Bitcoin’s Radical Origins Explained in a Newly Released ‘Digital Cash’ Book by Princeton University

By March 24, 2019 Bitcoin Business
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Bitcoin’s Radical Origins Explained in a Newly Released 'Digital Cash' Book by Princeton University
Bitcoin’s Radical Origins Explained in a Newly Released 'Digital Cash' Book by Princeton University

Bitcoin (BTC), the most popular digital asset in the market, was created by Satoshi Nakamoto more than ten years ago with the intention of avoiding the traditional financial system around the world.

However, there are many reasons why Bitcoin was created and that are not linked to Satoshi himself.

The Real Origins of Bitcoin

Finn Brunton, New York University historian, has been trying to understand the the ideas behind this virtual currency, libertarianism and alternative lifestyles, among others. He is now describing this Bitcoin history in his book called Digital Cash: The Unknown History of Anarchists, Utopians, and Technologists Who Created Cryptocurrency.

Brunton explained that he aims at describing how cryptocurrencies and blockchain work and how they are able to change societies. In a recent conversation that Brunton had with Breaker, he said that the period that influenced Bitcoin the most was the financial crisis in 2008.

He explained that when he wrote the book on cryptocurrency's history, he started to see small cliques of people that knew each other in many cases. They shared the underlying belief that they are able to change the world by using money.

Brunton said that in order to write this book, he had to deal with “mountains of troubling politics.” He mentioned that his book wants to tell a big story using a series of small spaces. About Bitcoin he said:

“I think Bitcoin, in particular, ended up in a unique situation because it is a technology that is not necessarily all that relevant to money as such – the blockchain – but nonetheless presented itself as money. Indeed, it became a vehicle for speculative investment and did so at a moment of enormous financial and political upheaval.”

For Brunton, one of the main problems that Bitcoin is currently facing is the fact that it is “pretty dumb.” However, this does not mean that in the long-term it will be unveiling dumb things, indeed, it is quite the contrary.

At the time of writing this article, Bitcoin is being traded around $4030 and it has a market capitalization of $70.94 billion.

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