Who created Bitcoin?
Bitcoin was created in 2009 at the wake of the 2008 global financial crisis which exposed the inherent weakness in the current trust based global economic model. It was created by a pseudonymous person(s) known as Satoshi Nakamoto who first published the Bitcoin white paper. Click here to read the full history of Bitcoin. Since then Bitcoin has attracted a lot of attention all over the globe with many online stores already accepting payments in Bitcoin.Many people believe that blockchain technology will change the world and reshape our societies radically.
What is the purpose of Bitcoin?
There are tripartite intrinsic characteristics of Bitcoin. Firstly, because it allows you to move money so easily, Bitcoin functions as a payment system, similar to banks transfer or credit cards, only a bit better. Second, Bitcoin is in some sense similar to Gold in that it can function as a store of value. Many people even refer to it as ‘Digital Gold’ or Gold 2.0. Thirdly, Bitcoin is like the internet in that no single entity controls it, so anyone can pretty much use it like they want. From these, we can infer that there are three fundamental purpose of bitcoin:
1.As a store of value.
2.As a democratise consensus network
3.As a medium of exchange
Bitcoin was created in other to truly democratise the world by returning the power to have control over individual wealth and assets back to the people. This will restructure our society from a pyramid based economic with limited rooms at the top to a web where everyone has equal opportunities and where there are more consensus on what is valuable. The Bitcoin model is necessary in solving the next great challenge of our time which is: economic freedom.
YOU CAN ALSO READ: 10 reasons why Bitcoin is better than fiat currencies
Israel Martins is a cryptocurrency researcher and trader since 2016, passionate about blockchain and other emerging technologies.