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Bitcoin-Basics-->View question


Asked On2022-06-12 18:22:41 by:Mohit-Jain

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Though people might have some idea about Bitcoin, I still frequently notice people asking ‘Why was Bitcoin created?’. Well, to answer this question, I’ll have to give you a brief history about the banking system that existed at the time Bitcoin was created and the problems that surrounded the system.

Now, what do you do when you have money? Obvious answer – you store it or you spend it. You store it in your bank account and then you can spend it on whatever you wish later. But have you ever wondered what banks do with the money you deposit with them? Banks invest our money in various projects and they offer loans to people in need. But what happens when the banks lose the very money people trusted them to keep safe?

The answer lies in five words – “The Financial Crisis of 2008”. At this moment, you might be wondering why it’s necessary to know about the Financial Crisis to know more about the origin of Bitcoin. Simple, the Financial Crisis brought out the inherent shortcomings of banks and other financial institutions. After the Financial Crisis, people started to wish for a new system of money that would not have the shortcomings of regular currencies.


Answerd on:2022-06-23 Answerd By:KiranKumar-Yerriboina

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