Bitcoin WhitePaper Day!

Bitcoin White Paper

Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed but proof that it came from the largest pool of CPU power. As long as most CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. (Satoshi Nakamoto)

This abstract was written by Satoshi Nakamoto. For the first time in history, we can make digital payments without needing a trusted third party. This is huge and truly revolutionary.

If you have time, read the entire white paper. It's only nine pages long and will help you understand what Bitcoin is on a fundamental level!

Here is a link to the white paper so you can download it! https://bitcoin.org/en/bitcoin-paper

Happy reading!!

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