In late October 2008, a nine‑page document titled Bitcoin: A Peer‑to‑Peer Electronic Cash System began circulating online. As the world was collapsing under the weight of a historic financial crisis, the paper proposed something radically different: a system without banks or intermediaries and a decentralized digital currency — Bitcoin. The idea drew on the ethos of the 1990s cypherpunk movement, activists who saw cryptography as a way to protect privacy from governments and corporations.
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