In 2008, a whitepaper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System”, had been published by one Satoshi Nakamoto. The real identity of this individual had not been made public. Some even speculate that he is not just one person, but a team of developers who sought to produce a peer-to-peer network that would solve the dilemma of double-spending.
The solution came in the form of the titular cryptocurrency, Bitcoin. Said currency is a digital asset that can be converted to other currencies and digital currencies. Transactions through Nakamoto’s coin included depositing of Dollars, Pounds or any other supported currencies into an account within one of the exchanges.