actually. Not many people have read the Bitcoin white paper
Summary: A purely peer-to-peer version of an electronic cash system that would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but if a trusted third party is still required to prevent double spending, the main advantages of electronic payments are offset. We propose a solution to solve the double-spending problem using peer-to-peer networks. The peer-to-peer network will timestamp each transaction by entering its hash into an ever-expanding, hash-based proof-of-work chain, creating a record that cannot be changed without a complete redo. . The longest chain is used to prove the events that have been witnessed and their sequence, and at the same time, it is also used to prove that it comes from the largest CPU computing power pool. As long as the vast majority of CPU power is controlled by benign nodes—that is, they do not cooperate with nodes trying to attack the network—then the benign nodes will generate the longest chains and outpace attackers. The network itself requires minimal structure. Information will be disseminated on a best-effort basis, and nodes can come and go freely; however, when joining, they always need to accept the longest proof-of-work chain as proof of everything that happened while they were not participating.
Internet commerce relies almost entirely on financial institutions as trusted third parties to process electronic payments. While this system works fine for most transactions, it is still hampered by the flaws inherent in a trust-based model. Completely irreversible transactions are virtually impossible because financial institutions cannot avoid arbitrating disputes. Arbitration costs increase transaction costs, which in turn limits the size of the smallest possible transactions and simply prevents many micropayment transactions. In addition, there is a greater cost: the system cannot provide irreversible payments for services that are irreversible. The possibility of reversal creates an omnipresent need for trust. Merchants must be wary of their customers and ask them to provide more information than is otherwise (if trusted) required. A certain proportion of fraud is considered inevitable.These costs and payment uncertainties
