Contrary to what many may think, the history of cryptocurrency does not begin with the creation of Bitcoin. While the popularity of Bitcoin means that we often use cryptocurrency and Bitcoins interchangeably, this is not the case.
In fact, the history of cryptocurrency stretches all the way back to 1983 and begins with David Lee Chaum. Chaum was an American cryptographer and computer scientist who envisioned a type of digital currency or ecash that people can use at selected outlets.
So how do we define cryptocurrency? To the uninitiated, cryptocurrency is an amalgam of the words cryptography and currency. It is the technique of ensuring secure communications between two parties.
Cryptographers specialize in coding and decoding messages for communication. The code used is intended to ensure that sensitive information does not fall into the wrong hands. Simply put, think of cryptography as the art of keeping things secret through the use of codes i.e. encryptions.
With smart devices being as sophisticated as they are, the sum of humanity’s knowledge is available right now in the palm of our hands. Naturally, this allows us to access resources that would not normally be available to us.