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Bitcoin: A Peer-to-Peer Electronic Cash System
Bitcoin is a free open source peer-to-peer electronic cash system that is completely decentralized, without the need for a central server or trusted parties. Users hold the crypto keys to their own money and transact directly with each other, with the help of a P2P network to check for double-spending.
9 pages, ebook
First published May 28, 2011
14 people are currently reading
632 people want to read
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Displaying 1 - 30 of 34 reviews
September 25, 2019
I wanted to better understand why so many smart people think Bitcoin, and more to the point, decentralization, are going to be so huge. This seemed like a good thing to read as it's always good to get the fundamentals. I remember when I started working on the internet I read the original white paper on Google's Pagerank, and I think that is still a highly relevant document. I would bet this whitepaper will in 20 years be on the same order of magnitude - perhaps even more so.
For instance, before reading this my mental model was a bitcoin is like a digital dollar. But now, I better understand that a coin is really a chain of digital signatures.
“We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.“
It was really clear that Bitcoin was created and designed for the purpose of facilitating electronic transfers in a better way than exists today. If you buy something in cash, your transaction is over. If you buy something with a bank card or credit card, that transaction can take days or weeks to finalize because it can be disputed. This "trust based model" has a whole range of downstream impacts that makes moving money around slow, not to mention sometimes costly.
Bitcoin is a protocol and this shone through in the paper as well. It describes how the blockchains and timestamps work, as well as the network nodes, and how the whole thing is secure with enough nodes. Some smart people I've heard have often compared Bitcoin to other protocols like SMTP.
Interestingly, the thing that a lot people like about blockchain - that the future will be decentralized - wasn't really talked about in here.
For instance, before reading this my mental model was a bitcoin is like a digital dollar. But now, I better understand that a coin is really a chain of digital signatures.
“We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.“
It was really clear that Bitcoin was created and designed for the purpose of facilitating electronic transfers in a better way than exists today. If you buy something in cash, your transaction is over. If you buy something with a bank card or credit card, that transaction can take days or weeks to finalize because it can be disputed. This "trust based model" has a whole range of downstream impacts that makes moving money around slow, not to mention sometimes costly.
Bitcoin is a protocol and this shone through in the paper as well. It describes how the blockchains and timestamps work, as well as the network nodes, and how the whole thing is secure with enough nodes. Some smart people I've heard have often compared Bitcoin to other protocols like SMTP.
Interestingly, the thing that a lot people like about blockchain - that the future will be decentralized - wasn't really talked about in here.
July 21, 2020
The white paper is the real thing. Super eloquent.
9 pages of focused reading! That is all it takes to avoid reading a lot of average crap being written about BTC. 9 pages. Not easy but not difficult either, just requires a bit more focus than your average internet article or Youtube clip. Many average BTC explanations will discuss many features of BTC blockchain without really explaining why each feature is really there. The white paper does this very well.
As a prerequisite to the whitepaper, I recommend:
* first learning about (1) what a cryptographic hash function is, and (2) how public keys and private keys work in cryptography (quite simple and also relate to hash)
* one hour of focused time to read this amazing post
I tried reading the real thing about relativity theory. It was too difficult for a mere mortal engineer. This paper is actually 100% understandable and recommend it highly.
Yours,
BTC hodler
9 pages of focused reading! That is all it takes to avoid reading a lot of average crap being written about BTC. 9 pages. Not easy but not difficult either, just requires a bit more focus than your average internet article or Youtube clip. Many average BTC explanations will discuss many features of BTC blockchain without really explaining why each feature is really there. The white paper does this very well.
As a prerequisite to the whitepaper, I recommend:
* first learning about (1) what a cryptographic hash function is, and (2) how public keys and private keys work in cryptography (quite simple and also relate to hash)
* one hour of focused time to read this amazing post
I tried reading the real thing about relativity theory. It was too difficult for a mere mortal engineer. This paper is actually 100% understandable and recommend it highly.
Yours,
BTC hodler
May 4, 2025
ENG → БЕЛ
It is important to read original works that have had a significant impact on the world, as relying only on interpretations can be limiting. This is why I read the Bitcoin White Paper; it gave me a more complete understanding of Bitcoin's philosophy. I found it interesting that Satoshi also discussed social aspects, not just technical ones. I wish I could understand everything in this document, but since I'm not a cryptography expert, I can't give it a personal rating of 5 stars. For someone who is an expert, it might be an easy 5-star document.
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На жаль я не эксперт па крыптаграфіі, каб ацаніць гэты дакумент справядліва, але я лічу важным чытаць арыгіналы. Не абавязкова пачынаць з арыгіналаў, не трэбa чытаць толькі арыгінальныя дакументы, але з імі важна азнаёміцца. Што я і зрабіў. Цяпер я больш разумею філасофію біткоіна, што даволі важна, бо гэта тэхналогія шмат у чым змяніла свет.
