In 2008, the world was in the midst of a financial crisis. Banks were failing, and people were losing their life savings.
In the midst of this chaos, a person or group of people using the pseudonym Satoshi Nakamoto created Bitcoin, the first decentralized digital currency.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The identity of the creator of Bitcoin is unknown, though there are many theories about who Satoshi Nakamoto may be. Some believe he is an individual, others believe he is a group of people, and still others believe he may be artificial intelligence.
What is known for sure is that Nakamoto created Bitcoin in 2009 in response to the global financial crisis. He wanted to create a currency that was not subject to the same volatility as traditional currencies.
Since its inception, Bitcoin has been subject to much controversy. Some believe it is a revolutionary currency that will change the way we transact business forever.
Others believe it is nothing more than a fad or bubble that will eventually burst.
Time will tell if Bitcoin is here to stay or if it will go the way of other failed digital currencies. One thing is certain: the person or group behind Satoshi Nakamoto has changed the world forever.