NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

A Brief History of Digital Currency

Gautham
Gautham
9 years ago
3 mins read
A Brief History of Digital Currency illustration. newsbtc bitcoin story

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

One thing that comes to mind when someone mentions digital currency is Bitcoin. For most people across the world, both young and old Bitcoin is the only digital currency they have known of heard of (and maybe the altcoins that followed bitcoin). But did bitcoin appear out of the blue? Was bitcoin a novel idea of a mysterious person calling himself Satoshi Nakamoto?

The answer is no on all counts. However, bitcoin is the iteration of an old idea with new technology. The technology, blockchain as we know it is however unique enough to change the way the whole fintech industry works. There were many who came before Satoshi Nakamoto with the intention of creating digital currency that can power alternative economy, but failed due to technical, regulatory and ideological reasons.

Some of these so called digital currencies include

a. E-gold – 1996

The concept of digital currency started while the internet was still catching up with most parts of the world. E-gold is one such example. Started in 1996 by an oncologist named Douglas Jackson, a lawyer managed to have over 5 million user accounts by 2009. E-gold grew so big, that even merchants had started accepting it. The digital currency was backed by gold and it turned out to be a very successful venture until it entered the favorites list of criminals and hackers. Continued attacks on the platform by cybercriminals and use of e-gold as favored currency by extortionists and money launderers led to its downfall.

b. WebMoney – 1998

WebMoney was started in 1998. Except for the decentralization part WebMoney is a form of digital currency for all practical purposes. The Moscow based company offers a wide range of financial services including peer to peer payment solutions, merchant services, online billing and payments and even internet based trading platforms. WebMoney became the next best thing after e-gold and attracted many users, both good and bad from e-gold once it was shutdown. However, WebMoney made changes to its services soon after that to prevent its usage for illegal activities. WebMoney currently supports a number of international currencies including GBP, USD, Russian Rubles and even bitcoin .

c. Liberty Reserve – 2006

Liberty Reserve can be taken as a botched attempt towards creating a centralized anonymous money transfer business. It allowed users to create accounts on the platform and transfer money to anyone without any verification. User accounts were not verified and users also had an option to hide their Liberty Reserve account information from those whom they are transmitting money to.

However, as expected it became the most favored place for cybercriminals and the government didn’t like it. Liberty Reserve was forced to shut down by authorities from multiple countries and its promoters jailed for money laundering and supporting illegal activities. By May 2013, the platform was shut down by regulatory authorities.

d. Perfect Money – 2007

Perfect Money is another digital currency platform that works with multiple currencies including USD, EUR, GBP, BTC and more. Like most of the other digital currency platforms in the past, death of one established platform will result in a surge in growth of its successor. The same thing happened with Perfect Money. Customers from Liberty Reserve flooded Perfect Money after the former was shut down by regulators. Perfect Money also offers services similar to that of Liberty Reserve sans the lack of verification. However, Perfect Money is not available in the United States and for United States citizens located anywhere in the world.

e. Bitcoin – 2009

Bitcoin was first introduced in 2009 as a working decentralized digital currency platform. Unlike all the other digital currencies in the past, Bitcoin has an advantage in the form of its decentralized nature which leaves the whole platform in charge of a much larger community than an individual or corporation. This will also eliminate the possibility of someone running the whole setup to manipulate the public in order to satisfy their own greed and selfishness. Not to mention the fact that the bitcoin protocol is open source, preventing anyone from having a monopoly over the whole system. The security and transparency associated with bitcoin is worth mentioning as well.

Bitcoin seems to have hit the right chord, satisfying all the apprehensions about digital currency that have been built over years of experience with centralized, proprietary digital currency platforms. Following the popularity of bitcoin, there are new digital currencies that have come up, including national currencies. Ecuador has adopted its own digital currency and even Barcelona; Spain has plans on including digital currency as its legal tender.

Reference: Digital Currency - An Analysis of Online Currencies, and their usein Cybercrime (McAfee)
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

On Wednesday afternoon, Bitcoin (BTC) surged to a remarkable all-time high (ATH) of $112,022, breaking free from its previous consolidation...

Ronaldo Marquez 4 hours ago
Bitcoin

Last Crash Before The Surge: Why Bitcoin Is Set To Drop Below $107,000

A new analysis shows that Bitcoin (BTC) may be on the verge of a calculated price crash that could take...

Scott Matherson 4 hours ago
Dogecoin price news

Dogecoin To $3.94 This Cycle? This Chart Says It’s No Meme

In a monthly chart shared on July 8, crypto analyst Kevin (@Kev_Capital_TA) outlined a long-term bullish thesis for Dogecoin (DOGE),...

Jake Simmons 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Price Attempts a Comeback

Bitcoin Breakout Alert — Price Turns Green as Bulls Step In

Aayush Jindal 1 hour ago
Bitcoin 30-Day Average Funding Rate Drops – Bullish Setup Takes Shape

Bitcoin 30-Day Average Funding Rate Drops – Bullish Setup Takes Shape

Sebastian Villafuerte 1 hour ago
Bitcoin vs Ethereum

Bitcoin Moving With Stocks, But Ethereum’s Correlation Is Fading

Keshav Verma 3 hours ago

Premium Sponsors

Press Releases

  • Ripple XRP Investors Making $10,9700 Per Day with This...

    2 hours ago
  • 仮想通貨プレセール|次世代ビットコイン拡張プロジェクトが200万ドル目前、投資家が続々と参加中

    ...

    13 hours ago
  • 仮想通貨おすすめ|ビットコインが過去最高値に迫る中、ETFが70万トークンを保有

    ...

    13 hours ago
  • 新しい仮想通貨が160万ドルを調達──過剰な宣伝を避ける注目のミーム系ボット登場

    ...

    13 hours ago
  • 仮想通貨おすすめ|ビットコインが10万8,000ドル突破、2025年7月に注目の17銘柄

    ...

    13 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.