Learn Cryptocurrency
25 Jun 2021

What is the Next Big Thing After Cryptocurrencies? Read to Know

Nisha Ramesh

The Journey of Cryptocurrency So Far

Bitcoin was the first to be introduced back in 2009 by an anonymous person/organization under Satoshi Nakamoto’s pseudonym. It is novel, and the exciting concept quickly gained international recognition. 

Bitcoin was initially valued at less than $1. Over the next decade, cryptocurrency gained more traction. It transformed into digital gold and became the top-performing asset surpassing gold in 2020. 

After Bitcoin, many other cryptocurrencies like Ethereum, Litecoin etc., were introduced. Each cryptocurrency fulfils a different purpose. As a result, there are now more than 5000 other cryptocurrencies in circulation. 

Invest In Crypto With Just Rs.100

What goes beyond Bitcoin?- Characteristics

A cryptocurrency will have the highest chance of becoming the Next Big Thing of this year if it has the following characteristics:

  • Open-source
  • It offers what people need and has a defined purpose.
  • It is easily accessible and quickly transactional.
  • An efficient and reputable team backs it. 
  • It is transparent and trustworthy.

Infographics-The-Journey-of-Cryptocurrency-So-Far-

The Next Big Cryptocurrency 2021

Here are some of the most groundbreaking technologies that are on the market today.

DeFi

DeFi is a short term for ‘Decentralized Finance’. It is a collective term for a diverse group of financial applications based on cryptocurrency or blockchain technology.

NFT

Otherwise stands for Non-Fungible tokens. They are digital assets representing a range of unique tangible and intangible items like collectable sports cards, music data, virtual real estate etc.

Yield Farming

It is a part of the DeFi network. It allows you to make cryptocurrency using cryptocurrency, just like how you would earn interest for loaning your money to someone.

Polka dot

It can be defined as the next generation of blockchain technology connecting multiple specialized blockchains into a unified network.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Nisha Ramesh

Content Writer

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