The Success Story of Bitcoin: How an Unknown Became an International Sensation

It has come to be popularly known as Bitcoin, but remains the first global cryptocurrency in the world. That, by itself, is a testament to this being the world’s first global financial power ever. Since its very genesis into existence in 2008, this article has seen upset headwaters to and through industries; changed banking structures; and opened the avenues for decentralized finance. There was never technological innovation involved; it had only been a change in culture; an economic transformation; a social transformation.

The Concept of Bitcoin: Revolution

In 2008, one or more persons going by the name Satoshi Nakamoto conceptualized the bitcoin. Not long after the international financial crisis that shook the world in the year 2008, Nakamoto presented peer-to-peer electronic cash, middlemen-free just like the banks, through which the peers can execute their direct transactions with each other. In 2008, a person named Satoshi Nakamoto has conceptualized the bitcoin in what is popularly called “Bitcoin: A Peer-to-Peer Electronic Cash System.”.

The beauty of Bitcoin is that it is decentralized, meaning it does not fall under any central authority, whether it is a government or a bank. Its authenticity is made through nodes, which is the network of computers through mining to ensure security and integrity. It will therefore resist censorship and manipulation, something that traditional currency cannot do.