Bitcoin history and why it was created

Credit:Bettmann Archive

Bitcoin History can be traced back to 2008 and its creation.  The factors that led to Bitcoin trace all the way back to 15^th century Italy, when the modern banking system was created.  Those who saved their earnings could put their money safely in a bank and those who needed to borrow could pull that money out paying it back in interest at a later time. 

This made sense for both parties, and the bank would keep track of the ledger of payments becoming the trust between two strangers doing business.  This system wasn’t about physical currency as much as organizing, creating, sharing a countries debts and payments all in a central banking system.

Criminality and fraud are systemic in our banking system.  Bitcoin's computer algorithms are not greedy, they don't scam, and they are completely open to audits by anyone at anytime unlike the banking ledger.  Banking ledgers are top secret and regular people are unaware of corruption and misdeeds done in darkness.  

Taking some power away from these centralized figures is such an enticing prospect.   Bitcoin's history is short but it really is the next step in money.

Cryptography allows a person to send and receive Bitcoin anonymously, although as the transactions are public, they are traceable through the exchanges it was purchased from as you have to tie your bank account, name, id to the Exchange where they were bought.  Monero is an example of cryptocurrency which is untraceable.

This has given individuals in societies such as Afghanistan which does not allow their female population to have a bank account the ability to actually enter into society on an equal footing.  This brings small countries with antiquated banking systems the potential to compete in the global system.