Bitcoin, Adam Back And Digital Cash

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One summer day in August 2008, Adam Back got an email from Satoshi Nakamoto.

It was the first time Nakamoto had reached out to anyone about a new project that the pseudonymous programmer or group of programmers called Bitcoin. The email described a blueprint for what a group of privacy advocates known as the cypherpunks considered the Holy Grail: decentralized digital cash.

By the mid-2000s, cryptographers had for decades tried to create a digital form of paper cash with all of its bearer asset and privacy guarantees. With advances in public-key cryptography in the 1970s and blind signatures in the 1980s, “e-cash” became less of a science fiction dream read about in books like “Snowcrash” or “Cryptonomicon” and more of a possible reality.

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