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Encrypted medium of digital exchange A cryptocurrency, crypto-currency, or crypto is a digital possession developed to work as a cash where individual coin ownership records are stored in a ledger existing in a kind of a computerized database using strong cryptography to secure transaction records, to manage the development of extra coins, and to confirm the transfer of coin ownership. It typically does not exist in physical kind (like fiat money) and is typically not issued by a main authority. Cryptocurrencies usually use decentralized control instead of centralized digital currency and main banking systems. When  Key Reference  is minted or developed prior to issuance or issued by a single provider, it is typically considered centralized.

Bitcoin, very first launched as open-source software in 2009, is the very first decentralized cryptocurrency. Given that the release of bitcoin, other cryptocurrencies have been produced.

In 1983, the American cryptographer David Chaum developed a confidential cryptographic electronic money called ecash. Later on, in 1995, he implemented it through Digicash, an early kind of cryptographic electronic payments which needed user software application in order to withdraw notes from a bank and designate specific encrypted secrets prior to it can be sent out to a recipient. This allowed the digital currency to be untraceable by the releasing bank, the government, or any 3rd party. In 1996, the National Security Agency released a paper entitled How to Make a Mint: the Cryptography of Confidential Electronic Money, describing a Cryptocurrency system, first publishing it in an MIT newsletter and later on in 1997, in The American Law Review (Vol.

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In 1998, Wei Dai published a description of "b-money", characterized as an anonymous, dispersed electronic money system. Soon afterwards, Nick Szabo explained bit gold. Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange, Bit, Gold) was described as an electronic currency system which needed users to finish a proof of work function with services being cryptographically put together and released. The first decentralized cryptocurrency, bitcoin, was created in 2009 by probably pseudonymous designer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, in its proof-of-work scheme. In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make web censorship very difficult.