How were digital currencies and cryptocurrencies created?
Before Bitcoin The origins of digital currencies go back to the year 1980 when David Chaum established the (DigiCash) company in the Netherlands.
What was most important to "David" was the issue of not protecting privacy on online payment sites, as well as the ease of obtaining credit card information and personal information as it was not sufficiently protected, which prompted him to work on a new type of technology to obtain something that prevents banks or governments from Hacking online payment.
Despite his success in establishing this technology, the lack of adopters and supporters of the company led to the declaration of bankruptcy in 1998.
The origins of Bitcoin
In 2008, “Satoshi Natomoku,” the nickname of an unknown person or group of people, outlined Bitcoin in its entirety in a newspaper.
It took a long time from the newspaper release and the rise of Bitcoin; It was launched to the public in 2009.
This experience was not without its flaws. Because of the old technology, a technical problem was encountered that made it difficult to know how to use the same money twice. Satoshi was the first to solve this problem.
The problem of widespread cryptocurrency fraud before the publication of Satoshi's article was a critical problem; As cryptocurrency fraud was used to symbolize the purchase of stocks, paper, or securities, and real money
With the advent of blockchain technology, this led to an increase in the price of Bitcoin due to the security this technology provides! Which made people believe in the power of Bitcoin.