Bitcoin is the world's first globally adopted cryptocurrency. However, it is more than just a form of money, it is a collection of concepts and technologies that form the basis of a digital currency ecosystem.
What do I mean by that? Well, that's where our learning journey begins. In the story behind the creation of Bitcoin the name of Satoshi Nakamoto, a pseudonymous person who described the concept of Bitcoin in a white paper in 2008, has often been mentioned.
Here's how the white paper's summary explains the concept in one sentence: "A purely peer-to-peer version of electronic money that would allow online payments to be sent directly from one party to another without going through a financial institution."
In other words, it is a system that allows us to store or transmit value without a third party as our intermediary. So why did Satoshi come up with the Bitcoin concept in the first place? What kind of problems was he trying to solve? What has been the most important factor in Bitcoin's global adoption?
Satoshi's white paper offered the world a solution to a question that had not been answered by the traditional banking system we use today, which is, "how do you transfer value between two people without a trusted intermediary in the middle?"
Satoshi stated that:
What is needed is an electronic payment system, based on crypto evidence rather than trust, that allows two willing parties to transact directly with each other.
Bitcoin allows two people to exchange value through a blockchain system in a more efficient, open and secure way.
