Bitcoin
The Pioneer of Cryptocurrencies made its mysterious debut in 2009 under the pseudonym Satoshi Nakamoto.
But Really Satoshi Nakamoto Made the First Publication & Mention of the Bitcoin Project in his/their Whitepaper on 31 Oct 2008, saying the following:
Bitcoin: A Peer-To-Peer Electronic Cash System
* Meaning That No Other Parties or intermediates - Like Banks or Governments - Will Be Involved in The Transaction Process of sending/receiving, it's a straight process between the buyer & the seller directly without any engagement of authorities to ensure or make the operation trusted
- But then, Maybe the Question has heat you while reading, that: if there isn't anyone to control or oversee the operation, how I will ensure my right that the other part won't screw me over & send the money, & that is a very good question 😉
- Now Although You Can Do it based on personal trust between the 2 parties & good relationship, but it's better - like way better - to use Escrow Services to guarantee your rights & the other person rights
- Now You Must Be Wondering What Are Escrow Services???? 😕
- in order to not let you confuse right now, just think of them as the third party - Banks - that we said previously that Bitcoin made you rest from them, but they are not like banks at all because their single job is just to provide a safe environment for the payment transaction to take place & some of them don't even charge fees from you at all & on top of that they don't ever never look to the papers to know how much you send or how much you received & don't ask you what did you do to get this amount or what are you paying all this money for, they are just there to ensure that the transaction is made & validate it & by validate it i mean that the 2 parties have accomplished their contract & exchanged the money safely & correctly
This Was the First Part Of: Brief History of Crypto " Bitcoin " Origins & The Motives Behind it
Hope You Enjoyed it & make the best use of this knowledge
I didn't mention any practical uses yet, I'm more interested in make you understand the thing before dealing with it
Peace Out ✌️
