Why Bitcoin was created: The vision behind the blockchain revolution

When Bitcoin (BTC) was introduced in January 2009, the world was in the midst of a severe financial crisis triggered by a wave of subprime mortgage defaults in the US. What began in the US real estate sector in 2007 quickly became a global economic disaster. The 2008–2009 financial crisis undermined public trust in the traditional financial system built on central banks, commercial banks and fiat currencies.

In response to this collapse, governments implemented large-scale quantitative easing programs. Critics referred to these measures as “money printing,” arguing that expanding the money supply risked devaluing national currencies. Concerns grew that fiat money could rapidly lose purchasing power, thus eroding savings and destabilizing economies. This environment created fertile ground for introducing an alternative form of money that wouldn’t be based on inflationary characteristics or governmental actions. 

This is how Bitcoin emerged as both a technological breakthrough and a new approach to finance. Unlike fiat currencies, it wasn’t subject to central control or manipulation. In addition, its decentralized structure and resistance to censorship ensured independence from a centralized entity, while its fixed supply was designed to counter the value erosion that afflicted fiat currencies. 

Importantly, early adopters viewed Bitcoin not only as a hedge against inflation and central bank policies but also as a tool for individual financial sovereignty. Thus, Bitcoin was both a technological innovation and the basis for a new monetary ideology. 

As Bitcoin began to gain traction, people began asking questions such as the following with increasing frequency: