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16 years ago, the Bitcoin white paper was published

16 years ago, the Bitcoin white paper was published

HappyCoinNewsHappyCoinNews2024/11/01 16:44
By:HappyCoinNews

On October 31, 2008, that is 16 years ago, were presented white paper , a document called " Bitcoin : digital peer-to-peer cash system" ( Bitcoin : A Peer-to-Peer Electronic Cash System).

The value of the whitepaper is that it details a system that can greatly simplify P2P transactions by solving the problem of double spending. Satoshi Nakamoto proposed using a network of nodes to verify and then record transactions in a blockchain running on a Proof-of-Work consensus.

In other words, it was the first to introduce the principle of a peer-to-peer payment system that would later revolutionize the world of financial technology.

In addition, the white paper highlighted the benefits of Bitcoin as a decentralized digital currency and its potential for online payments by eliminating intermediaries, reducing transaction costs, and increasing users' financial privacy.

In two years Satoshi Nakamoto has disappeared, and it is still unknown who exactly wrote the document that became the basis for the current multi-billion dollar cryptocurrency industry. Information about individuals who are allegedly the developer of the document periodically appears, but its authenticity raises doubts in the community.

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