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History of Crypto: Bitcoin — Satoshi Nakamoto’s response to the global financial crisis

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Discover the story of Satoshi Nakamoto and the emergence of Bitcoin amid the 2008 financial crisis. Witness the birth of a new era in finance, marked by a decentralized, peer-to-peer electronic cash system.

In 2008, at the height of the global financial crisis, an anonymous figure named Satoshi Nakamoto proposed Bitcoin, a groundbreaking electronic cash system.

At the time, the world was in the thick of the 2007–2008 global financial crisis, one of the most severe worldwide economic crises in recent decades. The event has been attributed to the excessive risk-taking of international financial institutions, a build-up of toxic assets within banks, and the bursting of the United States housing bubble.

On Jan. 12, 2009, the world’s first Bitcoin transaction took place when Nakamoto sent 10 BTC to the American programmer Hal Finney. Finney was a regular poster on the cypherpunk mailing list and was one of the earliest adopters of Bitcoin.Fast forward to 2010, events like the iconic Bitcoin Pizza Day and the establishment of the now-defunct Mt. Gox exchange happened. On May 22, 2010, programmer Laszlo Hanyecz offered 10,000 Bitcoin for two large pizzas at the BitcoinTalk online forum.

 

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