Episode 1-From Barter to Bitcoin In the past, we used objects such as shells, Or gems, as a bargaining chip. Their rarity makes it possible to ensure their value. Then use paper money. The advantage of paper money is that the production cost is extremely low Relative to the value of goods that can be exchanged.
However, their exchange value is guaranteed by the government. It is a so-called fiduciary currency, which is based on the confidence of its issuer. Another upheaval in currency, the digital revolution. With the Internet, we have gone from paper money to dematerialized accounts. When we receive our salary, our bank account will be credited And deducted when we buy. Only banks can manage our bank accounts.
But during the 2008 global financial crisis, the Fed Use its influence to increase the supply and circulation of money. Is it really reasonable? A stranger named Satoshi Nakamoto did not want to endure this dependence on the central bank, He envisioned a new payment system where everyone has management rights, In the case of independent control of the money supply, Transaction records are completely transparent. This is the driving principle behind the origin of Bitcoin.
We will explore together in a hundred small and short episodes, In just two minutes, this wonderful history of Bitcoin, And more general blockchain technology. So, subscribe to the rest! Goodbye!.