Back in the day when technology was scarce, banks were a viable solution in finance. Banks were founded in Assyria in India and Sumeria in 2000 BC. These banks provided grain loans and credit to farmers and traders. A few millennia later, banks evolved from a hero figure that gave opportunities for people to thrive, into a villain that caused the global financial crisis of 2007 – 2008, which has been the most serious crisis in finance since the Great Depression.
People began to look into the cause of this crisis and came up with the solution: centralization. Though it brings benefits, it also poses many risks like data breaches, or worse — an economic collapse. For this reason, was created. Many believe that the easter egg “Chancellor on brink of second bailout for banks” that was written on Bitcoin’s genesis block was a call to move from centralization to the use of blockchain and cryptocurrency.
Bitcoin was the first to introduce us to decentralization. Although blockchain and cryptocurrency are decentralized by nature, they have also managed to adopt centralized mechanics. But maybe those da…
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