CRYPTO HISTORY

CRYPTO HISTORY
Why was cryptocurrency invented, you might well wonder? What’s wrong with regular money? Is this just some geek fantasy of living in a video game?
Before Satoshi Nakamoto, There was Nothing
These are all legitimate questions, especially since the very earliest forms of virtual currency really did have their origins in multiplayer online video games. In fact, one of the earliest cryptocurrency exchanges, the ill-fated Mt. Gox, was originally an exchange for players of the videogame "Magic: The Gathering." In fact, Mt. Gox is an acronym of Magic: The Gathering Online Exchange.
One of the earliest people to conceive of the current model of cryptocurrency was Nick Szabo, who in 2005 introduced the concept of Bit Gold.
The concept of cryptocurrency predates Bitcoin, but the early attempts weren’t successful.
Cryptocurrency, according to its proponents, addresses fundamental, unfixable flaws with the traditional monetary system. As Bitcoin founder Satoshi Nakamoto wrote in his original October 31, 2008, white paper:
"Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes....Merchants must be wary of their customers, hassling them for more information than they would otherwise need.…A certain percentage of fraud is accepted as unavoidable."

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