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Satoshi Nakamoto on

Bitcoin Design

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.
A collection of Satoshi Nakamoto’s words on this topic, gathered from the posts and emails in this archive.Text compiled by the Satoshi Nakamoto Institute, used under CC BY-SA 4.0. Formatting by Bitcoin.onl.
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