Where did the story of $BTC begin?
The idea of creating a digital currency is nothing new. Before the advent of cryptocurrencies, there were many attempts to create one. Most of them faced the problem of double spending. A digital asset should be available for use only once. This is necessary to prevent it from being copied and counterfeited.
10 years before the advent of cryptocurrencies, this concept was introduced by computer engineer Wei Dai. In 1998, he published a paper in which he discussed “B-money”. He considered the idea of a digital currency that could be sent in a group of untraceable digital pseudonyms. In the same year, one of the first blockchain experts, Nick Szabo, made another attempt. It was called Bit Gold. This project also aimed to create a decentralized digital currency. Szabo’s idea arose due to the inefficiencies of the traditional financial system. For example, metal must be spent to create coins. Another reason was the desire to reduce the level of trust required to create transactions. Although both projects were never officially launched, they partly inspired the creation of Bitcoin.