But the ultimate supply of Bitcoins would be limited. All Bitcoin transactions would be openly accounted for in a public ledger that anyone could examine, and new Bitcoins would be created as a reward to participants for helping to manage this vast, sprawling, computerized ledger.
In other words, no single person or entity could control it. That’s the origin of Bitcoin.īitcoin users wouldn’t have to trust a third party - a bank, a government or whatever - Nakamoto said, because transactions would be managed by a decentralized network of Bitcoin users. In 2008, an unknown person or persons using the name Satoshi Nakamoto published a proposal to create a cash-like electronic payment system that would do exactly that: Cut out the middlemen.
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So a group of free thinkers - or anarchists, depending on whom you ask - started to wonder: What if there was a way to remove controls like these?
But that could also mean that if you transfer a big amount of money to someone, your bank will report it to the government even if the transfer is completely on the up-and-up. Banks, credit-card networks and other middlemen can exercise control over who can use their financial networks and what they can be used for - often for good reason, to prevent money laundering and other nefarious activities. Traditional kinds of money, such as those created by the United States or other governments, aren’t entirely free to be used any way you wish. On the internet, things can get more complicated. We can give it to whomever we want, or even destroy it. Then we swap it amongst ourselves for cars, candy bars and tube socks. A government prints some paper and guarantees its value.
For a long time, money has been thought of as something you can hold in your hand - say, a dollar bill.Ĭurrencies like these seem like such a simple, brilliant idea.
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