Now I'm not sure when exactly this project started, like when Mr Satoshi and his team started working on the Bitcoin project but I believe it was a well-thought-out, carefully analyzed theorem and hypothesis that must have been through trials and errors. You know how I know this? It's simple. The first block ever mined for Bitcoin read

"The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks."

Now, I am curious as to why he said this. It looks like we'll go on a little history together one more time. Let's analyze why he said that, maybe that might give us a clue about why Bitcoin was made. Remember I already told you the why, I simply want to show you the significance of the period it was launched, what was going on then, and before then, and what can we look at to draw our hypothesis from.

The 2009 Saga.

Before the advent of Bitcoin, there was a financial crisis in the world. As expected, there was a financial crisis in the US in late 2007 into 2008, and then the world followed shortly after through the Real Estate bubble craze from the early 2000s.

A real-estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom. A land boom is a rapid increase in the market price of real estate property such as housing until they reach unsustainable levels and then decline. Basically in a nutshell, there was a significant increase in landed properties and everyone wanted a piece of the action, which led to individuals and organizations taking out loans from the banks. The government had predicted a crisis was coming so using open market operations, they increased the bank's reserve, which in turn would mean interest rates for loans would go down, encouraging money spending, more credit card usage, and more borrowing basically. Of course, like the problems we analyzed this current monetary policy is facing, you can't predict correctly what is going to happen with the economy as the indicators vary at different times. So, a recession happened and because the whole world jumped on the craze of the real estate boom, the fall in price affected everybody because they kept thinking it'll rebound and come back up, so people kept borrowing more and investing more through Non-bank Bank Financial Institutions and eventually, everything fell apart. This was known as the great recession in history.

Right in the middle of the crisis, the Bitcoin whitepaper was released. On the 31st of October 2008 on a cryptography mailing list on a platform called Metzdawd. This could only mean one thing, Satoshi Nakamoto and his team had been working on this when they realised that the current monetary system was primed for continuous failure. I mean, before this time, the US had already gone into recession 47 times and the whole world had gone into recession 3 times too. Someone or a group of persons took it upon themselves to make a change. You know the interesting part about all of this? He knew if he'd made himself known, the governments and powers that had been would fight him with everything they've got, what a wise choice it was to disappear instead.

There's still a lot to talk about as regards the great depression and all the other ones that happened in the past, their root causes if it were still these same problems. If it was, then you can understand that we’re literally in an endless loop of a failing system. Our governments are not doing anything towards changing it, but rather accommodating and shifting policies to try and favor the system more and more.

Now that you understand all this, you can better appreciate Bitcoin and fully come to an understanding of all Bitcoin represents.

Next? We’ll talk about the Blockchain, the engine that powers the Bitcoin technology.

As always, my name is Clever Abaribote, your favorite crypto journalist. See you in the next part of the series ‘Money as an Agenda’.

Sources; Wikipedia, Bitpanda.com, openknowledge.worldbank,