2013-2017: The Rise of Altcoins and Mainstream Attention

a. The “Altcoin” Era:

• As Bitcoin’s success encouraged innovation, hundreds of alternative cryptocurrencies, or altcoins, began to emerge, each offering variations on Bitcoin’s blockchain or new features. Notable examples include:
  • Ethereum (2015): Created by Vitalik Buterin, Ethereum introduced smart contracts, allowing developers to create decentralized applications (DApps) on its blockchain. Ethereum’s launch marked the beginning of the “smart contract” era and is considered a major evolution in the world of cryptocurrency.
  • Ripple (XRP): Aimed at providing faster, low-cost cross-border payments and solutions for financial institutions.
  • Dash, Monero, and Zcash focused on privacy and anonymity.

b. The 2017 Boom:

• The year 2017 was a landmark moment for cryptocurrency. Bitcoin’s price skyrocketed, reaching nearly $20,000 by December 2017.
• ICO (Initial Coin Offering) Boom: Many startups began raising funds by offering their own cryptocurrencies in ICOs. This led to massive investment in blockchain-based projects but also led to an influx of scams and regulatory challenges.
• FOMO (Fear of Missing Out) fueled speculative investments, and cryptocurrency became a mainstream phenomenon. At this time, blockchain technology was hailed as a game-changer for various industries, including finance, supply chain, and healthcare.