A severe financial crisis is the second worst economic crisis in the history of America,after the great depression in the thirties.

It then moved from the US to other countries causing an unprecedented global economic and financial chaos all over the world.The chief reason for that crisis was the greedy financial institutions and major banks that facilitated over-borrowing without control nonetheless, a mysterious and interesting player was going to appear at that time and would change this whole global financial system later in the future .

The Changes in the Economic world

On August 18 2008, the same year of the crisis, during this theatrical chaos a domain or website appeared quietly on the Internet with the address Bitcoin.org It was registered by an unknown person with an identity protected through the WhoisGuard service.

No one knows who he/she is, nor what this site is exactly for this the case all along the first 72 days, then on October 31 a crypto mailing list appeared on metzdowd.com announced by a person or group of people, no one knows, under the pseudonym "Satoshi Nakamoto", they acclaimed that they had worked on a new fully functional electronic Peer-to-Peer monetary system,through this system, a currency called Bitcoin will be traded / exchanged among individuals directly and privately, third parties are excluded as well as other central monitoring authority, and with the announcement, a file containing all the details was published called the “White Paper”, which later became the Bitcoin Constitution.

This was the first appearance of the mysterious character of Satoshi Nakamoto on the Internet, and the first time the world knew about that new monetary system, as well as the entire process of currency production, exchanging and dealing, through the "white paper", a 12-year-old written guide that revolutionized the global financial system, a revolution that is still going on and its effect is increasing non- stop,be present to make money transfers Intermediaries, such as banks, credit card companies and others, are the system lords who make huge profits annually from transaction fees, unlike transactions in Bitcoin, which will be zero fees.

If we take a look at the net revenues of Visa company last year for example, in 2021, revenues exceeded 24 billion dollars, an increase of 10% more than 2020, the net revenues of the banking and investment services giant JPMorgan exceeded 121 billion dollars in 12 months.

Another reason for bitcoin's innovation, was the problems caused by the exchanging traditional currencies that are being controlled by central banks that are controlling the wealth of nations in favor of a limited class as a result , chaos or crises that occur in the monetary system due to financial institutions mis-conduct is born almost entirely by consumers and taxpayers, as happened in 2008.

Central banks can also waste individuals' savings if they decide to print money in order to pay off their local debts for example.

This in the long term leads to an increase in money circulation, thus the inflation rate rises, consequently, squandering the value of individuals' savings by reducing their purchasing power.

The inevitable end of this series is the deterioration of their living standards as a result.

On the contrary, in the Bitcoin monetary system, as a possible future alternative to traditional currencies, such problems and risks do not exist as there is neither third party in the nor transactions, a central authority that possesses tools through which individuals may be impoverished if those intermediaries mis-conduct.

This was a quick summary of the story of the creation of bitcoin.

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