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Transactions are the most important part of the bitcoin system. Everything else in bit‐ coin is designed to ensure that transactions can be created, propagated on the network, validated, and finally added to the global ledger of transactions, the blockchain. Trans‐ actions are data structures that encode the transfer of value between participants in the bitcoin system. Each transaction is a public entry in bitcoin’s global double-entry book‐ keeping ledger, the blockchain. In this chapter we will examine all the various forms of transactions, what they contain, how to create them, how they are verified, and how they become part of the permanent record of all transactions. Transaction Lifecycle A transaction’s lifecycle starts with the transaction’s creation, also known as origination. The transaction is then signed, with one or more signatures indicating the authorization to spend the funds referenced by the transaction. The transaction is then broadcast on the bitcoin network, where each network node (participant) validates and propagates the transaction until it reaches (almost) every node in the network. Finally, the trans‐ action is verified by a mining node and included in a block of transactions that is re‐ corded on the blockchain. Once recorded on the blockchain and confirmed by sufficient subsequent blocks (con‐ firmations), the transaction is a permanent part of the bitcoin ledger and is accepted as valid by all participants. The funds allocated to a new owner by the transaction can then be spent in a new transaction, extending the chain of ownership and beginning the lifecycle of a transaction again. CHAPTER 5 Transactions Introduction 111PDF Image | Mastering Bitcoin
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