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Bitcoin is a collection of concepts and technologies that form the basis of a digital money ecosystem. Units of currency called bitcoins are used to store and transmit value among participants in the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol primarily via the Internet, although other transport networks can also be used. The bitcoin protocol stack, available as open source software, can be run on a wide range of computing devices, including laptops and smartphones, making the technology easily accessible. Users can transfer bitcoin over the network to do just about anything that can be done with conventional currencies, such as buy and sell goods, send money to people or organizations, or extend credit. Bitcoin technology includes features that are based on encryption and digital signatures to ensure the security of the bitcoin network. Bitcoins can be purchased, sold and exchanged for other currencies at specialized currency ex‐ changes. Bitcoin in a sense is the perfect form of money for the Internet because it is fast, secure, and borderless. Unlike traditional currencies, bitcoins are entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions which transfer value from sender to recipient. Users of bitcoin own keys which allow them to prove owner‐ ship of transactions in the bitcoin network, unlocking the value to spend it and transfer it to a new recipient. Those keys are often stored in a digital wallet on each user’s com‐ puter. Possession of the key that unlocks a transaction is the only prerequisite to spend‐ ing bitcoins, putting the control entirely in the hands of each user. Bitcoin is a fully-distributed, peer-to-peer system. As such there is no “central” server or point of control. Bitcoins are created through a process called “mining”, which in‐ volves looking for a solution to a difficult problem. Any participant in the bitcoin net‐ work (i.e., any device running the full bitcoin protocol stack) may operate as a miner, CHAPTER 1 Introduction What is Bitcoin? 1PDF Image | Mastering Bitcoin
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