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Transition to Web3 - Course 2 | Transactions and Bitcoin

Satoshi Nakamoto, a person or persons, wrote the Bitcoin white paper in 2008 and invented Bitcoin.

Nakamoto’s starting point was money transactions: We trust banks to process payments, but there are some weaknesses in this trust-based model: 

  • Transactions can be changed by the bank later because there may be disputes.
  • Because of the fear of potential changes in payments, merchants collect too much information on their customers. 
  • Banks increase transaction costs or may simply reject transactions. 

💡 To overcome these challenges, Nakamoto suggested a purely peer-to-peer version of electronic cash: Bitcoin. This section will explain

  1. How you can store transactions in the blockchain
  2. How digital money is transferred from one person to another
  3. How Bitcoin is created

📚 Bonus: If you want more background, you can read Nakamoto’s original white paper below. If it seems confusing, don't worry! We'll explain everything.

Bitcoin: A Peer-to-Peer Electronic Cash System

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