{"id":2848,"date":"2020-01-17T10:23:12","date_gmt":"2020-01-17T10:23:12","guid":{"rendered":"https:\/\/paybis.com\/blog\/?page_id=2848"},"modified":"2023-07-21T12:52:46","modified_gmt":"2023-07-21T12:52:46","slug":"when-bitcoin-was-created","status":"publish","type":"post","link":"https:\/\/paybis.com\/blog\/when-bitcoin-was-created\/","title":{"rendered":"When Bitcoin Was Created &#8211; A Brief Look Into Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When Bitcoin was created, no one would have imagined how steep its growth curve could be. But how did its popularity start?<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">When was the Bitcoin whitepaper released?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On October 31, 2018,<\/span><a href=\"https:\/\/paybis.com\/blog\/who-is-satoshi-nakamoto\/\"> <span style=\"font-weight: 400;\">Satoshi Nakamoto<\/span><\/a><span style=\"font-weight: 400;\"> sent the<\/span><a href=\"https:\/\/paybis.com\/blog\/the-history-of-bitcoin\/\"> <span style=\"font-weight: 400;\">Bitcoin whitepaper<\/span><\/a><span style=\"font-weight: 400;\"> through an email newsletter to a group of people more commonly known as \u201cThe Cypherpunk Community\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The revolutionary<\/span><a href=\"https:\/\/bitcoin.org\/bitcoin.pdf\"> <span style=\"font-weight: 400;\">whitepaper<\/span><\/a><span style=\"font-weight: 400;\"> explained the main properties of Bitcoin, its objectives, and the benefits of the system in comparison to traditional money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How did the world look like when Bitcoin was created?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The<a href=\"https:\/\/www.thebalance.com\/is-bitcoin-the-answer-in-a-financial-crisis-391275\"> <span style=\"font-weight: 400;\">global financial crisis<\/span><\/a><span style=\"font-weight: 400;\"> in 2008 plunged many countries into a recession. Many residents of afflicted countries suffered the aftermath, due to the centralized financial system.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Greece, for example, incurred a huge amount of debt and suffered severely. The country\u2019s 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Is Bitcoin still \u201cnecessary\u201d?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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\u2019 data with other third parties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin is necessary, as governments are trying to assert more control over their citizens. They do this by creating systems that practically eliminate privacy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And, aside from privacy, the public is also moving to business models that promote complete transparency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Blockchain-based businesses do this very effectively, and this trend is expected to continue and grow in the years to come.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cThe Cypherpunk Community\u201d. The [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,41,132],"tags":[164,199,229],"businesses_tag":[],"class_list":["post-2848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-educational-guides","category-bitcoin","category-individuals","tag-bitcoin","tag-education","tag-history"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When Bitcoin Was Created - A Brief Look Into Bitcoin - Paybis Blog<\/title>\n<meta name=\"description\" content=\"Many people wonder how the world looked like when Bitcoin was created. 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