We are tracing the historical evolution of electronic payment systems that laid the groundwork for its development. It explores the challenges and innovations of early e-cash and credit card-based technologies, highlighting their successes and failures. The source details concepts like barter, credit, and cash as fundamental financial arrangements, then transitions into the complexities of online credit card transactions and early digital cash attempts like DigiCash, CyberCash, and Mondex. Crucially, it examines key precursors to Bitcoin, such as computational puzzles for scarcity and secure timestamping, and discusses the potential influences on Bitcoin's anonymous creator, Satoshi Nakamoto, while analyzing Bitcoin's distinctive features like decentralization and user-to-user transactions.
