Bitcoin was first proposed in 2008 by a pseudonym Satoshi Nakamoto in a paper titled "Bitcoin: A peer-to-peer Electronic Cash System." Nakamoto combined previous digital currency inventions, such as B-money and HashCash, to create a fully decentralized electronic cash system that does not rely on a currency guarantee or a central authority to verify the settlement of transactions. The key innovation is the use of distributed computing systems (known as "proof-of-work" algorithms) to conduct network-wide "try-outs" every 10 minutes, enabling a decentralised network to synchronise transaction records. This elegantly solves the problem of double payments, where a single currency unit can be used twice. Previously, the issue of double payments was a weakness for digital currencies and was handled by a central clearing house that cleared all transactions. 

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