BITCOIN

Пламен Тенев №21

BITCOIN Bitcoin is a peer to peer
electronic cash system created
by Dr. Craig Wright under the
pseudonym Satoshi Nakamoto.
It was first detailed in
the Bitcoin 

Whitepaper in October 2008, and

the source code was released in
January 2009. The Bitcoin ledger
and Blockchain were established
with the generation of
the Genesis block on the 3rd of
January 2009 and the mining of
Block 1 six days later on the 9th
of January 2009.
Applications
Bitcoin is primarily  But developments
a payment system which such as Paymail and Sim
supports peer to peer plified Payment 
connection and Instant
Transactions. Verification are changing
the landscape
Early in the History of and making it much
Bitcoin payments easier for users to
required users to connect and leverage the
understand complicated blockchain for the back-
technical details of end of their applications.
Bitcoin's technological
underpinnings to make
transactions.
Network
The Bitcoin Network is There is no central
the network that all governance that determines
peers use to access the how peers on the network
ledger. The network must connect, but the
forms spontaneously incentive structure that 
over time as more Bitcoin employs to bring
peers access and use enterprise miners into the
the system. system results in
the formation of a small
world network which is
simple and resilient.​
The Ledger
The Bitcoin ledger is a record of all valid
transactions that have ever been
transmitted to the network. The ledger is
formed as a Directed Acyclic Graph (DAG)
where each transaction is a node.

The graph starts at the Coinbase transaction

of the first block ever found and via chains
of digital signatures maps out the entire
history of valid exchange actions, allowing
the tracing of all bitcoins back to their
creation.
The Ledger
Transactions
Each transaction uses
bitcoins stored in 'unspent
All Bitcoin
transaction outputs' as the
Transactions are payments of
transaction inputs.
some kind. Transactions are
The transaction process
written in a flexible scripting
aggregates the satoshis hel
language that is used to
d in each input and spends
assign custodial control to
them into a new set
each transaction output via
of unspent transaction
the creation of arbitrary
outputs. When UTXOs are
spending conditions defined
spent in a transaction they
by scripts.
are consumed.