FinTech Magazine – May 2019

Page 44

D I G I TA L T R A N S F O R M AT I O N

M

ost of the time novelties are introduced by incumbents; less frequently, entrepreneurs working by themselves come up with a technological

breakthrough. Bitcoin was completely different. In

a concise, mysterious paper from 2009 the world’s first real cryptocurrency was presented for the first time. The author of the paper was Satoshi Nakamoto. Despite vivid speculation to this day, nobody knows the real identity behind this pseudonym. It is not even known whether it is one person or a group of people who wrote the paper. 44

There was also no company behind it, no classic business case as you would expect. The motivation behind the world’s first real cryptocurrency was ideological, rather than monetary. The idea was to create an alternative financial system and to get rid of banks and any other incumbent financial institution. 10 years later we have come a long way from that idea – technologically as well as ideologically. Though not supported by any official corporation or institution, the idea spread quickly, especially since it fell on fertile ground. The post-financial crisis anti-banking sentiment helped the message blossom quickly. People around the globe started to send money directly via the bitcoin protocol. Later, bitcoin alternatives, called altcoins, became available too and competed with the pioneer. Soon the frenzy reached the broader public and the discussion fell prey to very pertinacious myths. The first M AY 2 0 1 9


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