In 2008, an 8-page white paper outlined a new form of money. Today, we celebrate the 15th anniversary of Bitcoin.
On October 31, 2008, an anonymous entity named Satoshi Nakamoto published a white paper for a decentralized, “peer-to-peer electronic cash system.”
The Bitcoin white paper was a direct response to the systemic weaknesses laid bare in the 2008 financial crisis. With its fixed supply and decentralized nature, it proposed a radical alternative to the world’s government-issued money systems.
One million drachma, Greece, 1944
The problem: politicization of money
Government-issued money derives its value from the trust its holders have in the institutions that issue and manage it, like the central banks.
These institutions benefit from having a good reputation for governance. But levels of trust citizens have in them vary ov ..
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