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Bitcoin was created in 2009 by Satoshi Nakamoto, a pseudonymous creator of the Bitcoin. Nakamoto proposed a ‘purely a peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution. This was the first step in revolutionizing the traditional, centralized, bank-focused financial systems as we knew them. On cryptocurrency, it is also used for things such as healthcare, smart contracts, supply chains and electronics.