Final answer:
The first widely used blockchain supported the cryptocurrency Bitcoin, created in 2008. It is a decentralized digital currency not backed by a government or central bank, with its value based on market forces. Bitcoin set the stage for future cryptocurrencies and the broad application of blockchain technology.
Step-by-step explanation:
The first widely used blockchain was created in 2008 to support the cryptocurrency called Bitcoin.
Cryptocurrency is a digital currency that is decentralized and not controlled by any single entity or central bank. Bitcoin, created in 2009, is the most prominent example and has become synonymous with the term cryptocurrency. Unlike traditional fiat currency, cryptocurrencies like Bitcoin are made secure through complex mathematical algorithms and can be used to buy goods and services online. Their value is derived from market supply and demand rather than being backed by a physical commodity or government regulation.
As a decentralized digital currency, Bitcoin allows for transactions to be made without the need for a central authority. This aspect contributed majorly to its rise in popularity, alongside its potential over the years to become a recognized medium of exchange, a store of value, and a unit of account. While it is not universally accepted for everyday transactions like groceries or rent, the influence of Bitcoin and other cryptocurrencies in the financial world is undeniable. The technology underlying Bitcoin, called blockchain, has also inspired numerous other applications beyond digital currencies.