👀 Historical Background
In 2008, due to the U.S. subprime mortgage crisis, a global financial crisis ensued, resulting in numerous bank failures, market collapses, and economic recession, with millions unemployed.
🎯 The Birth of Bitcoin
On October 31, 2008, someone named Satoshi Nakamoto published a white paper titled (Bitcoin: A Peer-to-Peer Electronic Cash System) in a secret cryptographic discussion group. On January 3, 2009, Satoshi Nakamoto created the first block, the Genesis Block, in the Bitcoin network, marking the official birth of Bitcoin.
💡 What is Currency?
To understand what Bitcoin is, one must first understand what currency is. Currency is issued by a country and is not only used as a medium for commodity exchange but also as a measure of value, a store of value, and a means of payment. Monetary policy is an important tool for a country to regulate the macroeconomy, but what constitutes currency? Trust! Consensus.