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generated in a block, incrementally from transaction to transaction, until they reach Bob’s address. Lightweight clients can do a Simplified Payment Verification (See “Sim‐ plified Payment Verification (SPV) Nodes” on page 150) by confirming that the transaction is in the blockchain and has several blocks mined after it, thus providing assurance that the network accepts it as valid. Bob can now spend the output from this and other transactions, by creating his own transactions that reference these outputs as their inputs and assign them new ownership. For example, Bob can pay a contractor or supplier by transferring value from Alice’s coffee cup payment to these new owners. Most likely, Bob’s bitcoin software will aggre‐ gate many small payments into a larger payment, perhaps concentrating all the day’s bitcoin revenue into a single transaction. This would move the various payments into a single address, utilized as the store’s general “checking” account. For a diagram of an aggregating transaction, see Figure 2-6. As Bob spends the payments received from Alice and other customers, he extends the chain of transactions which in turn are added to the global blockchain ledger for all to see and trust. Let’s assume that Bob pays his web designer Gopesh in Bangalore for a new web site page. Now the chain of transactions will look like this: Figure 2-10. Alice’s transaction as part of a transaction chain from Joe to Gopesh 30 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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