Almost ready!
In order to save audiobooks to your Wish List you must be signed in to your account.
Log in Create account
Shop Small Sale
Shop our limited-time sale on bestselling audiobooks. Don’t miss out—purchases support local bookstores.
Shop the sale
Limited-time offer
Get two free audiobooks!
Now’s a great time to shop indie. When you start a new one credit per month membership supporting local bookstores with promo code SWITCH, we’ll give you two bonus audiobook credits at sign-up.
Sign up todayBitcoin: A Peer-to-Peer Electronic Cash System - Abridged
This audiobook uses AI narration.
We’re taking steps to make sure AI narration is transparent.
Learn more"Bitcoin: A Peer-to-Peer Electronic Cash System" is the seminal white paper published by the enigmatic Satoshi Nakamoto in 2008, marking a pivotal moment in the evolution of digital currency. This document introduces Bitcoin, a revolutionary decentralized digital currency that facilitates secure, direct transactions between individuals without the need for a central authority such as banks or financial institutions. The white paper meticulously outlines the architecture and functioning of the Bitcoin network, which relies on a peer-to-peer topology to operate seamlessly.
At the core of Bitcoin's design is the blockchain, a public ledger that records all transactions across the network. This ledger is maintained by a network of nodes that validate and timestamp transactions through a consensus mechanism known as Proof of Work (PoW). Miners, participants who contribute computational power to solve cryptographic puzzles, play a crucial role in this process by ensuring the integrity and chronological order of the blockchain while being rewarded with newly minted bitcoins.
The white paper addresses critical challenges that plagued earlier attempts at digital cash systems, particularly the problem of double-spending—where a single digital token could be spent more than once. By employing cryptographic proof and a distributed network, Bitcoin ensures that once a transaction is confirmed, it is immutable and publicly verifiable, thereby preventing any alteration or fraud.
Furthermore, the paper discusses the implications of a fixed supply of bitcoins, capped at 21 million, which introduces scarcity and positions Bitcoin as a deflationary asset. This finite supply is managed through a halving process, where the reward for mining new blocks is halved approximately every four years, slowing the rate of new bitcoin creation over time.
In essence, "Bitcoin: A Peer-to-Peer Electronic Cash System" not only proposes a novel technological framework but also encapsulates a vision for a financial system that is transparent, secure, and independent of traditional centralized control. This vision has since sparked the creation of numerous cryptocurrencies and blockchain-based applications, fundamentally transforming the landscape of digital finance and the broader economic system.
Satoshi Nakamoto is the pseudonymous author of the groundbreaking white paper "Bitcoin: A Peer-to-Peer Electronic Cash System," published in 2008. Despite the profound impact of Nakamoto's work, the true identity of this individual or group remains one of the greatest mysteries in the world of technology and finance. Nakamoto's anonymity has sparked numerous theories and speculations, with various individuals being suggested as potential candidates, but none definitively proven. Nakamoto first emerged in 2008 when the white paper was published, proposing a revolutionary digital currency system that operates without a central authority. The vision outlined in the paper was realized with the creation of the Bitcoin network, which Nakamoto launched in January 2009 by mining the genesis block, also known as Block 0. This block contained a hidden message: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," a reference to a headline from The Times newspaper, underscoring Bitcoin's intent as an alternative to traditional banking systems. For several years, Nakamoto remained actively involved in the development and support of Bitcoin, communicating with the community through emails and online forums. Nakamoto's meticulous approach to coding and cryptography, combined with the innovative design of the Bitcoin protocol, earned widespread respect and admiration within the tech community. In 2011, Nakamoto handed over control of the Bitcoin repository and network alert key to prominent members of the Bitcoin community, including Gavin Andresen, and gradually faded from public view. Since then, Nakamoto has not communicated publicly, further deepening the mystery surrounding the identity. Despite the anonymity, Nakamoto's influence is undeniable. The creation of Bitcoin has not only spawned a multi-billion-dollar cryptocurrency market but also inspired a broader movement toward decentralized technologies and applications. Nakamoto's work laid the foundation for blockchain technology, which has found applications in various fields beyond digital currencies, including supply chain management, healthcare, and finance. The enigma of Satoshi Nakamoto remains a testament to the power of ideas and innovation, illustrating how a single vision can transform global systems and inspire profound technological advancements without the need for personal recognition.
Stock up with our Shop Small Sale!
Libro.fm for Business
Start a membership, get two free audiobooks