Bitcoin was proposed as a solution to eradicate the middlemen from the transaction process.
It was introduced by the anonymous programmer Satoshi Nakamoto in 2008.
Bitcoin is not freedom-oriented and could cause a threat to the state and its power.
Bitcoin is a digital currency that aims to do away with all our problems. Paying for things online you may think that our system is pretty good but everything we buy today has to go through a bank or credit card company that takes a part of it as a transaction fee and works solely on our trust that they are doing everything right.
After a while, those payments start to build up and added to that is security you have to trust your card company to keep your details safe. Many people have tried to think of a solution that eradicates the role of the middlemen from the payment system, but this gives rise to another problem, how do you prove to anyone that you have actually paid for something or you had that money? This problem is called the double spending problem.
Finally, in 2008, a solution came to the market. An anonymous programmer Satoshi Nakamoto proposed a currency system that solved all of these problems. He left a paper on a popular cryptography blog.
His proposal was that instead of a bank or credit card company recording every transaction in one central ledger, all users would record all of the transactions simultaneously. As a result, any attempt to fool the community would be noticed and the payment will be rejected. No person, government or bank has control over all transactions and the power to dismiss anything at any time. It will be thus, a cheaper, quicker, easier and safer way to spend money even across national borders.
This solution is Bitcoin. Bitcoin in no time after the proposal started to have an impact on people’s life. People within months started using Bitcoin to buy and sell goods. Many people profited heavily from the early investment in Bitcoin, while some incurred high losses too and people are then asking companies to buy up the Bitcoins.
But it is not possible as it is designed in a way that a limited amount of Bitcoin can only be circulated and this has created so much uncertainty that some people genuinely think this is the future, and others are terrified it could destroy our economy but many from both sides agree that if we could get bitcoin to work or something like that we can actually build a currency system without the middlemen and can actually be trusted then the way the world economy functions could be transformed for the better.
Since the adoption of Bitcoin in 2009, Bitcoin had a great impact on the economy and its use case is growing with each passing day. But, we still don’t know the true intentions behind creating Bitcoin because of the anonymous nature of the creator, Satoshi Nakamoto. Though, it is widely believed that Bitcoin was created as a result of the 2008 Global Financial Crisis.
But, it is widely believed that if the masses become freedom-minded and more importantly, freedom-oriented, bitcoin will never win. It is argued that Bitcoin is a threat to the state and its power. But the masses will continue to use it because it works even though they don’t understand why or how.