When launched, Bitcoin was considered to be some kind of a virtual in-game currency, similar to those used in Second Life and other video games. As time progressed the world realized the true potential of bitcoin and it also gave rise to other wannabees which are now better known as altcoins.
Bitcoin has been gaining popularity and notoriety since its inception. The number of people using bitcoin has also increased drastically. The technology behind bitcoin, better known as Bitcoin technology or Blockchain technology has far more applications than just acting as a decentralized ledger for bitcoin transactions. Better known as Bitcoin 2.0, Blockchain technology is now being used for a wide variety of applications that involves managing and maintaining secure databases of medical records, real estate records, intellectual property rights etc.
As bitcoin is gaining prominence and entering the mainstream economy, banks and financial companies have started feeling threatened . They are now working on ways to incorporate the same technology for their banking operations, dealing with fiat currency.
Bitcoin is based on an open source technology, which made creation of altcoins easier. The same technology now increasingly being used to create microeconomies powered by special altcoins which can be better