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The reports of Lehman Brothers Holdings Inc. that the company was bankrupt were the beginning of a new era of banking skepticism. Many people have lost faith in major financial institutions, as it has become clear that they were not safe custodians of hard-earned assets.
Efforts began to be addressed to independent solutions for accounting and asset keeping, and this is where the concept of decentralization, digitalisation, transparency and privacy came to the fore. Starting in November 2008, months after the devastating economic crisis, the Bitcoin Cryptocurrency and Blockchain technology have begun to make the rounds of the media and for the first time in decades there has been a new fintech approach to the world.
The Beginning of the Bitcoin
On November 1, 2018, Satoshi Nakamoto published a white paper on what was termed a "new electronic cash system" on a complete "peer to peer" platform without a third reliable part. The famous white paper drew a lot of attention and started to discuss if it was a new technology that the world needed to avoid disasters like the 2008 crisis. Up to now, the discussion is still ongoing but much has changed since then .
One of the key pillars of the new Bitcoin was the elimination of third parties (banks and financial institutions) that at that time seemed to have failed the public. Satoshi has ensured a decentralized and autonomous system that would have a complete detachment from the main system, but still has security aspects through the cryptographic features that are the basis of Crypto's trust test.
Satoshi's intention was to offer an alternative banking platform [19659004] In the events culminating in the 2008 financial crisis, banks had taken deposits from depositors and invested in credit investments, without their consent, mainly in real estate markets. Therefore, when the asset bubble has failed, borrowers have not been able to repay and the huge bad bonds have forced many banks to declare bankruptcy, compromising the wealth of the people in the process.
Bitcoin became a trusted creditor in which depositors / investors had full access to their portfolios and could keep track of their portfolios at all times. This form of new confidence meant that central / federal / reserve banks no longer had control because they had failed to curb unethical practices on the part of banks.
Bitcoin's journey has been phenomenal for almost a decade
Satoshi updated his dream on January 3, 2009 by extracting the first 50 BTCs. This has announced the beginning of Bitcoin, followed by Litecoin in 2011, Ethereum in 2015 and hundreds of other Cryptocurrencies.
At a collective market capitalization of over $ 200 billion, digital assets are reshaping the global economy and offering a new financial dimension services that are driving the adoption of the emerging Blockchain technology. This is mainly possible through the ICOs, interest tokens and proposed ETFs that can be instrumental in capital formation for Clockchain startups.
Time Will Depend on the Future
Satoshi meant that Bitcoin would be a currency, but since then it has turned out to be more a digital asset along with all other Cryptocurrencies and tokens.
In addition, the price of Bitcoin, which determines the performance of the Crypto markets, was volatile on its $ 1 trip in 2010 to $ 20,000 + and now $ 6,444-. In this regard, time and other developments will determine the path of Cryptocurrencies in the future.
