It is a common belief that the bankruptcy filed by Lehman Brothers, a Wall Street banking giant, on September 15, 2008, triggered the global financial crisis in 2008-2009. Excessive risk exposure in subprime mortgage and financial derivatives by large banks almost brought down global financial systems. The crisis was the ultimate consequence of a fundamental breakdown of trust in the relationship between customers and the financial institutions that should have been serving them.
Shortly after that, Satoshi Nakamoto, a mysterious and anonymous entity, published a whitepaper on October 31, 2008, called Bitcoin: A Peer-to-Peer Electronic Cash System, which is considered the origin of Bitcoin and all cryptocurrencies. Satoshi proposed a completely decentralized approach for Peer-to-Peer (P2P) payment without central banks or intermediaries. He outlined...