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The Bitcoin White Paper turns 14

 


The corks are popping and Bitcoin Twitter is full of praise: Today, Monday, October 31st, is not only Halloween, but also Bitcoin White Paper Day. Because 14 years ago today, Satoshi Nakamoto presented the basics of his “Peer-to-Peer Electronic Cash System”.



What was announced quite profanely in the Cryptography Mailing List can, in retrospect, be described as one of the most important documents of this century. Satoshi presented the white paper with due restraint to his comrades-in-arms of the original Cypherpunks. No sign of Subversion.


I have been working on a new electronic cash system that is fully peer-to-peer and does not require a trusted third party.


The most important properties:


Double spends are prevented by a peer-to-peer network.


No central bank or other trusted parties.


Participants can be anonymous.


New coins are created using Hashcash-like proof-of-work processes.


The proof-of-work for generating new coins also powers the network to prevent double-spending.


Satoshi Nakamoto in der Cryptography Mailing List.

White Paper Day is a good reason to take a step back and look at the Bitcoin project from a distance. It may be bear market though. Despite this, 14 years after it was first mentioned, BTC has grown into a world-class asset. With a market cap of $398 billion, digital gold is the 14th largest asset in the world, right behind Visa and Johnson & Johnson.

Viewed soberly, the white paper plays a major role in the Bitcoin myth. However, the broad mass of Bitcoin investors has probably never read the paper – and they don’t necessarily have to. After all, the paper only describes the basics of Bitcoin.


However, Satoshi emphasizes one thing eight times: Bitcoin is the first decentralized solution to the so-called double spend problem. What is meant is the solution of the Gordian knot to build a non-centrally managed protocol that prohibits the double issuance of the same coin. In the past, this task was performed by the banking sector. According to Satoshi, one can no longer trust that, at the latest since the financial crisis of 2008; with Bitcoin he presented an alternative.


E-commerce relies almost exclusively on financial institutions acting as trusted third parties to process electronic payments. While this system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model,


it says in the paper.


By the way: In the course of the controversy, the self-proclaimed BTC inventor Craig Wright filed copyright claims on the white paper and overwhelmed hosts such as bitcoin.org with warnings. But he had reckoned without the Bitcoin community. Because the result of this arrogance, from the point of view of the Bitcoiners: inside, was a flood of white paper hosting, so that Wright could not keep up with the warnings.

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