Bitcoin Whitepaper

The bitcoin whitepaper, published on 31st October, 2008 was the foundational document for the framework of the electronic payment network. The paper was the blueprint for trustless payments on a distributed ledger called the blockchain that would enable verifiable transactions without a centralised database or central authority. That is, no bank or financial institution is required to process a transaction, rather it is of a peer-to-peer nature. This element of bitcoin enables it to be borderless and allows global transactions at a fraction of the time and cost that the legacy banking technology currently provides. In Australia, due to the recently established new payments platform, banks can transfer between other Australian banks in close to real-time. However, due to the complex nature of global payments, transferring from an Australian bank internationally can be costly and time consuming. The peer-to-peer system is revolutionary in nature as it essentially enables two people who are unknown to each other and therefore no established trust, to transfer money electronically over an international payments network. The btc whitepaper was drafted by Satoshi Nakamoto, a pseudonyms individual that nobody knows the true identity. Satoshi created bitcoin as open source technology to allow anyone to participate in the community and is in no way reliant on Satoshi or any other one specific individual.

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