The Genesis of Bitcoin & it's Begining

The Genesis of Bitcoin & it's Begining

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Day 3: What is Bitcoin? 🧑‍🚀

Bitcoin was created in 2009 by Satoshi Nakamoto to be a “peer-to-peer electronic cash system.” (whitepaper)

Before we cover what Bitcoin is, let’s talk about what money is overall.

What is money?

Most people think of money as the bill you hand in at the local store. However, that’s far from the whole picture. Money developed in four main stages:

Collectibles (e.g., shells, rare gems)

Store of value (e.g., gold)

Medium of exchange (e.g., commodities)

Unit of account (e.g., Dollars, Euro)

Many people dismiss Bitcoin because they believe the price will never stabilize to be a reliable currency.

However, that doesn’t mean that bitcoin can’t serve a different purpose.

Today it’s primarily used as a store of value like digital gold.

Fiat money, central governments, and inflation
In 1971, Nixon took the USD off of the gold standard.

That means the Federal Reserve controls the money supply to manage the economy as they see fit.

The USD today does not have intrinsic value. Instead, it’s backed by people’s trust in the government.

A major problem with fiat money is inflation.

When faced with a crisis like COVID, a common solution is to print more money to keep the economy afloat.

The US inflation rate is 6.8% as of December 2021, a 39 year high.

Other countries have experienced even worse inflation problems (e.g., Zimbabwe hyperinflation).

How Bitcoin is different

Satoshi published the Bitcoin whitepaper in 2008, right as the global economy was in recession.

The whitepaper highlighted how Bitcoin is different from fiat money in several key ways:

Decentralized: Bitcoin provides a solution to a centuries-old problem in Computer Science - the Byzantine Generals’ problem.

As explained in our blockchain guide, Satoshi designed a proof of work consensus mechanism that allowed parties to agree on a single truth without relying on middlemen.

Open:

Bitcoin takes the ledgers that banks control today and makes them open source so that anyone can see the transactions.

Immutable:

Bitcoin’s rules are baked into code on the blockchain and therefore can’t be changed.

The most important rule is that there can only ever be 21 million bitcoin ever. No government can change that requirement

Block chain assets are essentiall digital money by the people, for the people.

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