By now almost everyone has heard of Bitcoin, the most popular cryptocurrency.
Most people stop learning about Bitcoin after hearing complicated techy jargon words such as distributed ledger technology, blockchain, and distributed computing. Luckily, you do not need to understand how cryptocurrencies work in order to understand why they are important. This article skips the technological inner workings and delves straight into the most crucial things to keep in mind when the B-word is used in conversation.
Cryptocurrency Began in the 1980s
The most famous cryptocurrency, Bitcoin, was created in 2009. However, cryptographers have been experimenting with cryptocurrencies over the past four decades.
In 1983, an American inventor named David Chaum designed an electronic cash system called DigiCash that was based on cryptographic algorithms. In 1997, a British cryptographer named Adam Back created HashCash that used the proof-of-work scheme to prevent email spam. In 1998, b-money and bit gold were released by Wei Dai and Nick Szabo, respectively.
Original article and pictures take media.workandmoney.com site
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