Shortly thereafter, Nick Szabo described bit gold. In 1998, Wei Dai described "b-money", an anonymous, distributed electronic cash system. In the 1997 book The Sovereign Individual, the authors, William Rees-Mogg and James Dale Davidson, predict that the currency used in the information age would be using "mathematical algorithms that have no physical existence", which has led some in the cryptocurrency community to call the book's claim a "prophecy". The paper was first published in an MIT mailing list and later in 1997 in The American Law Review. In 1996, the National Security Agency published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash, describing a cryptocurrency system. This allowed the digital currency to be untraceable by a third party. Digicash required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments. In 1983, American cryptographer David Chaum conceived of a type of cryptographic electronic money called ecash.
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