Background to bitcoin development

Here we look at the background that led to the development of bitcoin. The financial crisis of 2007-08 had gripped the economies of most of the countries across the globe.

In 2007-08, there was a global financial crisis that had hit the economies across countries. It all started with the dot com bust in the year 2000 when a lot of internet-based companies that were valued basis on the eyeballs that they received.

And then came the 9/11 terrorist attack, post which the Fed started reducing interest rates to overcome the deteriorating economic conditions in the country.

 

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