In the recent years, different digital currencies have gained much popularity as decentralized exchange mediums that can be electronically created or stored. Though this concept is relatively new, the idea of digital currency is a few decades old. In the 1990s and 2000s, many organizations wanted to create electronically exchangeable currencies such as Flooz and DigiCash. However, these earliest forms of cryptocurrencies failed because of a series of issues such as inadequate technology, insufficient security features, shortfalls related to funding, and many others.
However, the digital currency has gained widespread acceptance and recognition, thanks to Bitcoin.
Bitcoin Created in 2009 by Satoshi Nakamoto, Bitcoin has now become a household name. The creator defines Bitcoin as “a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”