By
May 1, 2025
Bitcoin: A Peer-to-Peer Electronic Cash System
By Satoshi Nakamoto – Published October 31, 2008
Satoshi Nakamoto proposed Bitcoin as a decentralized digital currency that allows people to send money directly to one another online—without needing banks or other financial intermediaries.
Bitcoin is designed as a peer-to-peer network—similar to how file-sharing networks like BitTorrent work. This means no middlemen (like banks or payment processors) are needed to approve or handle transactions.
One of the major challenges of digital money is preventing double-spending—where someone could spend the same coin twice. Bitcoin solves this by using a public ledger (the blockchain) that records every transaction permanently and transparently.
The blockchain is a chain of blocks, where each block contains a list of recent transactions. Each block is connected to the previous one, making the system resistant to tampering.
To add a new block, computers (called miners) must solve complex mathematical problems. This process, known as proof-of-work, ensures that adding blocks requires effort, which secures the network and prevents fraud.
Satoshi set the maximum supply of Bitcoin at 21 million coins, making it a deflationary asset. Unlike fiat currencies, which can be printed at will, Bitcoin has a fixed supply schedule.
Bitcoin transactions are recorded on a public ledger, but they are pseudonymous—wallet addresses are not tied to personal identities, offering a degree of privacy.
Satoshi argued that Bitcoin could be a revolutionary alternative to traditional money—a trustless system where users don’t need to rely on third parties. Instead, trust is established through cryptography and math.
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