Bitcoin, without unnecessary jargon

Bitcoin: an open network verified through proof of work

Bitcoin is a peer-to-peer monetary protocol launched in 2009 after Satoshi Nakamoto published the white paper in 2008. Transactions are grouped into blocks and shared on a public ledger called the blockchain. Independent software follows a common set of network rules.

Mining supplies proof of work: miners search for a hash that meets a target set by the protocol. This makes rewriting transaction history costly and lets the network select the chain with the most accumulated work. Mining is therefore more than creating bitcoins; it also helps order and secure transactions.

Further reading: Bitcoin Developer Guide: Mining · Blockchain and proof of work

Bitcoin history and its founding idea

The 2008 white paper proposed a peer-to-peer payment system using cryptography and a shared ledger. The Bitcoin network launched in 2009. Since then, open-source software and proposals reviewed by an international community of developers, node operators and users have shaped its development.

The comparison with gold mainly refers to rules that define issuance and to an asset anyone can verify. It has limits: Bitcoin is a digital network, its market value can move, and transaction validation relies on proof of work. The white paper remains the best starting point for the original design.