Chaos and collapse in 2008. The subprime mortgage crisis led to the Fed printing squillions of dollars under the quantitative easing program. This was rapidly followed by a deep recession worldwide. The next event was the European Sovereign debt crisis which led to a loss of confidence in Government-issued currencies.
IT WAS FROM THE EYE OF THIS PERFECT STORM THAT EMERGED THE GREAT CRYPTOCURRENCY BITCOIN.
Since the birth of the internet, there have been movements to create virtual currencies. However early attempts could not solve the DOUBLE SPENDING problem. Put simply if digital money is just information then the same Token could be duplicated and spent twice. The way around this is to verify whether or not a token has been spent by a verified trusted source. Whilst a central authority could be used it also creates a weakness in the system by having a single breaking point. BITCOIN bypassed this by utilizing what’s called the blockchain a public ledger of transactions where each transaction is verified by an extensive, decentralized network of computers. AUGUST 2008 Bitcoin.org is registered.
“SATOSHI NAKAMOTO IS JAPANESE FOR “THINKING CLEARLY INSIDE THE FOUNDATION”
In OCTOBER 2008 BITCOIN DESIGN PAPER IS REGISTERED and thus Bitcoin was born. Satoshi Nakamoto likely a pseudonym is the founder of the protocol. No one knows the true identity of this person or group but what is know is- Satoshi Nakamoto is Japanese and the translation is rough “Thddainking clearly inside the foundation” Satoshi made a final programming contribution in 2010 and then the reigns were handed over to Gavin Andresen, Bitcoin’s current lead developer. In January 2009 The so-called genesis block is released along with some Bitcoin software and the first Bitcoin is available.