Andreas M.Antonopoulos

Mastering Bitcoin

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  • Vijesh EVhas quoted4 years ago
    to mine for bitcoins, using his engineering skills to supplement his income. This story will examine the “industrial” base of bitcoin, the specialized equipment used to secure the bitcoin network and issue new currenc
  • Julia Chekaevahas quoted4 years ago
    Bitcoin Core keeps a full copy of the transaction ledger (blockchain), with every transaction that has ever occured on the bitcoin network since its inception in 2009.
  • Julia Chekaevahas quoted4 years ago
    You can download the Reference Client, also known as Bitcoin Core from bitcoin.org. The reference client implements all aspects of the bitcoin system, including wallets, a transaction verification engine with a full copy of the entire transaciton ledger (blockchain) and a full network node in the peer-to-peer bitcoin network.
  • Julia Chekaevahas quoted4 years ago
    As the blocks pile on top of each other, it becomes exponentially harder to reverse the transaction, thereby making it more and more trusted by the network.
  • Julia Chekaevahas quoted4 years ago
    Mining creates new bitcoins in each block, almost like a central bank printing new money. The amount of bitcoin created is fixed and diminishes with time
    Mining creates trust by ensuring that transactions are only confirmed if enough computational power was devoted to the block that contains them. More blocks mean more computation which means more trust.
  • Julia Chekaevahas quoted4 years ago
    The destination key is called an encumberance, it imposes a requirement for a signature for the funds to be redeemed in future transactions
  • Julia Chekaevahas quoted4 years ago
    Transactions move value from transaction inputs to transaction outputs. An input is where the coin value is coming from, usually a previous transaction’s output
  • Julia Chekaevahas quoted4 years ago
    the total number (21,000,000) of all bitcoins that will ever be mined.
  • Julia Chekaevahas quoted4 years ago
    The bitcoin network can transact in fractional values, e.g. from millibitcoins (1/1000th of a bitcoin) down to 1/100,000,000th of a bitcoin, which is known as a Satoshi.
  • Julia Chekaevahas quoted4 years ago
    A blockchain explorer is a web application that operates as a bitcoin search engine, in that it allows you to search for addresses, transactions and blocks and see the relationships and flows between them.

    Popular blockchain explorers include:

    blockchain.info
    blockexplorer.com
    biteasy.com
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