> For the complete documentation index, see [llms.txt](https://hub.bsvblockchain.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hub.bsvblockchain.org/higher-learning/bsv-academy/bitcoin-whitepaper-series/bitcoin-whitepaper-abstract/peer-to-peer-transactions.md).
# Peer-to-Peer Transactions
*A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.*
\- Satoshi Nakamoto, Bitcoin Whitepaper
This revolutionary concept, introduced by **Satoshi Nakamoto** in the Bitcoin whitepaper, fundamentally alters the traditional banking model, where **transactions require the involvement of a trusted third party**, such as a bank.
In contrast, Bitcoin facilitates money exchanges through its protocol, **enabling transactions that can involve an effectively unlimited number of peers**. The only limitations arise from the economics of constructing and verifying each transaction rather than arbitrary parameters imposed by financial institutions.
**Wallets** play a crucial role in this ecosystem, allowing users to create transactions that sign ownership records of digital coins and assign them to new owners. The history of these exchanges is maintained in a public ledger, often referred to as the **blockchain**, which is visible to all parties involved.
This transparency ensures that all transactions are recorded **without the need for a financial institution's** involvement, although banks can still participate in the Bitcoin ecosystem, leveraging its low-cost transaction verification as a competitive advantage in financial markets.
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