Introduction: It is a form of digital currency, which must be encrypted to be generated in units of currency and to be managed independently. Cryptocurrencies are a revolutionary new form of money that is used to purchase products and services. This money is not tied to the bank or controlled by a government. Cryptocurrencies are tax-free and have no transaction fees. Transactions are also anonymous and secure. How did the idea of ​​cryptocurrency come about? In late 1992, three individuals (Eric Hughes, a mathematician at the University of California, Berkeley; Tim May, a retired businessman who worked for Intel; and; John Gilmore a computer scientist) who had all retired young, invited 20 of their closest friends to an informal meeting to discuss some of the world's seemingly most vexing programming and cryptography problems. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayThe Cypherpunks GroupThat initial meeting eventually evolved into a monthly meeting held at John Gilmore's company, Cygnus Solutions. In one of the first meetings, Jude Milhon (a hacker and author better known by his pseudonym St. Jude) called the group "Cypherpunks" a play on the word "cipher" or "cypher", one of the ways to perform cipher(code) and decipher (not encode). From those humble beginnings an entire movement evolved. As the group grew, it was decided that creating a mailing list would allow them to reach other "Cypherpunks" outside of the Bay Area. The mailing list grew in popularity quite quickly and included hundreds of subscribers who exchanged ideas, discussed developments, proposed and tested ciphers on a daily basis. These knowledge exchanges occurred through the use of other new encryption methods, such as PGP, to ensure complete privacy. As a result, ideas were shared openly. This privacy and freedom have led to free discussions on wide-ranging topics, from technical ideas like mathematics, cryptography, and computer science to political and philosophical debates. Although there was never consensus on any point, it was an open committee in which privacy and personal freedom were placed above all other considerations. The basic ideas behind this movement can be found in the Cypherphunk propaganda written by Eric Hughes in 1993. "The key principle on which the propaganda is based is the importance of privacy. You can see this and other principles discussed in the manifesto used to build the ideas that support some of the largest cryptocurrencies today." Regarding privacy, Cypherpunk propaganda states the following: “Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A personal matter is something you don't want the whole world to know, but a secret matter is something you don't want anyone to know. Privacy is the power to selectively reveal yourself to the world. Based on these principles, numerous attempts have been made to develop electronic money. The first attempt at such a secret transaction system was made by Dr. Adam in 1997, when he invented Hashcash. In its essence, this was an anti-spam mechanism that would add a cost in time and computing power to sending email, thus making sending spam unprofitable. A sender would have to demonstrate that they spent computing power to create a stamp in the header of an email (similar to proof of use of work in BITCOIN) before they can transfer it. In 1998 Wei Dai published a proposal for B -Money. His proposal included two methods for storing transaction data; a) every.