When Bitcoin Was Created – A Brief Look Into Bitcoin
When Bitcoin was created, no one would have imagined how steep its growth curve could be. But how did its popularity start?
When was the Bitcoin whitepaper released?
On October 31, 2018, Satoshi Nakamoto sent the Bitcoin whitepaper through an email newsletter to a group of people more commonly known as “The Cypherpunk Community”.
The revolutionary whitepaper explained the main properties of Bitcoin, its objectives, and the benefits of the system in comparison to traditional money.
The goal of Bitcoin is to revolutionize the traditional financial system into a new online payment system. And this happens by implementing cryptographic proof instead of trust towards the system.
How did the world look like when Bitcoin was created?
The global financial crisis in 2008 plunged many countries into a recession. Many residents of afflicted countries suffered the aftermath, due to the centralized financial system.
Greece, for example, incurred a huge amount of debt and suffered severely. The country’s banks closed for a week, leaving customers worried if they can still withdraw their money. Later on, the average salaries of the country decreased and unemployment has been steadily increasing to this day.
Not only did this unfortunate event cause both individual and trade tension, but it also got many people thinking of the best ways to maintain the value of their money.
Is Bitcoin still “necessary”?
Yes, Bitcoin is important more than ever because it offers increased privacy and decentralization. This happens at a time where banks, governments, and financial institutions collect and share users’ data with other third parties.
Bitcoin is necessary, as governments are trying to assert more control over their citizens. They do this by creating systems that practically eliminate privacy.
And, aside from privacy, the public is also moving to business models that promote complete transparency.
Blockchain-based businesses do this very effectively, and this trend is expected to continue and grow in the years to come.
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