A crypto enthusiast will is always inquisitive to know everything including crypto arbitrage opportunities and more other topics of the cryptocurrency field. After all, cryptocurrency is now really have become an interesting field to explore. We all know that concept of cryptocurrency had spawned or say become popular since the inception of Bitcoin. The popularity of this coin made people introduced to the new concept of financial technology. Till now, we have been familiar with the use of traditional or fiat currencies. If someone asks you which is the first cryptocurrency, then obviously your answer will be Bitcoin. Hold on, it might come to your surprise, but Bitcoin is not the first crypto coin as it is popularly considered. Then who is the first cryptocurrency?
The first cryptocurrency is DigiCash. Indeed, you must have not been much familiar with it, because you have been believing Bitcoin as the first cryptocurrency, which is cool. In simple words, DigiCash can be called as a forefather of Bitcoin. No matter, Bitcoin is being called the foremost cryptocurrency but the history of money reveals something else. The money based on cryptography dates back to that decade when Bitcoin did not even exist. Very few people are aware of this fact but are knowing about it. The true lesser fact is that DigiCash is much older than Bitcoin. And it existed without the blockchain technology. Agree, it didn’t gain much limelight as digital gold did in the market. But one cannot deny the fact about its historic existence.
It all started from the early 90’s decade when David Chaum, a vibrant IT expert and crypto enthusiast from America worked on an untraced electronic payment system. His theory was shared much before the ’90s in 1983 when in the scientific journal, his article was published. Then in 1989, DigiCash company was founded by him. So in that way, it became the first cryptocurrency. Till now, we were living in the perception of the first trial creation of the electronic payment system.Â
Now, there must be a question that has popped up in your mind. What went wrong with DigiCash, when it was outstanding? Well, there are reasons for it. David Chauman, its founder, aimed to make the provision of anonymity in the transactions. This came to the foundation of digital currency. Like Bitcoin as we know today, DigiCash, the first cryptocurrency, did not fall under any regulatory rule of the government or financial bodies. Cyberbucks was released by DigiCash. There were millions of coins that were created and distributed among the crypto enthusiastic users the first time.
The motive behind the foundation of the first cryptocurrency, DigiCash was to ensure safer transactions on the internet. Well, the success depended more on the maximum number of users in support of Cyberbucks accepting the method of payment. During that time, it posed as a new substitute for Mastercard and Visa, which accepted a larger amount. DigiCash appeared distinctive to these monetary mechanisms. It was because this first cryptocurrency was mainly meant for the uprising retail sector online. It was open to mini transactions.
Conclusion
So now you know that Bitcoin is not the first cryptocurrency, but its ancestor, DigiCash. Other than DigiCash there are a lot more other interesting facts about cryptocurrencies like Bitcoin, altcoins like Monero, Litecoin, Dash, NEO, TRON, Bitcoin Cash, and so on. If you love exploring cryptocurrency then better start following the Cryptoknowmics website. Stick to its crypto calendar pro, where you get to know the updates of crypto news, and upcoming events, Blockchain summit, videos, and so many multiple topics to find. No need to bother yourself by flocking on to other websites and not finding the desired result you want.
