in 2008, a pseudonymous entity named satoshi nakamoto introduced bitcoin through a whitepaper, envisioning a peer-to-peer electronic cash system. this system allows online payments to be sent directly between parties without needing a financial institution as a mediator. here's a simple breakdown of the key points from the whitepaper:

peer-to-peer transactions: bitcoin facilitates direct transactions between parties, eliminating the need for a trusted third party to prevent issues like double-spending​

proof-of-work: a proof-of-work system ensures transaction integrity and security. it requires computational effort to validate transactions, making malicious alterations computationally impractical​​.

decentralization: by publicly announcing transactions and utilizing a decentralized network, bitcoin removes the control traditionally held by financial institutions, thus mitigating the risks associated with trusting a single entity​​.

through these mechanisms, bitcoin aims to revolutionize online commerce by providing a transparent, secure, and decentralized method for conducting transactions.

read the whitepaper here: