The software incentivizes miners to follow the protocol by rewarding them with new coins and transaction fees.

— Satoshi Nakamoto

Bitcoin solves the Byzantine Generals Problem for digital money.

— Satoshi Nakamoto

Bitcoin can be used for borderless payments without intermediaries.

— Satoshi Nakamoto

Users can verify their balance and transactions independently.

— Satoshi Nakamoto

Economic incentives align miners’ interests with network security.

— Satoshi Nakamoto

The security of the system depends on honest majority of mining power.

— Satoshi Nakamoto

All transactions are publicly visible, but identities are hidden behind addresses.

— Satoshi Nakamoto

Bitcoin is a network of nodes collectively maintaining a ledger.

— Satoshi Nakamoto

Bitcoin nodes store the entire blockchain to verify transactions independently.

— Satoshi Nakamoto

Nodes reject blocks and transactions that violate the protocol rules.

— Satoshi Nakamoto

Nodes reject invalid transactions to maintain network integrity.

— Satoshi Nakamoto

Users can spend and receive Bitcoin without permission.

— Satoshi Nakamoto

The open ledger allows anyone to audit the currency supply.

— Satoshi Nakamoto

Mining pools allow miners to reduce variance in their rewards.

— Satoshi Nakamoto

Users can recover funds using seed phrases for wallet backup.

— Satoshi Nakamoto

Bitcoin can provide financial services to those without banks.

— Satoshi Nakamoto

The system is permissionless; anyone can participate without approval.

— Satoshi Nakamoto