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Primary Source · October 31, 2008
Bitcoin: A Peer-to-Peer Electronic Cash System
By Satoshi Nakamoto — published to the Cryptography Mailing List, October 31, 2008.
Read the full 9-page PDF
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Abstract, in Satoshi's own words
"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."
— Bitcoin Whitepaper, Abstract
Why it matters
- • First working solution to the digital double-spend problem without a trusted intermediary.
- • Introduced proof-of-work as the foundation of decentralized consensus at scale.
- • Defined a fixed monetary schedule enforced by software, not by policymakers.
- • Established the design pattern for every subsequent blockchain and digital asset.
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