Was Bitcoin’s rise inevitable, or just perfect timing?

[pooya87]

I think the fundamental flaw in the existing banking system (and generally in the financial system) has had a significant impact on creation of a decentralized payment system. Keep in mind that the 2008 collapse was a long ways coming, many even predicted it 4+ years before it happened. Kinda like where we are these days with yet again another financial crisis that is caused by excessive money printing.

When an old system collapses, people will look for a safe haven to go to and survive the collapse. That's where Bitcoin shines.

[Israelgogo]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

Please, what do you mean by 2008 financial crisis and distrust in banks?, and you didn't mention where this crisis takes place because this crisis can not be everywhere at same time and much more financial crisis has nothing to do with the success of Bitcoin because BTC is crypto money that has no control by banks or government, it is regulated by individuals self investments and if government thinks of investment into Bitcoin it becomes a plus for them, if not I don't think anyone can actually stop the success of Bitcoin.

[Solosanz]

Please, what do you mean by 2008 financial crisis and distrust in banks?, and you didn't mention where this crisis takes place because this crisis can not be everywhere at same time and much more financial crisis has nothing to do with the success of Bitcoin because BTC is crypto money that has no control by banks or government, it is regulated by individuals self investments and if government thinks of investment into Bitcoin it becomes a plus for them, if not I don't think anyone can actually stop the success of Bitcoin.

Although the 2008 financial crisis happen in United States, but it do affect to other countries as well.

Just like in my country, the stock market index went down at the middle of 2008 to 2009, whereas it never fall in the last decade. Same thing happen to Ukraine-Russia invasion, it doesn't affect our country, but the price of commodities affected by their conflict.

It's not about the government or banks help Bitcoin to success, but they're the reason why people buy Bitcoin.

[pawanjain]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

I don't think that the rise of bitcoin had anything to do with the timing.
If you go back into history, we can see that Satoshi had been discussing about bitcoin to many people.
He also used to create a mailing list to let everyone know about bitcoin.
Then it was from 2011 that bitcoin really started getting traded on exchanges.
Up until that point, the price didn't rise much and so I think the timing didn't had anything to do with the rise.

[amihada]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

Bitcoin arrived at the right time, when public trust in banks and the traditional financial system, which is still controlled by the government, began to decline. This situation will create a need for something new as a safer and more transparent alternative. Bitcoin provides solutions that have not been offered by traditional financial systems, the blockchain technology used makes the transaction process safe, fast, and irreversible.

People need new methods that are faster and more efficient so that Bitcoin adoption is very fast, so that indirectly a strong trust will be formed in Bitcoin which offers security and transparency. The spread of adoption to government agencies will make Bitcoin even more successful in the future, factors such as institutional adoption, regulation and technological innovation also play a very important role in Bitcoin's success and its price increase.

[qwertyup23]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

The success in bitcoin is beyond when it was created but it is because there was nothing similar to bitcoin at the time. Bitcoin was new to people it is very opposite and better than fiat in almost all ways as it is decentralized and having limited supply. No blockchain before bitcoin, not successful digital currency before bitcoin. People like new things but bitcoin limited in supply makes it very valuable and they are used as investment while the government was not able to control it.

It not only introduced an innovative way of dealing with transactions but it also provided anonymity which was unheard of during that time.
To add, the financial crisis also gave it the perfect opportunity for it to be put on the spotlight. However in 2012, lots of websites that use BTC as payment were forcefully closed by the government due to it being used as a currency to purchase prohibited items.

Is the rise of BTC inevitable? I would say so since we longed for something that really provided with this kind of trust and anonymity with our transactions. Banks are slowly becoming expensive; which eventually made BTC the perfect currency in the future.

In conclusion, the rise of BTC looked and perceived to be successful in the future and people used it as an opportunity to invest on it during its early stages.

[arhipova]

Banks are slowly becoming expensive; which eventually made BTC the perfect currency in the future.

Are BTC transactions possible if there were no banks around  ?

[JaredIbrahim]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

Nailed it. The timing was everything.

Satoshi didn't just drop code; he dropped the Genesis block with a headline about bank bailouts. That wasn't an accident. The 2008 crisis was the perfect cultural petri dish—total distrust in the entire financial system.

