a proof-of-work cryptocurrency that was designed to have a low inflation rate. Its value has declined significantly since its all-time high.
In summary, while some of these early cryptocurrencies have remained successful, many others have lost much of their value over time due to a lack of adoption or other factors. However, they all played a role in laying the groundwork for the broader crypto industry that we see today.
Is cryptocurrency something people should try investing in?
Cryptocurrencies, like any investment, carry risks, and their values can be highly volatile. Their prices can be affected by a range of factors, including market sentiment, government regulations, technological advancements, and news events.
It’s important for potential investors to thoroughly research the risks and benefits of investing in cryptocurrencies and to carefully consider their personal financial situation, risk tolerance, and investment goals before making any decisions.
Additionally, it’s important to remember that investing always carries risks and that one should never invest more than they can afford to lose. As with any investment, it’s a good idea to seek professional financial advice before making any investment decisions.
Who are the most famous people who have become crypto millionaires?
There have been several well-known individuals who have become crypto millionaires over the years. Here are a few examples:
- The Winklevoss Twins: Cameron and Tyler Winklevoss, known for their legal battle with Mark Zuckerberg over Facebook’s origins, became some of the earliest Bitcoin investors. They reportedly invested $11 million in Bitcoin in 2013, and their holdings were valued at over $1 billion at the peak of the crypto market in late 2017.
- Roger Ver: Also known as “Bitcoin Jesus,” Roger Ver was an early investor in Bitcoin and has been a vocal proponent of cryptocurrencies for years. He has claimed to have sold all of his Bitcoin holdings and switched to Bitcoin Cash in 2017, but his net worth is estimated to be in the hundreds of millions of dollars.
- Barry Silbert: Barry Silbert is the founder of the Digital Currency Group, a venture capital firm that invests in blockchain and crypto-related companies. He has also invested in several cryptocurrencies, including Bitcoin, Ethereum, and Zcash. His net worth is estimated to be in the hundreds of millions of dollars.
- Brock Pierce: Brock Pierce is a well-known entrepreneur and investor who has been involved in the crypto industry since its early days. He has invested in several crypto-related companies and has also founded his own blockchain-based venture capital firm. His net worth is estimated to be in the hundreds of millions of dollars.
- Chamath Palihapitiya: Chamath Palihapitiya is a former Facebook executive and venture capitalist who has been a vocal proponent of cryptocurrencies. He reportedly bought around $5 million worth of Bitcoin in 2013, and his holdings were valued at over $1 billion at the peak of the crypto market in late 2017.
It’s worth noting that the net worth of these individuals can be highly volatile due to the volatility of the crypto market, and their current net worth may be different than what was reported in the past. Additionally, becoming a crypto millionaire or billionaire requires taking significant risks and is not guaranteed.
How to start your journey in crypto?
There are many ways to get involved. The easiest way is to sign up for crypto exchange and buy crypto using a credit/debit card. Popular exchanges include Binance and Coinbase. Then there is a way to speculate on crypto prices and make money train based on price movements without owning the underlying asset. Platforms such as Quantum AI help users do this by integrating into popular trading platforms that allow CFD trading, such as eToro, and Plus500. The platform you are matched with depends on where you are located, as these trading platforms must have licenses to operate in those locations.
