The idea for cryptocurrency first began in the late 1980s, the idea was for a currency that could be sent untraceable and in a manner that did not require centralized entities like banks. In 1995, American cryptographer David Chaum implemented an anonymous cryptographic electronic money called Digicash. It was an early form of cryptographic electronic payments which required user software to withdraw from a bank and required specific encrypted keys before they could be sent to a recipient. Bit Gold, often called a direct precursor to Bitcoin, was designed in 1998 by Nick Szabo. It required a participant to dedicate computer power to solving cryptographic puzzles, and those who solved the puzzle received the reward.

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