Decentralized global system: BITCOIN

Decentralized Global System : BITCOIN

From past to present, there have been many different events in the money markets. While these events were taking place, the roles of central banks were of great importance on the economies of their countries. In particular, the American and European central banks, which have effects on global markets and determine the dollar and euro currencies, not only affect their own country economies with any decisions they take, but also affect every institution and organization in the global system. 

In 2008, a crisis occurred due to the wrong lending practices of banks in the US and problems in the return of loans used in the housing market. This distrust that emerged from the USA has not only spread to Japan, which has been experiencing low inflation problems for years, to European countries experiencing low productivity with high public debt, but especially in the euro area, growth rates have fallen to very low levels, creating financial stress in countries and the banking system has begun to be questioned.After the 2008 crisis, the FED increased emissions from $ 1 trillion to $ 4.5 trillion. Although this is a money that is printed completely free of charge, the whole world has paid the price in a global way.

After this financial crisis, Satoshi Nakamoto, who we cannot even be sure is a woman/man or a group, has published an article to create a crypto money that will radically change the current financial system using the blockchain system.

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The first criticism of Bitcoin

 , which is the financial instrument of the new era and makes it possible to make secure payments from person to person without an intermediary, was that it could not be followed. However, although we cannot see who is performing it, we can see which account a Bitcoin is transferred to with all its transparency from the moment it is produced. Due to its lack of subordination to a central  authority, it has faced resistance and objection from financial institutions, which was one of the main causes of the 2008 financial crisis.

The decisions of classical central banks change at any time and their political interests necessarily differ according to the communities to which they belong. The fact that Bitcoin is not tied to a central authority, that there is no central bank or state behind it, that it has a distributed structure against the dangers of being hacked or hacked, and most importantly, when and how much Bitcoin will be produced, when the reward halvings will occur are all predetermined. This situation shows that it is taking firm steps towards becoming the global decentralized system of the future.