The Bitcoin White Paper: 6. Incentive… “Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto October 31, 2008” Satoshi continues the Bitcoin White Paper with a section called Incentive. Incentives are crucial to the success of any new system. Why should anyone take part in the Bitcoin network? Why should anyone take the time and CPU … Read more
The Bitcoin White Paper: 4. Proof-of-Work… “Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto October 31, 2008” Now Satoshi tackles the problem of how to make bitcoin hard to produce. It can’t be like digital dollars that the Federal Reserve can create out of thin air. “4. Proof-of-Work To implement a distributed timestamp server on … Read more
The Bitcoin White Paper: 1. Introduction… “Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto October 31, 2008” The next part of the Bitcoin White Paper is an introduction from Satoshi. “1. Introduction Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While … Read more