Satoshi Nakamoto, the anonymous creator of Bitcoin (BTC), once explained why he believed the digital currency was unlikely to fail in comparison to previous similar products.
His explanation, posted on the Nakamoto Institute website exactly 14 years ago today, outlines the unique features he envisioned would set Bitcoin apart from earlier attempts at creating digital currencies.
Satoshi acknowledged that many people dismissed ‘e-currency as a lost cause’ because of the failures of centralized systems in the 1990s, arguing that they were centrally controlled, an aspect that doomed them to failure. In contrast, he believed Bitcoin’s decentralized, non-trust-based system makes it more resilient to failure.
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