A Brief History of the Creation of Digital Money

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This history begins in 1983, a research paper by David Chaum introduces the idea of ​​digital money.

In 1990, David Chaum founded DigiCash, an electronic money company, in Amsterdam to commercialize ideas in his research. Unfortunately, this company finally went bankrupt in 1998.

Then in 1996 another appearance was E-gold. Where E-gold was the first Internet money that was widely used at that time, it was introduced in 1996, and grew to several million users but unfortunately the US Government closed it in 2008.

Users of e-gold services use the term "digital currency" to describe peer to peer payments / transactions in various instruments.

The origins of digital currencies are also thought to originate from the Dot-com Bubble in the 1990s.

The development of digital money does not stop here. In 1997, Coca-Cola offered purchases from vending machines using mobile payments.

PayPal also co-launched the service in USD in 1998. Another known digital currency service is Liberty Reserve, which was founded in 2006.

This method allows users to convert dollars or euros to Liberty Reserve Dollars or Euros, and exchange it for one another at a cost of 1%.

Some digital currency development companies are considered to use ponzi schemes for money laundering, they are then sued by the US government and are prohibited from operating again.

In 2009, Bitcoin was launched, which marked the start of a decentralized blockchain-based digital currency without a central server, and no tangible assets were stored as reserves. Bitcoin is also known as cryptocurrency.

Blockchain-based digital currencies are proven to be resistant to government efforts to regulate them, because there is no central organization or people with great power to kill the use of cryptocurrency.

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Comments

Nice

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3 years ago

Nice

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3 years ago

Thank you very much for this historical article. It was so much helpful to me

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3 years ago

Wow i didnt know this beofr and havent thought of it. Thks for shsring man lov it

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3 years ago

your article is so much informative..from your article I come to know many things about digital cash

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3 years ago

This article makes sense and really treats the history of digital money. You really remind me of the money I lost through E-gold and Liberty reserve those days.

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3 years ago

Right now digital currency is one of the best available to invest in nd its fast growing

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3 years ago

This article of yours is soo interesting. I often read your articles

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3 years ago