It is worth noting that Bitcoin was not the first, nor the last, attempt at developing a digital currency (also referred to as cryptocurrency) and the blockchain. Several attempts existed in some form in the early 1980s and continue to evolve today
Bitcoin was introduced to the world under a cloud of mystery in January 2009. A white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, published in 2008 under the pseudonym of Satoshi Nakamoto, outlined the concept; to date, the authorship of the paper remains unknown. What is known is that the underlining technology, the blockchain, has implications for the accounting profession. Many are still wondering what blockchain means for the accounting profession more than 10 years after its introduction.