02 Mar 2022

Mitchell Nixon


Bitcoin is a peer-to-peer digital currency, all transactions occur directly between independent, equal, network participants without the need of any centralised financial institution. With the growth of commerce on the internet, Bitcoin sought to present itself as a digital currency solution, eliminating the need for any oversight from third parties, central banks or even the government. As noted in Satoshi’s very own whitepaper, the need for mediation and reliance on financial institutions was proving costly, limited the minimum practical transaction size and cut off the possibility for small casual transactions. What he asserted was needed was an electronic payment system, using cryptography to keep it secure. That is, ‘an electronic payment system based on cryptographic proof instead of trust’.