Bitcoin White Paper Turns 18 With Payment Verification Still at Its Core
Summary
On the 18th anniversary of Bitcoin’s white paper, the proposal’s central idea remains verifying an agreed payment history without a central ledger. Digital signatures authorize transfers, while proof of work and block confirmations help the network resolve competing spends. Confirmation depth affects payment risk, so merchants may use different acceptance policies depending on transaction value. Bitcoin verifies coin transfers, but does not guarantee delivery, validate commercial agreements or resolve disputes. The white paper explains the payment mechanism, not Bitcoin’s market value or every feature of today’s network.
