Who invented Bitcoin? Part 1

Satoshi Nakamoto did.

Satoshi was the anonymous creator of Bitcoin. He solved the double spend problem which had flummoxed computer scientists for decades.

Although Satoshi created Bitcoin, the concept was built on the shoulders of cryptographic giants over a 40 year period. The blockchain & his anonymity were the final piece of the jigsaw was the necessary for the protocol to work without needing to trust anyone.

In January 2009, the Bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block, for a reward of 50 bitcoins. Embedded in the base of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

bitcoin birthday january 3rd
Satoshi embedded this front page headline into the first bitcoin block.

Bitcoin is a digital currency, that is native to the internet.

It was the first successful attempt to produce a currency independent of any central authority like a bank or Government. Trustless & transferable electronically from person to person instantly without the need to trust a middle man. With a fixed supply of 21 million. 

Bitcoin is provably scarce. Bitcoin is Unforgeable and Unconfiscatable. It works using a push system like physical cash that only the holder has the ability to spend. Or destroy.

It has grown up natively on the internet, and has naturally gained immunity against all that attack it. Including the central banks. The headline above that was embedded into the genesis block is proof that Satoshi’s work was the antidote to the virus of fractional reserve banking.

Check out what David Bowie said about the internet in 1999 below

Banks don’t like you saving.

They want you to borrow. New money is only created once someone takes out a loan. Banks are allowed to loan 10 X more than what they have. (This is fractional reserve banking and has been legal financial scam since 1971 when the dollar came off the gold standard.)

Banks don’t like Bitcoin because they cannot control it. Governments/Politicians don’t like bitcoin because it forces them to be disciplined while in office and not print money.

Banks do not want you to save. They offer you 0.1% on your savings. Yet they do it anyway. How have they not gone bankrupt yet? Because competition and risk does not exist in the banking sector. Whenever they make a mess of things, the government force the people, the tax payers to bail them out.

Until now.

Bitcoin as sound money will finally put all of these zombie fiat banks out of their misery. And humanity will be better off for it.

Bitcoin has the potential to end the banks inflation scam once and for all.

Why inflation is good for Government’s but bad for you.

Leave a Reply

Your email address will not be published. Required fields are marked *