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.
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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.
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