It is important to read original works that have had a significant impact on the world, as relying only on interpretations can be limiting. This is why I read the Bitcoin White Paper; it gave me a more complete understanding of Bitcoin's philosophy. I found it interesting that Satoshi also discussed social aspects, not just technical ones. I wish I could understand everything in this document, but since I'm not a cryptography expert, I can't give it a personal rating of 5 stars. For someone who is an expert, it might be an easy 5-star document.
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На жаль я не эксперт па крыптаграфіі, каб ацаніць гэты дакумент справядліва, але я лічу важным чытаць арыгіналы. Не абавязкова пачынаць з арыгіналаў, не трэбa чытаць толькі арыгінальныя дакументы, але з імі важна азнаёміцца. Што я і зрабіў. Цяпер я больш разумею філасофію біткоіна, што даволі важна, бо гэта тэхналогія шмат у чым змяніла свет.
December 28, 2020
Elegant and straightforward in presenting its solution. Glad I finally read it.
December 19, 2014
Read, but not understood.
May 15, 2018
Will be taught in schools for decades and maybe centuries to come.
August 12, 2021
Reading Dave Chaum's 1982 report which is a prototype of Bitcoin. Laying out the theory which allows for the facilitation of blockchain. Will probably reread Nakamoto this year, I read this earlier in the year. I keep forgetting this kind of literature is on Goodreads and do encourage everyone to read.
Chaums Blind Signatures: https://sceweb.sce.uhcl.edu/yang/teac...
Satoshi's Bitcoin: https://www.ussc.gov/sites/default/fi...
This is FREE and accessible online, you will finish in like an hour MAX.
I read this in in the early half of 2021.
Chaums Blind Signatures: https://sceweb.sce.uhcl.edu/yang/teac...
Satoshi's Bitcoin: https://www.ussc.gov/sites/default/fi...
This is FREE and accessible online, you will finish in like an hour MAX.
I read this in in the early half of 2021.
April 12, 2019
The white paper is very accessible and it's a much better introduction to the topic of crypto-currencies than I had anticipated. The hype over bitcoin and other crypto coins has died down after the recent bubble burst, however the underlying technology of block-chain is spreading rapidly. The paper proposes an elegant solution to the double spending problem. A solution useful for an electronic currency, but not limited to it.
June 28, 2021
Extremely succint and straightforward explanation of the Bitcoin technology.
I was unable to understand the Merkle Trees and the probability part, so I'll be looking at other resources to understand them.
I was unable to understand the Merkle Trees and the probability part, so I'll be looking at other resources to understand them.
March 5, 2021
This is not a text you can enjoy. You will only use it as a way to understand the changing world of the cryptocurrencies, in this case concerning to the Bitcoin. This new currency has reached a great wide around the world and it is necessary to know more about it. In this way, someone has to read this paper. It made a small explanation about how Bitcoin works and which are the main risks that this currency has to deal with in order to become useful. So, it is only a text you read because you have to face our moving reality.
Este no es un texto que se pueda disfrutar. Lo lees para entender el cambiante mundo de las criptomonedas, en específico, el Bitcoin. Esta nueva moneda se ha extendido por todo el mundo y por eso es menester estudiar todo lo concerniente a este tema. Por eso hojee este opúsculo. Hace el autor una regresión para demostrar que el Bitcoin no por abandonar un agente tercero que de certeza a las operaciones resulta inseguro o un medio de fraude. Es interesante cómo se analiza la construcción de las cadenas de información que sostienen esta moneda. Cómo se pueden contraer para lograr el almacenamiento. Todo lo anterior en post de renunciar al poder vigilante pero dominador de la banca. Nadie que quiera estar al día con este tema puede prescindir de su lectura.
Este no es un texto que se pueda disfrutar. Lo lees para entender el cambiante mundo de las criptomonedas, en específico, el Bitcoin. Esta nueva moneda se ha extendido por todo el mundo y por eso es menester estudiar todo lo concerniente a este tema. Por eso hojee este opúsculo. Hace el autor una regresión para demostrar que el Bitcoin no por abandonar un agente tercero que de certeza a las operaciones resulta inseguro o un medio de fraude. Es interesante cómo se analiza la construcción de las cadenas de información que sostienen esta moneda. Cómo se pueden contraer para lograr el almacenamiento. Todo lo anterior en post de renunciar al poder vigilante pero dominador de la banca. Nadie que quiera estar al día con este tema puede prescindir de su lectura.
