$BTC Digital currencies are virtual or digital money intended for use as a means of exchange. They use encryption to secure and verify transactions, as well as to control the creation of new units of any specific digital currency. Essentially, digital currencies are limited records in a database that no one can alter unless certain conditions are met.

History

There have been numerous attempts to create digital currency during the technology boom of the 1990s, with systems like Flooz, Beenz, and DigiCash emerging in the market, but ultimately they failed. The reasons for their failure were many, such as fraud, financial problems, and even friction between company employees and their management.