Would Bitcoin still exist if it launched in 2005? Maybe, but it wouldn't have had that lightning-in-a-bottle moment of "We just watched banks fail and get bailed out... is there another way?"

It gave the project a soul and a story from day one. So yeah, the crisis didn't just help—it made the message undeniable. Right idea, right time.

[Alphakilo]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

One thing and that I think can qualify as a fact is that when businesses or industries have competition, they tend to sit up and try to perform better or get let behind and that's what happened when the banks were failing and Bitcoin being a decentralized currency, brought calm to suit the already frayed nerves of the citizens who were in much panic from bank crisis.
We can all see how the banks are through their CBN trying to institute crypto currency market to become regulated just so they can control it and trade it so as not to lose all their customers to the decentralized system.

Bitcoin obviously arrived on time and it was the right time when the government of most countries has caused massive inflation and poor economic situation for their citizens without the hope of a reasonable way out that doesn't revolve around commercial fiat currency.
Although Bitcoin price is driven by speculation, am sure the cycles these days always happen to favor those who know how to improvise and be as dynamic as the flow and that's why the rise of its price is inevitable and the dip is necessary too for balance.

[Scarlett_23]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

Investors generally need security for their assets. That is why their interest will increase where they can get the highest security and assurance of their assets. Bitcoin is never against banks or financial institutions. It does not compete with those institutions.

It continues on its own. The global financial crisis has made it very difficult for various financial institutions around the world to survive. Investors in general have also realized that fiat is losing value, which is why Bitcoin is now the best investment to protect their financial assets.

In fact, not only ordinary investors, but also banks will come forward to use Bitcoin and try to serve ordinary investors by accepting Bitcoin with their financial services.

[Darker45]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

No, I don't think so. Had Bitcoin been launched a year earlier or later, it would still have achieved the same level of success. The timing played a minor role. Bitcoin was launched in 2009, but it was decades in the making. It was largely unknown for a while. And the earliest people who appreciated the beauty of Bitcoin weren't financial people but computer geeks who were conscious of what's happening in reality.

Even if Bitcoin is launched today, its rise would still be inevitable, its relevance not diminished a bit. That's because of itself and against a severely problematic monetary and financial system as backdrop.

[arhipova]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

No, I don't think so. Had Bitcoin been launched a year earlier or later, it would still have achieved the same level of success. The timing played a minor role. Bitcoin was launched in 2009, but it was decades in the making. It was largely unknown for a while. And the earliest people who appreciated the beauty of Bitcoin weren't financial people but computer geeks who were conscious of what's happening in reality.

Even if Bitcoin is launched today, its rise would still be inevitable, its relevance not diminished a bit. That's because of itself and against a severely problematic monetary and financial system as backdrop.

So it is not the timing but the use case which drove the growth.

[Marvelockg]

Most of the things that became too big in history, timing of the project has been one of the most important factors. Is it same in case of bitcoin also ?

Timing might have a little role to play in terms of the needs that were prevalent at the time bitcoin cam into being which might have helped boost bitcoin relevance but timing alone cant be the factor that has kept bitcoin relevant till the present day because a lot of things has happened afterwards with other project coming up and yet, they have never been able to come out to be a good replacement or alternative to bitcoin.

bitcoin rise became a reality and a possibility because of what bitcoin represents and the uniqueness it posses. if bitcoin was just like any shallow creation, it would not have taken this long before it goes to become one creation that that lasted for a long and then ceases to be looked at as something that is even relevant.

[john_egbert]

Did the 2008 financial crisis and distrust in banks make Bitcoin’s success unavoidable?

No, I don't think so. Had Bitcoin been launched a year earlier or later, it would still have achieved the same level of success. The timing played a minor role. Bitcoin was launched in 2009, but it was decades in the making. It was largely unknown for a while. And the earliest people who appreciated the beauty of Bitcoin weren't financial people but computer geeks who were conscious of what's happening in reality.

Even if Bitcoin is launched today, its rise would still be inevitable, its relevance not diminished a bit. That's because of itself and against a severely problematic monetary and financial system as backdrop.

So it is not the timing but the use case which drove the growth.

Bitcoin finally got to the stage where it's relevant and is seen as something worth diving into

The BTC itself didn't change - the people looking at it did. And its value only grew and will grow further.