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This message is the one that Satoshi Nakamoto included in the genesis block of the Bitcoin network on January 3, 2009. The official launch of the Bitcoin network took place a few weeks after the presentation of the Bitcoin project to the world on October 31, 2008.
The message that was written in the Bitcoin genesis block, as well as the timing of the presentation of the Bitcoin Network, made everyone think that Bitcoin was an answer to the financial crisis of 2008.
Indeed, when Satoshi Nakamoto presented his unique invention to the world, the world had just been hit hard by a financial crisis. From then on, the shortcut was easy to take. In reality, Bitcoin is much more than just an answer to the financial crisis of 2008.
Bitcoin must be seen as the Great Reset of the current monetary and financial system. By addressing the problems of this flawed and outdated system, Bitcoin is also an answer to the financial crisis of 2008. Nevertheless, make no mistake, the scope of Bitcoin is much broader.
Moreover, if Satoshi Nakamoto officially presented Bitcoin on October 31, 2008, by publishing his white paper on the Internet, you can imagine that he had been working on it for many months. Such an invention could not be conceived in only a few weeks. However, the financial crisis of 2008 took over the world at the very beginning of autumn 2008.
Thus, Satoshi Nakamoto had already designed the outline of Bitcoin long before the financial crisis of 2008.
In February 2009, Satoshi Nakamoto gave more details on the reasons that had pushed him to create Bitcoin:
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”
For Satoshi Nakamoto, the current system suffered from a major problem: the excessive power granted to bankers. First of all to the central bankers. This unrepresentative minority of the people can print as much money out of thin air as they deem necessary.
The consequences of this perpetual debasement are a generalized impoverishment, slow but certain, of the majority of the world’s population. Faced with these arbitrary and unjust decisions, the people have no say.
Next, Satoshi Nakamoto thought of the problems of private bankers who abuse the trust of their clients. Their behavior is guided by greed and also marked by corruption. These human feelings make it impossible to trust them so as not to cause waves of credit bubbles with barely a fraction in reserve.
These private bankers charge their clients far too much while having an inordinate power of censorship. A banker has full power over the fruits of your labor. He can decide to confiscate your money or prevent you from carrying out the transactions of your choice.
Satoshi Nakamoto had identified the original sin of the current system. It suffers from seven others that will sooner or later lead to his loss
He, therefore, decided to propose a solution so that the people would be able to regain power over money. This is how Bitcoin was born in the mind of Satoshi Nakamoto. In his white paper, Satoshi Nakamoto describes Bitcoin as “A Peer-to-Peer Electronic Cash System”. Bitcoin is the first successful implementation of a digital currency.
Satoshi Nakamoto explains why, in his opinion, all attempts before Bitcoin had failed:
“A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.”
Bitcoin has succeeded where others have failed thanks to the decentralization of its network. Bitcoin is P2P money that belongs to the people. By offering his unique invention to the people of the Earth as a magnificent gift, Satoshi Nakamoto made the decision that allowed Bitcoin to become the money of the people supported by the people.
In the Bitcoin world, all users have equal weight. Bitcoin is a true democracy that responds only to the rules of its source code. These rules have never changed since Bitcoin’s creation more than twelve years ago now. In a world as uncertain as the one we live in, Bitcoin gives you incredible guarantees.
With Bitcoin, no one can decide to debase the circulating supply. There will never be more than 21 million BTC in circulation. The majority of Bitcoin users have no interest in changing this essential rule. Likewise, Bitcoin’s programmatic monetary policy allows you to predict the inflation of the supply of new Bitcoins while having an inescapable side.
You know exactly what to expect with Bitcoin. If you buy Bitcoin, you do so with full knowledge of the facts. Today’s rules will also be tomorrow’s rules with Bitcoin. De facto, you can have absolute confidence in the Bitcoin network. By buying Bitcoin, you are choosing the laws of mathematics over the arbitrary side of human beings who always end up giving in to corruption.
Final Thoughts
Bitcoin addresses the problem of trust in society by giving power back to the people. Because Bitcoin is above all about power. Bitcoin aims to give power back to every inhabitant of the Earth when it comes to money. Once this power is restored, you can live your life on your own terms
This is the system that Bitcoin offers to all its users. Much more than a simple answer to the financial crisis of 2008, Bitcoin is the perfect embodiment of the Great Reset of the current system. More and more people will realize this in the years to come. If you still have the choice to buy Bitcoin or not today, you will see in the future that it will become an obligation to protect yourself from the unfairness of the current system.
Time is on Bitcoin’s side. Its success is simply inevitable because no one can stop a popular revolution like this when it has achieved the success that Bitcoin has already achieved.
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