February 20, 2024
"We have proposed a system for electronic transactions without relying on trust. We started with
the usual framework of coins made from digital signatures, which provides strong control of
ownership, but is incomplete without a way to prevent double-spending. To solve this, we
proposed a peer-to-peer network using proof-of-work to record a public history of transactions
that quickly becomes computationally impractical for an attacker to change if honest nodes
control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes
work all at once with little coordination. They do not need to be identified, since messages are
not routed to any particular place and only need to be delivered on a best-effort basis. Nodes can
leave and rejoin the network at will, accepting the proof-of-work chain as proof of what
happened while they were gone. They vote with their CPU power, expressing their acceptance of
valid blocks by working on extending them and rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be enforced with this consensus mechanism."
the usual framework of coins made from digital signatures, which provides strong control of
ownership, but is incomplete without a way to prevent double-spending. To solve this, we
proposed a peer-to-peer network using proof-of-work to record a public history of transactions
that quickly becomes computationally impractical for an attacker to change if honest nodes
control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes
work all at once with little coordination. They do not need to be identified, since messages are
not routed to any particular place and only need to be delivered on a best-effort basis. Nodes can
leave and rejoin the network at will, accepting the proof-of-work chain as proof of what
happened while they were gone. They vote with their CPU power, expressing their acceptance of
valid blocks by working on extending them and rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be enforced with this consensus mechanism."
May 5, 2017
Did I read it? Mmhm, every word. Did I understand it? Nuh uh, not a single word.
However, if I am going to understand this phenomenon, dabble in it, invest it, know it, delve into it, and grasp it, then, as they say in Yiddish, I'll have to "fang oon fin oonfang." I have to start at the beginning, with the building blocks.
Now that the basics are in my consciousness, I'm moving on to the bigger boys, and see what more I can learn.
However, if I am going to understand this phenomenon, dabble in it, invest it, know it, delve into it, and grasp it, then, as they say in Yiddish, I'll have to "fang oon fin oonfang." I have to start at the beginning, with the building blocks.
Now that the basics are in my consciousness, I'm moving on to the bigger boys, and see what more I can learn.
March 9, 2023
Siento que es extremadamente digerible y que da un panorama excelente de cómo funciona Bitcoin y la blockchain en si. Los mecanismos de consenso me parecieron una locura, y cuando entendí la cuestión de que al hacer un fork de una Blockchain, gana la cadena con más validadores (es decir, la más larga), me cerraron muchas ideas.
Creo que es una buena primer lectura para meterse en Blockchain, si alguien está empezando. Ahora voy por Hashcash, y a entender los antecedentes de Satoshi :)
Creo que es una buena primer lectura para meterse en Blockchain, si alguien está empezando. Ahora voy por Hashcash, y a entender los antecedentes de Satoshi :)
May 4, 2020
Learning a bit of Bitcoins. There's nothing like reading the original article, with which it all started: “Bitcoin: A Peer-to-Peer Electronic Cash System” from
Satoshi Nakamoto.
No one knows who he really is, who wrote the article. But in it are the foundations of what the future payment system may be.
Satoshi Nakamoto.
No one knows who he really is, who wrote the article. But in it are the foundations of what the future payment system may be.
October 5, 2017
Required reading for those involved in either computer science or the financial industry
December 3, 2017
Good reading to understand bitcoin. Even if you are familiar with cryptocurrency, suggest reading it to check/summarize/improve your knowledge.
January 8, 2019
A good read to get an overview of cryptocurrencies and the working of underlying technology blockchain.
Read
January 20, 2021I had review this document thoroughly while watching the movie War Games in an attempt to better understand the functionality of cryptocurrency Blockchains and assess the potential for risk.
November 6, 2022
Wish I could understand all of it...
June 6, 2025
Very informative, very to the point. Exactly what it should be.
October 13, 2025
Entender el hash es poético
December 10, 2025
Just the annual re-read
November 27, 2021
Known as The Bitcoin Whitepaper. Written in 2008. Probably not the best starting place to understand bitcoin & crypto, but close to it.
December 19, 2025
The crowning achievement of computer science. Very pro-human, like all technology should be.
Read
January 8, 2022Just listened to the audio version of this. I'll have to go over it again and try to understand the math stuff and reference to programming. Other than that though, Bitcoin is surprisingly simple! It's exciting I might be able to understand this a lot better soon just by learning about this stuff on my own.
May 28, 2017
I felt sort of odd about making purchases in BTC and not fully understanding what was going under the hood. I had a general idea but I wouldn't say I had expert knowledge in the subject. This helped me understand how Bitcoin worked better than any book I've read that does its best to abstract away and water down the core idea. After reading a 300 page book on the subject and still feeling....befuddled...I decided to just read the white paper directly for the source. Satoshi Nakamoto, the mysterious creator of Bitcoin, writes an excellent 12 page document that clearly and plainly states his theoretical crypto-currency to its full extent without explaining it away with nonsensical analogies that are mostly unbelievably ridiculous. For most people that aren't as well versed in computer science those might be decent enough books, but for the CS geek that actually wants someone to talk to them without talking down to them or using childish language this is the only document you need to read.
July 24, 2014
A great little book, and well worth reading if you have any interest in cryptocurrencies at all. I can only assume the low votes are from people who have not actually read the book, but somehow fear the technology behind bitcoin, which is odd really as had they actually read the book, they may no longer hold those fears.
December 10, 2013
Interesting approach to virtual money and solving the double spending problem in a peer-to-peer system without third party.
Displaying 1 - 30 of 34 reviews