Why Was Bitcoin Created?

Bitcoin was created to provide people with a secure and independent way to store and transfer value.

The goal was to enable users to send money to anyone worldwide without the need for banks, payment services, or exchange houses. It runs on blockchain technology, a system that keeps everything decentralised and transparent, eliminating intermediaries to reduce costs and increase efficiency.

Main Reasons for the Creation of Bitcoin

During the 2008 financial crisis, many experts realised that the global economy had become overly dependent on traditional banks, especially central banks. The clearest answer to the question of why Bitcoin was created was the world economic crisis. Bitcoin was created as a new and decentralised way to exchange value. The creator’s main idea was to find solutions to people’s financial problems. Instead of relying on central banks, Nakamoto proposed a system where trust is not necessary.

This led Bitcoin to use a Proof of Work (PoW) system that securely encrypts and shares transaction information. Unlike banks, where transaction records are private, Bitcoin’s history is public for all to see, while keeping users’ identities anonymous. Since thousands of Bitcoin nodes worldwide maintain an exact copy of the…