Although the creation of the web has solved many problems over the years, and because of the fact that many of us couldn’t live without it, there’s always been the concern about people’s security. Other people can see what you’re doing online, track trends over what you look at, see your pictures, and most importantly, it’s possible to see your financial transactions over the worldwide web. No matter how many different solutions have been thrown at this problem, there were always leaks in them due to the use of third parties. When purchasing something online using a credit card, which many of us do on a daily basis, you’re giving away tons of your personal data, plus there’s the transaction fees that we’ve all grown so used to, which are often not even worth it for smaller payments and purchases.
Not too long ago, in the year 2008, the first ever cryptocurrency was created, it was the digital currency known as Bitcoin. These are different then traditional types of currencies as they’re not controlled by countries or governements, and don’t go through any third party. This was a huge breakthrough for means of exchange, and a big solution to a lot of problems. Transactions usually go through two or more parties for reasons of trust, but now trust can be manufactured simply through a complex code.