“Bitcoin: A Peer-to-Peer Electronic Cash System” is the original whitepaper that introduced Bitcoin to the world. Published in 2008, the paper outlines a decentralized digital currency system that allows for peer-to-peer transactions without the need for a trusted third party, such as a bank. Nakamoto proposes using cryptographic proof to secure transactions and prevent double-spending. The system relies on a peer-to-peer network and a proof-of-work mechanism to timestamp transactions and create a public ledger called the blockchain. This innovative approach aims to provide a secure, transparent, and efficient method for online payments.
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