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Revolution, Digital Gold, Ponzi, Scam..
“Bitcoin” – almost everyone has an opinion on it! Bitcoin, along with other coins in Crypto Land, have seen a steep correction in last few days.
Let's use this fall to simplify and de-jargonize the complicated world of Bitcoin.
Thread 🧵
𝐎𝐫𝐢𝐠𝐢𝐧𝐬: Bitcoin was born in chaos, in the aftermath of 2008 financial crisis – banks collapsing, counter parties abetting on contracts and declining trust in Central banks. It was designed as a peer to peer decentralized monetary system devoid of intermediaries.
1/n
The domain https://t.co/OBNEySDYwS was registered in Aug 2008 and the Bitcoin paper (https://t.co/AHIwajbGWw) was published on Oct 31, 2008. This started the journey of Cryptocurrency.
Bookmark this visual comic form explanation of the whitepaper: https://t.co/6gEHGVV8UM
2/n
What is the debate on decentralization all about?
For both storing your money and for every transaction involving transfer of value, a financial intermediary or an administrator has been necessary before this. Such as Central Bank for Banking, SEC for securities, etc.
3/n
This was until a guy called Satoshi Nakamoto decided - No more middlemen!
That isn’t how Satoshi Nakamoto looks :)
Nobody knows how he looks. Nobody knows if such a person even exists. In words, no one knows who owns Bitcoin. This has been fodder for conspiracy theories.
4/n
“Bitcoin” – almost everyone has an opinion on it! Bitcoin, along with other coins in Crypto Land, have seen a steep correction in last few days.
Let's use this fall to simplify and de-jargonize the complicated world of Bitcoin.
Thread 🧵
𝐎𝐫𝐢𝐠𝐢𝐧𝐬: Bitcoin was born in chaos, in the aftermath of 2008 financial crisis – banks collapsing, counter parties abetting on contracts and declining trust in Central banks. It was designed as a peer to peer decentralized monetary system devoid of intermediaries.
1/n
The domain https://t.co/OBNEySDYwS was registered in Aug 2008 and the Bitcoin paper (https://t.co/AHIwajbGWw) was published on Oct 31, 2008. This started the journey of Cryptocurrency.
Bookmark this visual comic form explanation of the whitepaper: https://t.co/6gEHGVV8UM
2/n
What is the debate on decentralization all about?
For both storing your money and for every transaction involving transfer of value, a financial intermediary or an administrator has been necessary before this. Such as Central Bank for Banking, SEC for securities, etc.
3/n
This was until a guy called Satoshi Nakamoto decided - No more middlemen!
That isn’t how Satoshi Nakamoto looks :)
Nobody knows how he looks. Nobody knows if such a person even exists. In words, no one knows who owns Bitcoin. This has been fodder for conspiracy theories.
4/n
