#bitcoin principles

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Bitcoin at 10 | #6: Breaking down Satoshi’s whitepaper – Part 4

Bitcoin at 10 | #6: Breaking down Satoshi’s whitepaper – Part 4

We have arrived at our final part of breaking down Satoshi Nakamoto’s whitepaper on Bitcoin. In this part, we cover the following issues addressed by Satoshi:

How does a node verify a payment it is not running or does not hold the entire blockchain i.e. it is not a “full node“?.

How will multiple transactions to the same bitcoin address be combined and split?

How would privacy be achieved?

What…

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Bitcoin at 10 | #5: Breaking down Satoshi’s whitepaper – Part 3

Bitcoin at 10 | #5: Breaking down Satoshi’s whitepaper – Part 3

Further, into the whitepaper, Satoshi discusses how the network will operate, how the miners or nodes will be incentivized to participate in the network; and when the network keeps adding transactions, how the data size will be maintained, with increasing data storage requirements.

Section 6 – Network

The Bitcoin network has a simple step-by-step task laid out in its algorithms. The exact flow of…

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Bitcoin at 10 | #4: Breaking down Satoshi’s whitepaper - Part 2

Bitcoin at 10 | #4: Breaking down Satoshi’s whitepaper – Part 2

Continuing our discussion on the whitepaper from our previous article Bitcoin at 10 | #3: Breaking down Satoshi’s whitepaper – Part 1, we arrive at how Satoshi envisioned the how the bitcoin transactions would work.

Whitepaper link: Bitcoin – A Peer-to-Peer Electronic Cash System -Satoshi Nakamoto’s original paper

Section 3 – Transactions

The focus in this section is on the solution to the double…

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Bitcoin at 10 | #3: Breaking down Satoshi's whitepaper - Part 1

Bitcoin at 10 | #3: Breaking down Satoshi’s whitepaper – Part 1

The digital currency boom ushered in by Bitcoin has led to the transformation of the traditional financial systems. What started off as an email on a nondescript system, has now become the go-to document to understand how money can be decentralized and democratized.

This historical document lays down the protocols which are not understood by many and hence we are trying to break it down…

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The Bruised and Battered Currency Lives on

Bitcoin has been laid to rest probably a thousand times now, but the bruised and battered currency lives on! And every time an obituary has been written, it has bounced back like never before. 

Bitcoin has been laid to rest probably a thousand times now, but the bruised and battered currency lives on! And every time an obituary has been written, it has bounced back like never before.

Read: 51 “Bitcoin is Dead” Declarations

What remains to be understood is that the underlying principles of Bitcoin, have kept it going for the past 9 years and the “Bitcoiners” tend to believe that it is…

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