The digital age is slowly challenging the government’s monopoly over issuing money. It is bringing in a lot of competition on the manner in which we are saving, spending and making payments. Concerns on inflation rate and problems due to money printing are leading to a lot of developments in the world of money. David Chaum founded DigiCash in the year 1990. In 1993 James Turk filed patents for digital gold payment system. Max Keiser, the financial Journalist investigated on digital currencies and filled patents in the year 1996. E-Gold concept was founded by Douglas Jackson and Barry Downey in the year 1996. E-Bullion was founded in 2000 by Jim Foyed. This enabled transfer of gold and silver between the users. E-gold has become very common these days and a lot of phishing attacks are also found to be prevalent. 2002 found the maximum users for E-gold and studies have shown that the number of users hit more than one million.
E-gold is now processing two billion dollars of transactions per year and the assets are being exchanged hundred times a year. In the year 2009 bitcoin was started by SatashiNakamoto which is an electronic cash system which is an open source independent of central banks and governments.
Infographic by: therealasset