Analysis of Satochi Nakamoto’s White Paper

Analysis of Satochi Nakamora’s White Paper
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Analysis of Satochi Nakamoto’s White Paper
Satoshi Nakamoto is recognized for his involvement in the development of bitcoin, primarily under the bitcoin white paper-peer to-peer electronic cash system. The primary focus of bitcoin electronic cash was bypassing the involvement of intermediaries, such as financial institutions. Satoshi published the original bitcoin paper in 2008, addressing concerns about blockchain technology and cryptocurrency. Reading the white paper exposes people to the basics regarding the technology that sustains bitcoin. Satoshi highlights the involvement of third parties in electronic payments, which further invited additional costs. One can argue that the white paper’s contents were appealing to a larger audience following the failure of financial institutions to manage the financial crisis that hit the world in 2008.
The white paper signals the need for a decentralized digital system that does not include interference from financial institutions or the government. Satoshi indicates that bitcoin would enhance online banking and transaction efficiency and speed because the transactions are barely exposed to third-party involvement, among other factors. The users enjoy considerable autonomy, which further differs from the common financial system. In other words, the primary objective of the bitcoin whitepaper is to increase awareness regarding the new online payment system that excludes the government, financial institutions, and other third parties.
Even though Satoshi address most of the concerns regarding bitcoin technology, including the benefits over conventional financial institutions, the pseudonymous author does not anticipate the changes it would face as it gains popularity. In this regard, despite its increasing popularity after Satoshi’s white paper, the technology does not address key concerns, including cryptocurrency volatility. In this regard, while the investor is guaranteed other benefits, including p...