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Bitcoin Overview In the overview diagram below, we see that the bitcoin system consists of users with wallets containing keys, transactions which are propagated across the network and miners who produce (through competitive computation) the consensus blockchain, the authoritative ledger of all transactions. In this chapter, we will trace a single transaction as it travels across the network and examine the interactions between each part of the bitcoin system, at a high level. Subsequent chapters will delve into the technology behind wallets, mining and merchant systems. Figure 2-1. Bitcoin Overview Buying a cup of coffee Alice, introduced in the previous chapter, is a new user who has just acquired her first bitcoin. In “Getting your first bitcoins” on page 9, Alice met with her friend Joe to exchange some cash for bitcoin. The transaction created by Joe, funded Alice’s wallet with 0.10 BTC. Now Alice will make her first retail transaction, buying a cup of coffee at Bob’s coffee shop in Palo Alto, California. Bob’s coffee shop recently started accepting bitcoin payments, by adding a bitcoin option to his point-of-sale system. The prices at Bob’s Cafe are listed in the local currency (US dollars) but at the register, customers have the option of paying in either dollars or bitcoin. Alice places her order for a cup of coffee and Bob enters the transaction at the register. The point-of-sale system will convert the total price from US dollars to bitcoins at the prevailing market rate and display the prices in both currencies, as well as showing a QR code containing a payment request for this transaction: 16 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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