How Bitcoin came into existence

Our core goal is to understand how blockchain functions, and why Bitcoin has become so popular. However, in order to do that, we need to provide a quick recap of some macroeconomic events that took place in recent history. Bitcoin's launch during the global economic and financial crisis was one of the most important things to ever happen in the history of money.

Blockchain technology is commonly referred to as the internet of money or value. Let's begin by providing an overview of the chain of events that led to the emergence of Bitcoin, which was the first globally recognized application of blockchain technology.

The Bitcoin whitepaper was published in October 2008, the year when the global economic and financial crisis hit the world. Coincidence or not, Bitcoin seems perfectly designed to address many of the deficiencies of fiat money.

A little-known fact is that the genesis block of the Bitcoin blockchain, where its first transaction was recorded, contains a hidden message by its creator, Satoshi Nakamoto. The text quotes a headline from the British newspaper The Times, which shows a proof of the date when the Bitcoin blockchain was launched, and it states the following—The Times, 03/Jan/2009, Chancellor on brink of second bailout for banks.

Aside from proving the date of the genesis block, this message seems cleverly designed to express the tragic state of the global financial system at the time. It also implies the importance of the proposed solution as a stepping stone towards an improved monetary system. Being embedded in the genesis block, and given the immutable and robust nature of the Bitcoin blockchain, that message stands as an everlasting reminder for future generations.