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using their computer’s processing power to attempt to find solutions to this problem. Every 10 minutes on average, a new solution is found by someone who then is able to validate the transactions of the past 10 minutes and is rewarded with brand new bitcoins. Essentially, bitcoin mining de-centralizes the currency-issuance and clearing functions of a central bank and replaces the need for any central bank with this global competition. The bitcoin protocol includes built-in algorithms that regulate the mining function across the network. The difficulty of the problem that miners must solve is adjusted dynamically so that, on average, someone finds a correct answer every 10 minutes re‐ gardless of how many miners (and CPUs) are working on the problem at any moment. The protocol also halves the rate at which new bitcoins are created every 4 years, and limits the total number of bitcoins that will be created to a fixed total of 21 million coins. The result is that the number of bitcoins in circulation closely follows an easily pre‐ dictable curve that reaches 21 million by the year 2140. Due to bitcoin’s diminishing rate of issuance, over the long term, the bitcoin currency is deflationary. Furthermore, bitcoin cannot be inflated by “printing” new money above and beyond the expected issuance rate. Behind the scenes, bitcoin is also the name of the protocol, a network and a distributed computing innovation. The bitcoin currency is really only the first application of this invention. As a developer, I see bitcoin as akin to the Internet of money, a network for propagating value and securing the ownership of digital assets via distributed compu‐ tation. There’s a lot more to bitcoin than first meets the eye. In this chapter we’ll get started by explaining some of the main concepts and terms, getting the necessary software and using bitcoin for simple transactions. In following chapters we’ll start unwrapping the layers of technology that make bitcoin possible and examine the inner workings of the bitcoin network and protocol. Digital Currencies Before Bitcoin The emergence of viable digital money is closely linked to developments in cryptogra‐ phy. This is not surprising when one considers the fundamental challenges involved with using bits to represent value that can be exchanged for goods and services. Two fundamental questions for anyone accepting digital money are: 1. Can I trust the money is authentic and not counterfeit? 2. Can I be sure that no one else can claim that this money belongs to them and not me? (aka the “double-spend” problem) Issuers of paper money are constantly battling the counterfeiting problem by using increasingly sophisticated papers and printing technology. Physical money addresses the double-spend issue easily because the same paper note cannot be in two places at once. Of course, conventional money is also often stored and transmitted digitally. In 2 | Chapter 1: IntroductionPDF Image | Mastering Bitcoin
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