It’s Halloween, and it’s important to understand how the festivities may have inspired Satoshi Nakamoto to write the Bitcoin Whitepaper.
Satoshi, Bitcoin’s mysterious creator, first introduced the BTC whitepaper on Oct 31, 2008, at approximately 2:10 pm through metzdowd.com’s Cryptography Mailing List. It was the day when everyone was celebrating Halloween. Of course, years ago, companies, governments, and people started to notice the importance of Bitcoin, so no one cared about the whitepaper at that time.
Highlights of Bitcoin Whitepaper
The Bitcoin whitepaper has twelve sections, highlighting several important things about Bitcoin and current transaction methods.
The first section indicates how people are depended on centralized authorities for transactions and how dangerous it can be as they can control the financial system by setting limits. Not only does the world relies on centralized authorities, but these authorities are also prone to errors.
In the second section, you can learn about the technical nature of blockchain. Satoshi has also explained some aspects of blockchain, like private and public keys, hashing, and timestamps. The third and fourth section was all about the timestamp server and proof-of-work concept simultaneously.
He explains the level of transparency in blockchain that could benefit users. In the sixth section, he explains how miners can benefit from Bitcoin. The seventh section includes the concept of disk space. He also discusses that there will be no problems in digital space in the future.
The eighth sections discuss simplified payment verification, and the ninth indicates splitting and combining the value. The ninth section is one of the most important, and most people have avoided it. It discusses that you should not split the bitcoin before sending it. The following two sections discuss calculations and the privacy of Bitcoin.
The last part of the whitepaper is the conclusion in which Satoshi discusses the simplicity and efficiency of the system that makes it undefeated.
The things discussed in the Bitcoin Whitepaper were proven over the years. It’s a robust technology that no one has been able to hack in these 14 years.