Cryptocurrency is nothing new to the world. Back in 1983, an American cryptographer David Chaun created an anonymous cryptographic electronic money called ecash and later implemented it through digicash in 1995. An early form of cryptographic electronic payments which required user software to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or any third party.
Further, in 1998, Nick Szabo created bit gold, an electronic currency system similar to bitcoin, which required users to complete a proof of work function with solutions being cryptographically put together and published. But all failed because they used a trusted third-party approach, in which the companies behind them verified and facilitated the transactions.
Cryptography was born to convert legible information into an enigmatic code, transferring messages securely to and from various unknown sources. Later, it evolved into the digital age with elements of mathematical theory and computer science to become a path to secure communications, information, and money online, infiltrating computers and smartphones on a global scale.
Since there have been many failed attempts to develop digital currency in the early 90s, another currency was created in 2009, called Bitcoin, which came with a different approach without a central authority or entity control. Bitcoin was created by Satoshi Nakamoto, whose identity is yet known. Bitcoin is the first and the most popular cryptocurrency on the market. It has surged in the global market and has given birth to thousands of alternative blockchain-based coins like Ethereum, Ripple, Litecoin, etc.