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The popular and most successful cryptocurrency to date, Bitcoin, has continued to gain prominence. Putting it in this perspective; it took just 10 out of its 11 years of creation for the President of the United States, Chairman of the Federal Reserve, Congress, Senate, and even the IMF to give a public statement on Bitcoin. Why is Bitcoin getting this attention?. This article covers a brief history, the philosophy behind Bitcoins’ creation and the role it plays now and in the distant future.
Bitcoin was created by the pseudonymous entity, Satoshi Nakamoto as the network went live on the 3rd of January 2009. With the successful mining of the genesis block (block zero) which had a reward of 50 bitcoins, the jive around the most successful cryptocurrency has been phenomenal.
Was this just another form of money created to add to the various forms already in existence? The importance of bitcoin as a form of currency is even more appreciated when it’s pitched against the rich and historically nuanced subject on the creation and use of Money.
Brief History of Money
Money has not taken a static form since its introduction for about 4000 years now. At about 9000 BC, humans began to grow crops and cattle this gave birth to “bartering”, where livestock and grain were exchanged for other items that were deemed essential or useful at the time.
But as civilization continued there came to the need for an easier form of exchange as the “double coincidence of wants” which the barter system heavily relied upon to remain successful proved inordinate.
With the ancient Babylonians standardizing unit of measurement and introducing the Shekel, it became easier for different amounts of goods ranging from barley to gold to be exchanged based on measurement.
The progression continued from Africa, Southeast Asia and Oceania where cowry shells dominated…