Getting started with blockchain | Why is Bitcoin not the air coin created by Nakamoto?

In recent years, the hot bitcoin is not a move of Nakamoto in 2008, saying that I want to create a system that no one can control, and then invented it.

Below, we will talk about the complex motivations of Nakamoto to create Bitcoin from the theoretical basis, technical preparation and background of the times.

1. The theoretical basis for the achievement of Bitcoin

The theoretical foundation for Bitcoin is Hayek, a well-known British economist born in Austria.

In 1976, Hayek published his last economic monograph, "Non-State of Money." In the book, Hayek made a suggestion: abolish the central bank system, allow private money to be issued, and compete freely. This competitive process will find the best currency.

As for whether Bitcoin is not issued by the state, can it be regarded as a kind of currency? How do traditional financial institutions view cryptocurrencies such as Bitcoin, and cryptocurrencies that are often fluctuating by investors, such as Bitcoin? What is the stable currency that investors think can be safe and the price is stable? You can scan the QR code below to see the sixth audio class that you can understand at a time. The eighth audio lesson "The World's Traditional Financial Institutions Look at Bitcoin" and the fourteenth audio lesson "Stabilized Currency in the Field of Encrypted Assets".

2. Technical preparation for the achievement of Bitcoin

The students who have written the paper know that the last part of the paper should be labeled with references, indicating that it is a reference to the scientific research results of others. In the paper of Bitcoin, Satoshi Nakamoto cited a total of seven references. The first cited paper was Dai Wei’s B money.

Dai Wei, mentioned by Nakamoto, is a member of password punk. Since Dai Wei proposed B money, dozens of digital currencies have been born in password punk. However, all digital currencies have failed to solve a problem – how to achieve the initial issuance of digital currency. The sixth article of Adam White's Hash Cash quoted in the Bitcoin paper gave Nakamoto a inspiration.

Hash cash was originally a way to solve the problem of spam flooding. Since the birth of the Internet and webmail, spam has been plaguing people. Nakamoto was inspired to create a currency distribution mechanism for Bitcoin.

3. The background of the achievements of Bitcoin

In September 2008, with the collapse of Lehman Brothers in the four major investment banks in the United States, the financial crisis broke out in the United States and spread to the world. In response to the crisis, the United States adopted measures such as quantitative easing to continuously increase the dollar to stimulate the economy and rescue large financial institutions that were in crisis because of their own fault.

It was during this time that Nakamoto founded Bitcoin. Bitcoin does not have a centralized issuer, and the total amount of issuance is fixed at 21 million, never oversold, which is especially in line with the demands of the people at that time. Therefore, some people say that the reason why Satoshi Nakamoto invented bitcoin is actually to protest the inflation caused by the US indiscriminate payment of banknotes. This is actually a bit of a basis, it is not a hole in the wind.

For information on the hidden secrets of Nakamoto's birthday, you can refer to the tweet before the vernacular blockchain, "The father of the old one-year-old bitcoin", Nakamoto, the secret information hidden in the birth .

How do you think that Nakamoto will hide behind Bitcoin soon after it was created? Welcome to leave a message in the message area.



Author | Jiangnan Dahu Dai boss produced | vernacular blockchain school (ID: hellobtcxuetang)

『Declaration : This series of content is only for the introduction of blockchain science, and does not constitute any investment advice or advice. If there are any errors or omissions, please leave a message.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano's DeFi Ecosystem Flourishes Total Value Surges to Almost $450M as ADA Rockets 17% on Layer 1 Push!

This week, the total value locked (TVL) of Cardano-based tokens skyrocketed to more than $440 million, surpassing the...


Blockchain User Activity Survey Ethereum Still Reigns, Who is Using Litecoin and Tron?

Cryptocurrency KOL Ignas conducted a survey on blockchain user engagement and compiled 7 important insights.


Bitcoin Price Analysis: Bulls and Bears Battle for Control

Bitcoin's quick rebound to $42,000 may indicate a resurgence of bullish activity, boosting optimism and potential for...


Bitcoin ETFs See Strong Inflows as Bitcoin Bulls Charge Ahead 💪🚀

Bitcoin and several other altcoins have successfully surpassed their previous overhead resistance levels, demonstrati...


Cardano (ADA) Price Threatens Bearish Breakout Amid Stagnating TVL

With a recent rebound back towards $0.50, the Cardano (ADA) price has shown resilience following a brief dip below $0...


Bitcoin Battles as Investors Weigh In: Bulls vs. Bears 🐂🐻

Bitcoin may face a short-term correction, but this creates an opportunity for opportunistic buyers to step in and ben...