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Bitcoin: A Peer-to-Peer Electronic Cash System

Upload by Justin
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.
Bitcoin
Peer-to-Peer
Electronic Cash
Double-Spending
Proof-of-Work