The Blockchain Paradox: Decentralization Through Centralized Institutions
Cointelegraph
Published Aug 15, 2020 09:00AM ET
Updated Aug 15, 2020 10:40AM ET
The power of blockchain technology to decentralize control of our financial economy is well documented. It is one of the cornerstones of the origins of the technology, with the genesis block of Satoshi Nakamoto’s Bitcoin (BTC) containing a reference to the 2008–2009 financial crisis: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
The message, although never explicitly outlined by Bitcoin’s creator, is from the headline of a London Times article dated Jan. 3, 2009 that details banks being bailed out by the British government. Bitcoin, according to Nakamoto, is a means of reforming this corrupt and inefficient financial system to create a fairer, more democratic system of financial governance.
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Written By: Cointelegraph
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