The Looming Financial Crisis: What Will Happen To Bitcoin?

You may have noticed that I have been MIA for the past few weeks, but fear not, I am still hanging around (although very busy!) and have been involved in the Cryptocurrency space as much as ever. In the midst of the Great Recession (the economic downturn during the late 2000s and early 2010s), Satoshi Nakamoto released the now-famous paper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. Satoshi proposed ‘a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution’.

It is widely accepted that Satoshi was unhappy with the economic situation at the time (centralized financial institutions, bank bail-outs, etc.) which led to the inception of Bitcoin (in 2008) with its networking ‘going live’ on 3rd of January in 2009. The first block (genesis block) included the following message ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks’, taking aim at Alistair Darling who was preparing a £500Bn rescue package for UK Banks.

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