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Unlocking Knowledge: Bitcoin in Plain Language

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

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Introduction Paragraph 2

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this 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. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

Plain Language

We need a way to pay for things online without relying so much on trust and middlemen like banks. Imagine a system where you and another person can directly make transactions without needing a third party to oversee everything. To prevent fraud, we want transactions that are practically impossible to reverse.

In our idea, we suggest using a peer-to-peer system with a special server to keep track of when transactions happen. This server helps us prove the order of transactions through advanced computer work. As long as the good guys have more computing power than any group of bad guys, our system stays secure. It's a digital way of making sure everything happens in the right order without someone trying to cheat the system.

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Duvel 2y ago

Fantastic explanation!

I think for a person with a non-technical background, the words peer-to-peer and server might be a challenge.

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Discussion

Delta Charlie 2y ago

Thanks for the feedback nostr:npub10yah0vsgha874vdf7vzs5tm629nmpkevn6qpua9y6xdcw3ayqc2q5e39j5

One thought I had was putting plain language definitions at the beginning of each post. You will see this in later posts(much more to come) as the topics get more complex.

Unfortunately, I made an assumption that peer-to-peer was a straightforward enough expression. In case it wasn't , I added in my first paragraph, "...where you and another person can directly make transactions without needing a third party to oversee everything." I could have connected the two better.

With the word server, I assumed again that anyone reading the white paper would know what a server is. I wrote, "...a special server to keep track of when transactions happen. This server helps us prove the order of transactions through advanced computer work."

This is the good thing about posting all this here, more eyes on the content can make it better.

Please subscribe, and share with folks, thanks again.