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How Bitcoin Works

Unravel the Mystery of Bitcoin

Peter Doomen • Boek • paperback

  • Samenvatting
    Bitcoin is the most revolutionary financial technology of our time, yet it remains shrouded in mystery for many. If you've ever wondered how this decentralized digital currency really works under the hood, this book is for you.

    "How Bitcoin Works" is a masterful, non-technical exploration of every facet of the Bitcoin network. Written by a true Bitcoin expert, this book will guide you through the cryptographic foundations, the peer-to-peer architecture, the transaction lifecycle, the blockchain, and the mining process - all in clear, accessible language.

    Whether you're an everyday user curious about Bitcoin, an investor looking to understand the technology behind it, or a developer exploring its technical depths, this book has something for you. Dive into the fascinating inner workings of the world's first successful decentralized digital currency.

    Unlock the secrets of Bitcoin and take your understanding to the next level. This book is your key to unraveling the mystery of how Bitcoin works.
  • Productinformatie
    Binding : Paperback
    Distributievorm : Boek (print, druk)
    Formaat : 148mm x 210mm
    Aantal pagina's : 116
    Uitgeverij : Wijnschrijver
    ISBN : Niet bekend
    Datum publicatie : 04-2024
  • Inhoudsopgave
    Table of Contents 4
    Foreword 7
    Chapter 1: Introduction to Bitcoin 9
    1.1 What is Bitcoin? 9
    1.2 History and Origins of Bitcoin 11
    1.3 Key Features and Benefits of Bitcoin 14
    Chapter 2: The Bitcoin Network 17
    2.1 Peer-to-Peer Architecture 17
    2.2 Nodes and their Roles 19
    2.3 Network Communication and Propagation 21
    Chapter 3: Cryptographic Foundations 23
    3.1 Public-key Cryptography 23
    3.2 Digital Signatures 25
    3.3 Hashing and Merkle Trees 27
    Chapter 4: Bitcoin Addresses and Wallets 29
    4.1 Private and Public Keys 29
    4.2 Address Formats 30
    4.3 Wallet Types and Functionality 33
    Chapter 5: Bitcoin Transactions 37
    5.1 Anatomy of a transaction 37
    5.2 Inputs, Outputs, and Change 39
    5.3 Transaction Lifecycle 41
    Chapter 6: The Bitcoin Blockchain 44
    6.1 Block Structure and Contents 44
    6.2 Blockchain Data Structures 47
    6.3 Consensus and Block Validation 49
    Chapter 7: Bitcoin Mining 53
    7.1 Proof-of-Work Algorithm 53
    7.2 Mining Process and Incentives 55
    7.3 Mining Pools and Equipment 57
    Chapter 8: Network Security and Consensus 61
    8.1 Consensus Rules and Protocol 61
    8.2 Forks, Splits, and 51% Attacks 63
    8.3: Network Resilience and Decentralization 65
    Chapter 9: Advanced Bitcoin Concepts 68
    9.1 Script and Smart Contracts 68
    9.2 Layer-2 solutions (e.g. Lightning Network) 70
    9.3 Privacy and Anonymity Techniques 74
    Chapter 10: Bitcoin Applications and Use Cases 77
    10.1 Payments and Remittances 77
    10.2 Store of Value and Digital Gold 79
    10.3 Decentralized Finance (DeFi) 83
    10.4 Other Emerging Use Cases 85
    Appendix 89
    Appendix A: Bitcoin Keywords 89
    Appendix B: Bitcoin in a Hundred References 93
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Imagine you have a precious coin made of solid gold. This coin is incredibly valuable because gold is a scarce and durable material. You can hold the coin in your hand, carry it around, and use it to buy goods and services. This is how money has worked for thousands of years - physical objects with inherent value that can be exchanged.

But what if you could have a "digital gold" coin that works the same way, but exists only as computer code? That's the basic idea behind Bitcoin. Bitcoin is the world's first digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

Bitcoin is a completely decentralized digital currency, meaning it operates without any central authority like a government or financial institution controlling it. Bitcoins are created, distributed, traded, and stored with the involvement of a network of users. This network is called the Bitcoin network.

Here's how Bitcoin works at a high level:

1. Bitcoin is based on a peer-to-peer network where transactions take place between users directly, without an intermediary. This means anyone can send and receive Bitcoins from anywhere in the world.

2. New Bitcoins are created through a process called "mining" where powerful computers around the world compete to solve ‘complex’ math problems. The first computer to solve the problem is rewarded with new Bitcoins.
(I put ‘complex’ between quotes because the problems are in fact easy, but they require a massive amount of computation power to solve)

3. All Bitcoin transactions are recorded in a public log called the "blockchain", which is shared by all the computers in the network. This allows Bitcoin's software to verify the legitimacy of each transaction, preventing users from spending coins they don't own, making copies or undoing transactions.

4. Bitcoin wallets are used to store, send and receive Bitcoins. These wallets are secured with cryptographic keys that prove ownership of the Bitcoins.

The key innovation of Bitcoin is that it solved the "double-spending" problem that had plagued previous attempts at creating digital cash. In traditional digital payments, there was always a risk that the same digital cash could be spent twice. But with Bitcoin, each transaction is verified and added to the public ledger, eliminating the risk of double-spending.

In essence, Bitcoin is digital money that is secured by cryptography and operated by a decentralized network of computers around the world. It offers an alternative to traditional fiat currencies and payment systems, providing users with more control, privacy and freedom in their financial transactions. ×