I think it’s very easy to get caught up in the hysteria that surrounds Bitcoin (BTC-USD)(COIN)(OTCQX:GBTC). With massive volatility, complex computer jargon, scammers and visionaries to the left and to the right, Bitcoin is either a revolution or rat poison depending who you talk to. But we must remember that before “crypto” was slang for cryptocurrencies, it referred to cryptography. And cryptography is one of the cornerstones of the information age.
Without cryptography, every message that was sent digitally would be readable by anyone who cared to listen in. Credit card numbers, the content of direct messages, purchase history, passwords, you name it. Without strong encryption, e-commerce would be completely impractical. This is kind of a big deal since e-commerce sales topped nearly $450 billion in 2017 and seems to do nothing but grow year over year.