ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES

The idea of ​​cryptocurrencies is not new, the philosophy of “Be your own bank / banker” that is, “create your own bank” or “become your banker” was born in the 1980s and since then the use of electronic has begun. computer in the realization of banking transactions.

The first idea for an “electronic” currency appeared only in 1983, when the American cryptographer David Chom conceived an anonymous cryptographic electronic payment instrument called ecash.

In 1995, he showed the way to modern cryptocurrencies through Digicash, which allowed bank accounts to be sent through encryption software, which allowed the money to reach its recipient without the transaction being detected by the bank or the state. .

DigiCash, which was a digital currency that used a new type of encryption called “blind type”, which allowed money to be transferred to or from an account without disclosing the nature of the transaction to the bank.

Innovation in this currency soon fueled Microsoft’s interest in acquiring the company that had created this digital currency, but DigiCash soon failed and any idea of ​​developing and circulating a digital currency was abandoned very quickly, and this was the reason for both:

ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES

A) they had to find a way to make transactions without the involvement of intermediaries at a time when the internet was still in its infancy; and

b) they had to solve the problem of preventing the double spending of the same units of money.

ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES

 

ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES

ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES

SOURCE: Μεταξάκης Ε. , «Μπικτκόϊν (Bitcoin), κρυπτοχρήµα και κυβερνοέγκληµα, Εκδόσεις Α.Ν ΣΑΚΚΟΥΛΑΣ, 2017 Αθήνα – Κοµοτηνή, σελ 18 – 33

ΒE YOUR OWN BANK: THE ORIGINAL IDEA OF THE CRYPTOCURRENCIES