Module 1: What is cryptocurrency and how did it come about?

From this module, you will learn what cryptocurrency is, understand how it differs from traditional financial systems, and delve into the origins of the first cryptocurrency and when it emerged.

Summary

Cryptocurrency is a digital form of money that operates on a decentralized payment system, setting it apart from many traditional systems where centralized institutions validate transactions.

Cryptocurrency exists only in digital form, with all transactions recorded in blockchains. Anyone can view the payments, yet the transactions themselves remain anonymous.

The first cryptocurrency, Bitcoin, was created in 2009 by an individual or group of users under the pseudonym Satoshi Nakamoto, positioning it as "digital cash." However, certain aspects of cryptocurrency concepts were present in earlier ideas.