By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: Why Bitcoin was Created
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Shayne Heffernan on Investments > Education > Why Bitcoin was Created
Education

Why Bitcoin was Created

TimeChain Evangelist
Last updated: June 16, 2023 9:25 pm
TimeChain Evangelist
Share
6 Min Read
genesisblock
SHARE

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamoto

The post 1971 debt based fiat currency system requires trust at all levels. In other words, it’s all a game of confidence with a pre assumption that all debts will be paid off at the end, which is never the case. The need to trust central banks to not inflate the monetary base can be attributed to fiat money lacking a scarce anchor element. Not only that, but users of money need to also trust the issuing authorities and organizations to transact with the money freely.

This trust has breached multiple times in history, with the Global Financial Crisis of 08/09 being the most severe of the examples. Bitcoin was created to be a decentralized digital form of money that does not require a trust element for transacting and custody. Additionally, it cannot be debased as the monetary policy and supply issuance schedule is open source, verifiable, and audited every 10 minutes, in real time. 

The motivation behind the bitcoin’s inception can be easily understood from this perspective and becomes even more clear by looking at the genesis block of the bitcoin blockchain. Inscribed into the first block is a reference that reads “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks”. Satoshi Nakamoto has managed to engineer scarcity into a digital form, and with natural selection having played roles in historical adoptions of different forms of money, the future is looking very bright.

Bitcoin has been around for over a decade, and in that time it has had a profound impact on the world. The cryptocurrency has revolutionized the way we think about money, and its underlying blockchain technology has the potential to change many other industries as well.

One of the most significant ways that Bitcoin has changed the world is by providing a more secure and efficient way to transfer money. Traditional financial systems rely on third-party intermediaries, such as banks, to process transactions. This can be slow, expensive, and vulnerable to fraud. Bitcoin, on the other hand, is a peer-to-peer system that allows users to send and receive money directly with each other. This eliminates the need for intermediaries, making transactions faster, cheaper, and more secure.

Another way that Bitcoin has changed the world is by giving people more control over their finances. In traditional financial systems, users have to trust their banks to hold their money and process their transactions. This can be a problem if the bank is corrupt or if it goes bankrupt. Bitcoin, on the other hand, is a decentralized system that is not controlled by any central authority. This means that users have complete control over their own money, and they are not at the mercy of banks or governments.

The blockchain technology that underlies Bitcoin has the potential to change many other industries as well. For example, the blockchain could be used to track the provenance of goods, to create more secure voting systems, or to create decentralized applications. The possibilities are endless, and it will be interesting to see how the blockchain technology develops in the years to come.

Of course, Bitcoin is not without its critics. Some people argue that it is too volatile to be a reliable currency, and others worry about its environmental impact. However, the potential benefits of Bitcoin are too great to ignore. The cryptocurrency has the potential to revolutionize the way we think about money, and its underlying blockchain technology could change many other industries as well.

Here are some of the specific ways that Bitcoin has changed the world:

  • It has created a new way to store and transfer value. Bitcoin is a digital currency that is not subject to government or financial institution control. This makes it a more secure and efficient way to store and transfer value than traditional fiat currencies.
  • It has led to the development of new technologies. The blockchain technology that underlies Bitcoin has the potential to be used in a variety of other applications, such as supply chain management, voting systems, and smart contracts.
  • It has challenged the status quo. Bitcoin has forced the traditional financial system to take notice of cryptocurrencies and to consider how they could be used to improve the way that money is transferred and stored.

It is still too early to say how Bitcoin will ultimately change the world, but it is clear that it has already had a significant impact. The cryptocurrency has the potential to revolutionize the way we think about money, and its underlying blockchain technology could have a profound impact on many other industries.

You Might Also Like

St. Francis: The Deeds You Do Today

Tokenization and the Future of Financial Markets

InfoFi: The Latest Abomination in Crypto

Asia’s Growth Resilience Amid U.S. Tariffs

What We Know Exists in the Epstein Files

TAGGED:BanksBitcoincommodities

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Screenshot 2023 06 09 112019 Trump Informed of Indictment
Next Article 5fcf2d0e7b0b3 Goldman Sachs Forecasts Sluggish Growth Amid Higher Inflation Concerns
Buy Bitcoin

Buy Bitcoin

Latest News

Ethereum Co Founder Supports Coin Center with 320 ETH
Ethereum Trading Outlook
Crypto Ethereum Featured Headline News KXCO Opinion Shayne Heffernan Shayne Heffernan Shayne Heffernan on Investments USD July 8, 2025
shayne heffernan bitcoin
Bitcoin Trading Outlook
America Bitcoin Bitcoin Technicals Education Featured Gold Headline News Knightsbridge KXCO KXCO KXCO Guide Opinion Politics Shayne Heffernan Shayne Heffernan Shayne Heffernan on Investments Sovereign Individual Strategy USD July 8, 2025
mj 618 348 the prophet of paranoia
The 20 Great Quotes of John McAfee
Bitcoin Headline News Most Popular Opinion Politics Shayne Heffernan Shayne Heffernan Shayne Heffernan on Investments July 6, 2025
image 36
New Cold War Looms as Tariffs Shift from Trade to Politics
Bitcoin Economy Headline News KXCO KXCO KXCO Guide Opinion Politics Shayne Heffernan Stablecoins July 6, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?