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" ... Chapter 1 of the Bitcoin tale began in late 2008, when an unknown developer (or developers) using the pseudonym “Satoshi Nakomoto” published a paper proposing “a peer-to-peer electronic cash system,” and then launched just such a system. Though not the first currency rooted in the mathematics of cryptography, Bitcoin’s combination of convenience, anonymity, and independence promised to succeed where its predecessors had failed. Bitcoin offers users a controlled mechanism for untraceable exchanges untethered to governments or banks. Not surprisingly, cyberlibertarians, cryptographers, and open source software devotees heaped immediate praise on the new technology and began to accept it; some seeking to launder money soon followed; and companies emerged to serve as the banks and exchanges of the nascent Bitcoin economy. ... "