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Why was Bitcoin created?

This is an important question that often goes unasked in most modern discussions about Bitcoin.

But to answer this question is to peer into the very heart of the decentralised revolution and to discover the meaning of crypto’s true value.

According to the Satoshi Nakamoto Whitepaper , the Bitcoin protocol was invented in response to the financial crisis of 2008/2009. The crisis of 2008 saw the global economic and financial system brought to its knees by international banks.

In the eyes of the person or group who wrote the Bitcoin white paper, a new method of conducting financial transactions was necessary in the wake of this epic financial calamity.

Given that banks have trillions in derivatives on their books and only have a tiny fraction of capital to fall back on should those derivatives go bad, there needs to be a better way for individuals and institutions alike to store and exchange value.


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