What The Bitcoin White Paper Misses – Bitcoin Magazine

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This is an opinion editorial by Shinobi, a self-taught educator in the Bitcoin space and tech-oriented Bitcoin podcast host.

The Bitcoin white paper is one of the most important documents written this century to everyone reading this. Every Halloween, somewhere in the back of our minds, “this is when it happened” invades our consciousness. It really was one of those random, innocuous moments at the time that just interjected out of nowhere something that would radically shift the dynamics of the world. It laid out the framework of an idea that even today, at a ridiculously tiny size and significance in the world and its economy, has still had a massively outsized effect on this planet.

It was innocuously dropped on the cryptography mailing list at 18:10 UTC with the paper abstract and this little blurb:

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.

The paper is available at: 

http://www.bitcoin.org/bitcoin.pdf

The main properties:

Double-spending is prevented with a peer-to-peer network.

No mint or other trusted parties.

Participants can be anonymous.

New coins are made from Hashcash style proof-of-work.

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



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