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Digital currency. Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency.
Money was invented before written history began. [1] [2] Consequently, ... By the 2000s most money existed as digital currency in banks' databases. [125]
History of bitcoin. Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. [1] Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value.
Bitcoin wallets were the first cryptocurrency wallets, enabling users to store the information necessary to transact bitcoins. [85][8]: ch. 1, glossary The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in 2009 by Nakamoto as open-source software. [7]
According to a 2020 report produced by the United States Attorney General's Cyber-Digital Task Force, hree categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2) money laundering and the shielding of legitimate activity from tax, reporting, or other legal ...
Satoshi Nakamoto. Satoshi Nakamoto is the name used by the presumed pseudonymous [1][2][3][4] person or persons who developed Bitcoin, authored the Bitcoin white paper, and created and deployed Bitcoin's original reference implementation. [5] As part of the implementation, Nakamoto also devised the first blockchain database. [6]
Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither ...
The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. The bitcoin design has inspired other applications [ 3 ] [ 2 ] and blockchains that are readable by the public and are widely used by cryptocurrencies .