Who First Described the Concept of Cryptocurrency?


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In the 1990s, long before the appearance of Satoshi Nakamoto, a political and technological movement called the Cypherpunks started from a mailing list. In 1993, mathematician Eric Hughes published “A Cypherpunk’s Manifesto.” A year later, writer Timothy May released “The Cyphernomicon.”

In 1998, engineer Wei Dai introduced the cryptocurrency called b-money. For controlling supply and transactions of this new money, he suggested cryptography over a central authority. “I am fascinated by Tim May’s crypto-anarchy. Unlike the communities traditionally associated with the word ‘anarchy,’ in a crypto-anarchy, the government is not temporarily destroyed but permanently forbidden and
permanently unnecessary,” he wrote.

In 2005, computer scientist, legal scholar, and cryptographer Nick Szabo announced the Bit Gold cryptocurrency—a fully digital medium of exchange based on the Proof-of-Work algorithm which, in its turn, was derived from Hal Finney’s Reusable Proof-of-Work (RPOW) concept.