The birth of bitcoin

- We've spent some time exploring…the important foundational components of Blockchain.…To get a real sense of what blockchain technology is…and how it works requires us to explore its origin story.…It all begins with the cryptocurrency Bitcoin.…In my Blockchain Basics course, we introduce Bitcoin…and its relationship to Blockchain…but we didn't go deep on exactly how it works.…That's what we'll do now.…How did Bitcoin come about?…The first notion of Bitcoin was a paper published…in November 2008 on a cryptography mailing list.…

The paper authored by Satoshi Nakamoto was titled…A Peer-to-Peer Electronic Cash System.…As of 2017 we still don't know who Satoshi is.…It may even be a pseudonym for a group of people.…It is believed that the paper and its proposal was…a response to the financial crisis of the late 2000s,…exceptionally bad loan practices,…dubious financial schemes, and a brittle banking…system created enormous havoc across national economies.…

Confidence was shattered.…Bitcoin offered the opportunity to have…