Hello I am going to be reciting to you today, the white paper that was released by Satoshi Nakamoto on Bitcoin

It's really important, I believe, because it explains about the infrastructure and everything that you need to understand if you want to invest So, without further adieu, let's begin Bitcoin A peer-to-peer electronic cash system By Satoshi Nakamoto

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, because the 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 a proof of sequence of events witnessed, but proof that it came from the largest pool of CPU power

As long as the majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace the attackers The network itself requires minimal structure Messages are broadcast on a best effort basis and nodes can leave and re-join the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone Section One, Introduction Commerce on the Internet has come to rely almost exclusively on the financial institutions serving trusted third parties to process electronic payments

While the system works well enough for most transactions, it still suffers from the inherent weakness of a trust-based model Complete non-reversable transactions are not really possible since financial institutions cannot avoid mediating disputes The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small, casual transactions And there is a broader cost in the loss of availability to make non-reversible payment for non-reversible services