Bitcoin White Paper by Satoshi Nakamoto 1-Page Summary

A must-read article by Satoshi Nakamoto, founder of Bitcoin, the largest cryptocurrency in terms of market cap. This White Paper can be described as one of the most important articles to humankind in the 21st century. It has completely changed the world and brought a new digital asset, cryptocurrency.

In June 2021, the market cap of Bitcoin has already achieved USD 800 billion.  You can go to coinmarketcap.com to get the latest market cap of Bitcoin.

Here is our summary of Bitcoin White Paper:

  1. One sentence to summarize: Peer-to-peer version of electronic cash to allow online payments without a third party.
  2. Blockchain: form a ledger that is tamper-proof, meaning the whole record cannot be changed or reversible.
  3. Digital signature: combine the public key and private key to establish security for the users, which provides strong control of ownership. Private key is required to sign to execute the transaction.
  4. Proof of work: determine who should build a block based on the CPU power to solve a puzzle.
  5. Incentive: transaction fee and new coins will be given to the miners (contribute to building a block)
  6. Privacy: Public keys are anonymous which do not disclose the name of the owner of the public keys, just like a bank account number.
  7. Have rules governing the supply, 21 million units of Bitcoin.

Our view:
Bitcoin should be a great breakthrough in the technology field. Satoshi emphasized a lot the need of getting rid of the third party. For the business model of the traditional financial industry, we need a third party to run. However, this gives the third party (e.g. bank) a lot of power to earn a higher profit and control everything. Users and customers do not have say in it. With the existence of 3rd party which requires making a profit, this also brings a high transaction cost.

If you are interested to read the full version of Bitcoin white paper, please click here: https://bitcoin.org/bitcoin.pdf

If Bitcoin is a really real breakthrough and can completely change the finance industry and the world. How do we buy Bitcoin? You can buy Bitcoin easily via Binance which is the largest exchange in the world in terms of the trading volume. We recommend using the largest exchange in the world which is more secure. You can click the following Binance link to register an account and buy Bitcoin immediately! This is our Binance code, we both can enjoy a 10% discount on the trading fee! A win-win situation!

Register account at Binance and use our Binance discount to buy Bitcoin now (we both can enjoy a 10% discount!!): https://www.binance.com/en/register?ref=CGDDILI6

Disclaimer: we are not financial advisors, these are not investment recommendations, this is just for your education only.

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