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The origin of digital currencies can be traced back to the ideas of electronic payment systems like the Sabre travel reservation system. The concept of digital cash was introduced in 1983 by David Chaum in his research paper “Blind Signatures for Untraceable Payments”.

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The first widely used Internet money was e-gold, introduced in 1996, which grew to several million users before being shut down by the US Government in 2008. In 1997, Coca-Cola offered buying from vending machines using mobile payments, and PayPal launched its USD-denominated service in 1998.

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Digital currencies, including cryptocurrencies, virtual currencies, and central bank digital currencies, are primarily managed, stored, or exchanged on digital computer systems, especially over the internet.

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They may not have a physical form like traditional currencies with printed banknotes or minted coins, but they do exist in a digital form that allows nearly instantaneous transactions over the internet.

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The origins of digital currencies date back to the 1990s Dot-com bubble. Liberty Reserve, founded in 2006, was another known digital currency service that allowed users to convert dollars or euros to Liberty Reserve Dollars or Euros, and exchange them freely with one another at a 1% fee.

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In 1989, Chaum founded DigiCash, an electronic cash company, to commercialize the ideas from his research. However, DigiCash filed for bankruptcy in 1998.