“I wrote a book that answers the question ‘What is Bitcoin?’ It’s 300 pages long, was obsolete the moment it was printed and has to be corrected and updated every three months just to keep up with changes.”
– Andreas Antonopoulos –
If ever we needed the scales of justice to balance, it is now as governments around the world ponder cryptocurrency legislation. What we need is just enough regulation to protect consumers, but not so much that it stifles job creating innovation.
Satoshi Nakamoto's First Post on Bitcointalk
Satoshi Nakamoto's Original Bitcoin Whitepaper
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.