Have you ever thought of the money that we cannot touch, feel, see. In my opinion, we were not supposed to imagine this thing. The Money which has no government control, no regulations. Here comes the BITCOIN. After getting through this revolutionary concept, I got really excited and decided to go into detail. I want you to read detail blog to understand the concept of Bitcoin to get it, keep patience.
EVOLUTION OF MONEY
Firstly we will try to analyze, how the money got changed from era to era. The first stage of money started as barter exchange. Then there were precious metal coins. These coins were made up of gold, silver. After this period metals having minimum numismatic value were used. Metals used were aluminum. These coins are still in use.
Then it comes to our present money called paper currency. These currencies are of regular use. Thereafter, Bitcoin came into the picture. Bitcoin is a digital currency, which changed all the concepts of earlier money.
In Nov 2008, One man with mysterious face left one white paper to change the current scenario of the Money. His name was SATOSHI NAKAMOTO. No one has ever been able to know him very well, some people have just been able to chat in email box with him. It’s still a big debate regarding the nationality of Satoshi Nakamoto. Many people talks that He was from Japan. But after listening to his English It is said that He is from the US.
HOW BITCOIN CAME INTO ORIGINATION?
In 2008, Lehman brothers bank was collapsed. People began to lose their faith and confidence from banks. Nearly about six weeks financial markets were ruined by this incidence. Thereafter On 2nd November, One white paper got known on the website. This white paper gave the birth to cryptocurrency called Bitcoins. This white paper was published by none other than Satoshi Nakamoto, the most visionary man. For details, you can download pdf of white paper here
People of same thinking when come together can create the history. The same happened with Bitcoin. When white paper got spread in the market, People got interested. The thought process behind this was that Banks are real terrorists of financial markets. Literally, People who supported the bitcoin were of the same psychology. Just imagine and try to guess, How many transactions really happen in banks for the total month? Bank transactions for oct 2017.
Firstly, I want to clarify that above file has been downloaded from RBI’s statistics. So such large number of transactions take place every month. If you multiply it by the small percentage as commission or fees, it will be the huge amount. That people don’t like. So they decided, why we need the third party to handle my own money. I can easily manage my own money very well.
We live in the society where our money is in control of the third party, regulators. Every transaction that takes place is under surveillance of government. But In Bitcoin, No one owes to you anything and you don’t owe to anyone anything. I will explain this very early. Just chill for now. Bitcoin is based on ownership where no one can sense it, no one can see it, no one can try to freeze it.
Hope you have enjoyed the article. If you have any queries regarding to this topic feel free to contact me!
