From Oracle FAQ
Year 2000 or Y2K referred to the millennium date problem. However, for most it turned out to be a total non-event.
This problem resulted from the common practice of using two digits to represent dates. When computers were first developed, memory and physical storage space for the systems were very expensive. Using only two numbers for dates saved money and saved data-entry time. Over the years, programmers felt that their programs would probably not be around in 1999, so the problem wouldn't arise.
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