2008 is the year when the global economic crisis is in full swing – the real estate bubble in the United States has burst and other countries are following suit. On 15 September, events reach their premature low point; the major US bank Lehman Brothers collapses. As a result, states are forced to bail out banks such as UBS and Commerzbank with large sums of money. The debt of many states rises to dizzying heights.
The Bitcoin story
Bitcoin was created at a time when many people had lost confidence in institutions such as central banks. Because Bitcoin is a decentralized monetary system that has no central authority, Bitcoin offers an alternative to ordinary currencies.
Around the same time, Satoshi Nakamoto published the white paper Bitcoin: a Peer-to-Peer Electronic Cash System. A 12-page document that is to change the financial world significantly. His famous white paper begins with the words
„A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.“
For example: „A pure peer-to-peer version of electronic cash allows online payments to be made directly from one party to another without the use of a financial institution“.
In other words: Bitcoin offers a technical alternative to the prevailing monetary system. An alternative in which everyone can be their own bank; an alternative in which there is no need to place trust in a third party. The motto of the crypto-community is therefore: Be your own bank.
The magic word here is: peer-to-peer. The possibility of sending money from participant to participant without having to resort to a bank. Because: Bitcoin is decentralized.