Why was Bitcoin created?
Modified on: Sun, 7 Jan, 2018 at 4:57 PM
Traditionally, Banks and Financial Service providers have held all the power in controlling monetary transactions or transfers for political, economic or cultural reasons. As a result, people around the world are often charged exorbitant rates to gain access to currency, especially in cases of cross border remittances. Until the release of Bitcoin in 2009, there were no financial platforms that existed which did not require a third-party approval to process monetary transactions.
Bitcoin introduces a new method of participating in global financial systems by bypassing the commercial and privatisation banking system and their middlemen. This has forced the system as a whole to be more competitive in-service offerings toward global citizens.
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