The mining competition secures the network against attacks.

— Satoshi Nakamoto

By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block.

— Satoshi Nakamoto

I’ve designed Bitcoin to solve the double-spending problem without a trusted authority or central server.

— Satoshi Nakamoto

Open source development allows anyone to audit and improve the code.

— Satoshi Nakamoto

Nodes always consider the longest chain to be the correct one and will keep working on extending it.

— Satoshi Nakamoto

Mining pools allow miners to reduce variance in their rewards.

— Satoshi Nakamoto

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.

— Satoshi Nakamoto

If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.

— Satoshi Nakamoto

The system enables peer-to-peer transfer of value globally.

— Satoshi Nakamoto

The network runs 24/7 with no downtime or centralized control.

— Satoshi Nakamoto

Users can recover funds using seed phrases for wallet backup.

— Satoshi Nakamoto

The network is robust in its unstructured simplicity.

— Satoshi Nakamoto

Bitcoin’s decentralized design removes single points of failure.

— Satoshi Nakamoto

Bitcoin solves the Byzantine Generals Problem for digital money.

— Satoshi Nakamoto

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

— Satoshi Nakamoto

The cryptographic techniques used are well-tested and secure.

— Satoshi Nakamoto

Nodes use a proof-of-work chain to agree on transaction history.

— Satoshi Nakamoto

Each block contains a hash of the previous block, creating a chain.

— Satoshi Nakamoto

Mining pools allow miners to reduce variance in their rewards.

— Satoshi Nakamoto

The steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation.

— Satoshi Nakamoto