Where Did Bitcoin Come From
Origin of Bitcoin
2008 Financial Crisis…
After the aftermath of the 2008 Financial Crisis people from all over the world felt the effects of
the weakening economy. Interest rates dropped to nearly zero while central banks flooded the markets with liquidity to avoid a duplication of the 1930s Great Depression. Still to this day there are many countries that are continuing to struggle as their own fiat currencies are depreciating.
Our global institutes that were the root cause behind the 2008 Crisis were never held accountable but instead joined forces with our governments. Our governments then proceeded to bail out the very same financial institutes and bankers whose reckless behavior had brought about the crisis in the first place. This entail further devalued our fiat currencies which has lead to an increase in taxpayers liabilities and the trillions and trillions of dollars of debt.
The Bitcoin Software Developer…
It was as this point that developer Satoshi Nakamoto created the Bitcoin Protocol Software a decentralized financial system that is not owned by any Government agency or controlled by any Central Bank. Satoshi and other Cryptographers wanted to develop a worldwide currency that was completely different from our current financial infrastructure that was going to be the disruptive
technology of the banking industry.
Where did Bitcoin come from?
The protocol software that was released in 2009 over the world wide web for Bitcoin is a Deflationary Currency with no more than 21 million Bitcoin being released worldwide with the last one being released in the year 2140. The core Bitcoin technology known as a blockchain has been open source from the beginning for everybody to see.
The protocol was set up beginning with 50 Bitcoin being released every 10 minutes and that amount going in half every 4 years until the year 2140. Unlike our current inflationary fiat currencies this means that less and less of an asset is made available to the world market as more and more people around the world start using the asset which will cause the price to rise and the value of the asset increases.
The Beginning Of The Internet…
Cast your mind back to when the Internet first got started around 1994 the general consensus was
that people were very skeptical of a technology that they new very little about. As evolvement and education occurred and companies such as Google, Facebook, Youtube and Amazon appeared this introduced people to a new way of communication and doing business anywhere in the world simply by using a computer, that skepticism was soon forgotten.
Bitcoin and it’s technology right now is where the internet was in 1994. People are very skeptical as they know very little about the function of this new technology, how it works and the advantages that it has over our current monitory systems.
The Distinguishing Factor…
The key factor that distinguishes Bitcoin apart is that it’s the first decentralized digital currency. What this means is that everybody is apart of the Bitcoin ecosystem, and you can contribute or be involved in anyway that you would like to.
Bitcoin is a peer-to-peer network which belongs to everybody. You do not have to rely on any bank, government or middleman so to speak. Anybody in the world can use Bitocoin for exchange of goods and services or you can set up your own business and accept Bitcoin payments in a matter of minutes.
Bitcoin and Papa John’s Pizza…
The value of the first recorded Bitcoin transaction happened in 2010 when a Papa John’s pizza business accepted 10,000 Bitcoins for 2 pizza’s. The value of Bitcoin was soon set to fractions of a cent a Bitcoin in 2010. One Bitcoin is now worth hundreds of dollars and is estimated to reach $10,000 per Bitcoin by 2020. Click Here.