4.5 • 2.6K Ratings
🗓️ 12 August 2018
⏱️ 75 minutes
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0:00.0 | A purely peer-to-peer version of electronic cash would allow online payments to be sent directly |
0:11.3 | from one party to another without going through a financial institution. |
0:17.0 | Digital signatures provide part of the solution, but the main benefits are lost if a trusted |
0:21.8 | third party is still required to prevent double-spending. |
0:26.4 | We propose a solution to the double-spending problem using a peer-to-peer network. |
0:32.6 | What you just heard are the opening lines of a nine-page white paper published in November |
0:38.2 | of 2008. |
0:40.0 | This white paper was written by an unknown individual named Satoshi Nakamoto, who emerged |
0:46.2 | onto the world stage with this proposal. |
0:49.6 | The title of the report was Bitcoin, a peer-to-peer electronic cash system, and it was a |
0:56.1 | thorough approach to a very divisive pop-back. |
0:59.4 | You see, this was the first time that the word Bitcoin would enter the public vernacular. |
1:05.0 | It was also a well-documented proposal full of sources for its grandiose claims. |
1:10.7 | And contained a comprehensive plan to do what many believed was the impossible. |
1:15.8 | For years. |
1:17.2 | Decades even. |
1:18.4 | Cipherpunk enthusiast and libertarian-minded programmers had been yearning for a digital-based currency. |
1:25.5 | Work-docurrency, if you will. |
1:27.8 | And there had been repeated attempts to fill this niche, such as B-Money, Hash Cash, and |
1:33.7 | BitGold. |
1:34.7 | However, unfortunately, all of these reached a dead end in their pursuit of a decentralized |
1:40.9 | banking system. |
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