With little over 13 years since inception, a digital currency whose early development was with vision of creating it more as store value was introduced online with decentralization as one of its edge over traditional currency along with no oversight and none intermediaries. It was great fitting response to the great recession crisis of the 2000s.
Inventions bring forth to criticism, controversies along with it. But despite its controversial and disruptive genesis, crypto currencies have flourished without middlemen and centralization. Digital revolution is far more significant that then invention of fiat as it has covered the flaws of traditional government issued currencies. One of the many powerhouses existing today, Bitcoin is the first cryptocurrency as we know it originated on block chain, Safely can be tagged as Father of all cryptos.
Conceived in 2008 as a proposed idea called as Bitcoin
So what is Bitcoin- It is a Peer-to-Peer Electronic Cash System, being released on October 31, 2008 within a year, a working, open-source version of the proposed system was created. It was introduced to the netizens as first viable 100% digital currency borne entirely on the net.
Mystery revolves around its originator, while the idea of conceiving is tagged to Satoshi Nakamoto, with clutched speculation of being an individual or it's a group of individuals. The paper and subsequent software imagined a currency freed from third-party interference with autonomy and security that may enable anyone to manoeuvre value between individuals without friction. At the time, and even continuing until today, it's a highly provocative idea because it largely eliminates the necessity for the vast global medium of exchange that has evolved over centuries. It circumvents the legal and regulatory frameworks that govern the worldwide medium of exchange, the premise of its design. Bitcoin has long been thought of as a response to the huge financial crisis of the 2000s, and a rejection of the tight controls and lack of monetary freedom imposed by large financial organizations and governments. At first, Bitcoin was considered somewhat of a novelty, but it quickly gained respect and followers. For several years, Bitcoin was utilized by a distinct segment group of enthusiasts, but like many new ideas and technologies, it finally broke into the mainstream, and today, represents a legitimate new style of currency. Today, while I’d argue it's still within the emergent phase, Bitcoin is widely known as a sort of payment or digital gold (store of value) and may be exchanged to and from with fiat currency and other crypto assets.
Satoshi Nakamoto, the person or group of person, worked out the way to make crypto work. There have been attempts at a digital currency before 2008, and a few had marginal success. The thought wasn't new, and lots of the projected benefits of a completely digital sort of money were already understood. But like such a lot of innovation and science, a replacement breakthrough entrant uses all the previous research, then assembles it in precisely the correct way, adding some new insight, and a tangle is solved. That is what happened with Bitcoin.
