Bitcoin is a revolution that took the world by storm, people talk about it in every day of their life. The knowledge behind this revolution is a top notch. Kudos to the brain behind it.At first i was scared to venture into it but my fears is long gone
The way it is structured is second to none. The technology and the technical know how is another thing that baffles me. Selling the coin to someone you have not met and the person paying money to someone he too has not met in trust is another dimension of trust. In all Bitcoin is built on trust though ,there are those that will want to cheat.
Bitcoin was created by someone who had a deep understanding of money and the technical expertise to implement it. This was most likely Nick Szabo,
also known as- Satoshi Nakamoto. He had been studying money long before Bitcoin was created. Here is one of his 2002 articles on the origins of money
https://nakamotoinstitute.org/library/shelling-outThe writing style of Nick Szabo and Satoshi is very similar. Before Bitcoin, Szabo attempted to create Bit Gold, which was a kind of precursor to Bitcoin, but he was not able to successfully implement it.
Bitcoin is most similar to early forms of money, like the Rai stones from the island of Yap. These were large stones that never moved
;, the islanders would gather and remember who owned which stone when trade occurred. Similarly, Bitcoin is essentially just a ledger that records who owns how much. All the people running nodes act like the Yap islanders, keeping track of who owns what and to whom it belongs.You cannot be cheated because everyone using this monetary system and its money runs their own nodes, which remember and verify transactions.It is a much more transparent and secure monetary system and form of money compared to bankers’ fiat currencies.