You probably think you know a lot about Bitcoin, you know what it is, you sort of know how it works and you certainly know what it’s worth, or at least, you know what your Bitcoin is worth,ask yourself this question though, how much do you know about Bitcoins origins and where all of this actually came from?
The birth of Bitcoin is often debated, though many believe that Bitcoin came from the mysterious Satoshi Nakamoto, the father of the blockchain. The identity of Nakamoto is of course unknown, they could be a man, a woman, a child, or even a group of individuals – nobody actually knows. The general consensus for the origin of Bitcoin however goes something like this:
“Bitcoin is the first implementation of a concept called cryptocurrency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.”
Thanks to open-sourcing and decentralisation, the idea of Bitcoin presented by Nakamoto has grown into an entire industry, one that has created thousands of jobs and has nursed the development of a new culture, one that is heavily driven by financial technologies.
So, why was Bitcoin created? Bitcoin was created during a time of financial innovation, thanks to global recession and a general feeling of angst towards banks and those who control our money.