The essence of a cryptocurrency is spelled out, literally, it’s right there: Crypto, meaning secret. Bitcoin circa 2008/2009, the peer-to-peer, digital medium of exchange which both:
- Assures user confidentiality/anonymity.
- Makes available a public ledger open to the users to disclose the nature of each and every last transaction – full transparency of historical transactions.
This was indeed unique. Individual users are able to conceal their privacy. Blockchain technology allows for a real-time distributed ledger. This ledger is available on a decentralized network of computers shows exactly how much Bitcoin is out there; preventing people from spending the same token twice (amongst other safeguards).
Many people came to immediately appreciate this unique viability. This duality is what allowed for a medium of exchange that could function outside of the traditional, usurious banking system.
Many people that were the early users saw that this feature set was compromised early, a decade…
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