Bitcoin – Covering Up History

 

So, it has been more than a decade since Bitcoin came into our lives. A few months after the whitepapers were published, Bitcoin landed in the first-of-its-kind crypto environment in January of 2009. Moreover, you have to be thankful to the person whose relentless work took it to fruition. It is none other than Satoshi Nakamoto. At that time, Bitcoin’s price was quite low. So, it did not garner the kind of attention it has today. Then suddenly, Nakamoto vanished from the scene, and the digital currency took its own course.

The Eventuality of a Looming Crisis

In the year 2008, the banking and finance industry was going through a tumultuous phase. Furthermore, the Great Recession was at its peak. Before Bitcoin, many other inventors had tried their hands at creating digital cash, but none succeeded. So, you can say that the Bitcoin was born under the reigns of the crisis around real money. Until then, the money market funds were doing good. Then all of a sudden it was famished. $3 trillion was already invested in such markets. But, as they promised very high returns, they carried 100% the risk. Anyone who had some amount of risk-taking ability could get the most out of the money market.

But after Lehman’s bankruptcy, it fell flat. That is when the government and the people, in general started looking for alternate modes to generate money. There were several options, like strengthening the rules surrounding financial institutions, making them more stable, or to create an entirely new system. So, in cam Bitcoin at this stage, and everybody started taking it seriously. Well! To be precise, you cannot see Bitcoin. So, it is speculative as an investment. This internet-based currency operated without an intermediary. It became the possible answer to all of society’s possible anxieties.

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