Bitcoin: A Peer-to-Peer Electronic Cash System

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.

I also do think that there is potential value in a form of unforgeable token whose production rate is predictable and can't be influenced by corrupt parties.

It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support 'Trusted Computing', to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation.

When parts of the community are viciously turning on the people that have introduced millions of users to the currency, you know things have got really crazy.

Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.

The greatest minds are capable of the greatest vices as well as of the greatest virtues.

The one thing that’s missing, but that will soon be developed, it’s a reliable e-cash. A method where buying on the Internet you can transfer funds from A to B, without A knowing B or B knowing A. The way in which I can take a 20 dollar bill and hand it over to you and there’s no record of where it came from. And you may get that without knowing who I am. That kind of thing will develop on the Internet.

Digital cash, untraceable and anonymous (like real cash), is also coming, though various technical and practical hurdles remain. 'Swiss banks in cyberspace' will make economic transactions much more liquid and much less subject to local rules and regulations. Tax avoidance is likely to be a major attraction for many. An example of local interest to Monte Carlo might be the work underway to develop anonymous, untraceable systems for 'cyberspace casinos.' While not as attractive to many as elegant casinos, the popularity of 'numbers games' and bookies in general suggests a opportunity to pursue.

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Our team has been supporting Bitcoin Cash since August 1st 2017.