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The story of the invention of cryptocurrency

The story of the invention of cryptocurrency, Digital currency: It is an alternative currency in the form of electronic money, and at present, countries around the world are conducting research on this and discussing the possibility of a future launch, or the test launch has already begun, and at present. the People's Bank of China is the first authorized institution in the world that has expressed its intention in issuing a digital currency.


The story of the invention of cryptocurrency



What is the story of the invention of digital currencies?


(David Chum) put forward the idea of ​​digital money through a survey paper in 1983, and then in 1989, he founded an electronic money company in Amsterdam called (DigiCash) in order to achieve his business ideas as shown in his research, however, the company finally declared bankruptcy in 1998.


The first widely used Internet currency was electronic gold, and it was granted in 1996, and then developed to several million users before the US government canceled it in 2008. scientists and officials in the United States, and in 1997 it offered Coca-Cola purchased its products from devices that use mobile payments, and the following year, PayPal launched a service denominated in US dollars.


Then (Bitcoin) was disclosed in 2009, which marks the beginning of the era of a digital currency based on (blockchain) decentralized without a central server, and with no tangible assets held in reserve. as these currencies were also known as cryptocurrencies. which has proven its ability to resist government attempts to control it, as no central institution or person has the power to shut it down.


The emergence of digital currency began in the 1990s with the dotcom bubble, as did another popular cryptocurrency service (Liberty Reserve) that originated in 2006. which allows you to convert dollars or euros to (Liberty Reserve Dollars) or euros for free for a fee of 1 %, in addition to several cryptocurrency-related activities and transactions. which are notorious for their use in Ponzi schemes and money laundering and were later sued by the US government for their activities without a legal money services company (MSB) license.


In early 2005 Tencent used Q, or QQ, as a type of service-based digital currency used in the messaging platform. Q coin is so effective in China that it is said to have a destabilizing effect on the yuan due to speculation, and interest in cryptocurrencies has also recently led to a resurgence of interest in Bitcoin. which was introduced in 2008 and made it the most widely used and generally accepted currency.