Contrary to common knowledge, the idea of cryptocurrencies did not originate from the pseudonymous person or persons known as Satoshi Nakamoto.

In the late 1980's, the idea for a currency that did not require centralised institutions like banks and that could be sent without a trace began. In 1995, David Chaum, an American cryptographer and computer scientist, created an anonymous cryptographic electronic money called Digicash. Digicash declared bankruptcy in 1998, and sold its assets to ecash technologies which was also a digital company.

Digicash was an early form of cryptographic digital payments that required a user software to withdraw from a bank and needed specific encrypted keys before it could be transferred to a recipient.

In 1998, Nick Szabo, also a cryptographer and computer scientist created what many would think to be the direct antecedent of bitcoin, Bit Gold. Bit Gold required participants to devote computer power to solving cryptographic puzzles, and those who solved the puzzles received rewards.

Nick Szabo couldn't conquer the problem of double spending, but the combination of both the requirements and functions of Digicash and Bit Gold would likely give us something that works like Bitcoin today.

Despite the shortcomings of previous cryptographic digital payments, on October 31, 2008, a pseudonymous person or persons, known as Satoshi Nakamoto published the whitepaper called "Bitcoin - A peer to peer electronic cash system" that explains how the Bitcoin blockchain would function and that was the beginning of modern day cryptocurrencies.

Almost 14years later, Bitcoin and cryptocurrencies are known and traded in many parts of the world as we anticipate global adoption.