Bitcoin was developed and released in 2009 in response to an inherent flaw in the way
transactions were processed on the Internet. In his whitepaper, Nakamoto explains that
?Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for most
transactions, it still suffers from the inherent weaknesses of the trust based model?.
Since its original inception in 2009, Bitcoin has been rapidly adopted into today?s modern marketplaces. A
primary issue with Bitcoin?s rapid adoption is the increase of demand on the original blockchain to
handle varying degrees of large transactions. With increased demand comes increased
transactional waiting periods, and this has resulted in higher transactional fees in attempts to try
and speed-up transaction confirmation times.
The core innovation behind Bitcoin is its decentralized structure. Unlike traditional fiat
currencies, Bitcoin has no central control, no central repository of information, no central
management, and no central point of failure. However, one of the challenges facing Bitcoin is that
most of the actual e-services and e-businesses built around the Bitcoin ecosystem are centralized.
Due to the centralized nature of the current system, e-commerce is ran by individuals in specific
locations that utilize vulnerable computer systems, that are susceptible to legal entanglements.
Verge is one of the truly decentralized currencies available today due to its standing commitment
to building off of the core fundamentals of Bitcoin, while bringing an entirely new layer of anonymity