The Significance of the Bitcoin White Paper

Yesterday we celebrate bitcoin’s 10th birthday!.

If you never had a chance to, read the Bitcoin White Paper.

Bill Barhydt of Abra had some good thoughts on Bitcoin’s white paper in an opinion piece with Coindesk.

Some excerpts below.

So this is the line that got Bill’s attention when he first read the white paper.

"We propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions…"

Until bitcoin the double-spend problem was the Achilles’ heel of digital currency transactions.

Why is it important? According to Bill:

Solving the double-spend problem in the digital world makes near real-time commerce possible across the entire planet without regard to individual banking access, currency denominations or geographical location.

He goes on to say:

Solving the double-spend problem opened a massive technological frontier that allowed for experimentation and the design and deployment of a new financial sector. The true beauty of bitcoin is that it's based on open-source computer code and it's not owned or controlled by anyone. It is globally accessible in that the only requirement for participation in the new economy is an internet connected device.

Bill’s conclusion…

An exciting future lays before us thanks to bitcoin.

We have sound, programmable money.

And bitcoin will make all kinds of financial innovations possible.

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