In the first wave Bitcoin established itself as the pioneer of decentralized, autonomous cryptocurrencies. In 2009 it emerged as the world’s first encrypted global digital currency. It was secured by an ingenious mutual ledger system called the “Blockchain”. Bitcoin was a currency that was not under the control of any government or any banking system.
Soon afterward, the open-source code base of Bitcoin was being used to create a legion of “Alt Coins”. There have literally been hundreds of alt coins created, with the largest of these being Litecoin. While some have made progress based on unique features, in general there has been very little market traction among the alt coins.