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Alice uses her smartphone to scan the barcode on display. Her smartphone shows a payment of 0.0150 BTC to Bob’s Cafe and she selects Send to authorize the payment. Within a few seconds (about the same time as a credit card authorization), Bob would see the transaction on the register, completing the transaction. In the following sections we will examine this transaction in more detail, see how Alice’s wallet constructed it, how it was propagated across the network, how it was verified and finally how Bob, the owner of the cafe, can spend that amount in subsequent transac‐ tions. The bitcoin network can transact in fractional values, e.g. from milli- bitcoins (1/1000th of a bitcoin) down to 1/100,000,000th of a bit‐ coin, which is known as a Satoshi. Throughout this book we’ll use the term “bitcoins” to refer to any quantity of bitcoin currency, from the smallest unit (1 Satoshi) to the total number (21,000,000) of all bit‐ coins that will ever be mined. Bitcoin Transactions In simple terms, a transaction tells the network that the owner of a number of bitcoins has authorized the transfer of some of those bitcoins to another owner. The new owner can now spend these bitcoins by creating another transaction that authorizes transfer to another owner, and so on, in a chain of ownership. Transactions are like lines in a double-entry bookkeeping ledger. In simple terms, each transaction contains one or more “inputs”, which are debits against a bitcoin account. On the other side of the transaction, there are one or more “outputs”, which are credits added to a bitcoin account. The inputs and outputs (debits and credits) do not neces‐ sarily add up to the same amount. Instead, outputs add up to slightly less than inputs and the difference represents an implied “transaction fee”, a small payment collected by the miner who includes the transaction in the ledger. 18 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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