Satoshi Nakamoto’s Bitcoin white paper proposes a decentralized electronic cash system that enables direct peer-to-peer payments without a trusted third party. It solves the double-spending problem by using a blockchain—a chain of proof-of-work timestamped transactions. The longest chain, backed by the majority of CPU power, determines the valid transaction history. Honest nodes outpace attackers, and incentives (new coins and fees) secure the network. This creates a secure, trustless digital currency.