Pixabay
In the past, there were numerous experiments deployed to create digital money but all to no avail. With "trust" being an unending issue. For instance, someone creates a new currency called Y dollar, how can the masses trust the person won't give himself a million Y dollars, or even steal you Y dollars from themselves. These issues have been going kept the ideology almost impossible until the emergence of Bitcoin and Blockchain.
Basically, Bitcoin was designed to help solve this quandary by utilizing a specific type of database known as the blockchain. Unlike other databases such as an SQL database that has someone who can change the entries (enriching themselves with a million Y dollars). Blockchain is very different, the reason is that nobody is in charge of it, it's only run by people who use it. This also makes it transparent and clear.
Speaking of transparency, it's actually one of the biggest concerns in the current industry. The majority of our traditional banks play on our ignorance of this. They do this by implementing more rules and regulations. Regardless, the fact that they are centralized institutions makes them not worthy to be transparent.
But with the emergence of blockchain, an organization, or firm can literally go for a full decentralized network where there is absolutely no need for centralized authority, which on the other hand improves the system's transparency.
If you find this interesting and useful please feel free to upvote and reblog ;)
Disclaimer: Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of the offering will not guarantee a return on your investment.