Units and divisibility
The unit of account of the bitcoin system is the bitcoin. Currency codes for representing bitcoin are BTC[a] and XBT.[b][37]: 2 Its Unicode character is ₿.[1] One bitcoin is divisible to eight decimal places.[7]: ch. 5 Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi (sat), which is the smallest possible division, and named in homage to bitcoin's creator, representing 1⁄100000000 (one hundred millionth) bitcoin.[2] 100,000 satoshis are one mBTC.[38]
Blockchain
The bitcoin blockchain is a public ledger that records bitcoin transactions.[41] It is implemented as a chain of blocks, each block containing a cryptographic hash of the previous block up to the genesis block[c] in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.[42]: 215–219 Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.
Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. To achieve independent verification of the chain of ownership, each network node stores its own copy of the blockchain.[43] At varying intervals of time averaging to every 10 minutes, a new group of accepted transactions, called a block, is created, added to the blockchain, and quickly published to all nodes, without requiring central oversight. This allows bitcoin software to determine when a particular bitcoin was spent, which is needed to prevent double-spending. A conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, but as a digital ledger, bitcoins only exist by virtue of the blockchain; they are represented by the unspent outputs of transactions.[7]: ch. 5
Individual blocks, public addresses, and transactions within blocks can be examined using a blockchain explorer.[44]
You received this message because you are subscribed to the Google Groups "1TopReadys1" group.
To unsubscribe from this group and stop receiving emails from it, send an email to 1topreadys1+unsubscribe@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/1topreadys1/CALML-R1Mf-4kU%3DtvrKp%2BjDeQJwDDdRbzgM7EpAPb2JM5XLmFrw%40mail.gmail.com.
No comments:
Post a Comment