Notes

History
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The concept of a decentralised digital currency was first proposed by a group of pseudonymous programmers with the pseudonym Satoshi Nakamoto in 2008. Nakamoto did not publish technical details of the design of the cryptocurrency until 2009 and only released his white paper in April 2009. Nakamoto implemented bitcoin using a proof of work protocol and a distributed timestamp server to regulate the generation of blocks and the release of bitcoin coins.

The first bitcoin was released as open-source software in 2009 by Satoshi Nakamoto and was released on 8 March as Version 0.1.0. The first block was mined on 8 January 2009, a block containing the genesis transaction, from which the chain of blocks grew. This block had a timestamp of 1 January 2009, indicating that it was created some time between midnight and 12:00 am on that day. This blockchain has been verified by human computation and is considered by most members of the community, including Satoshi Nakamoto, to be the longest and most trusted blockchain. This blockchain can be verified using network nodes that run bitcoin software. As of May 2016, the chain has a total of 1,105,009 blocks, each block containing a hash of the previous block up to the genesis block.

Since that time, blocks have been mined at an average rate of 10 minutes. On 24 May 2018, the average rate of blocks generated per day reached a record low of three minutes.

Transactions

Inputs

When a payment is made, the payer needs to provide bitcoins to a receiving address. The bitcoins provided are held by the payee, at least pending a confirmation of the transaction. The amount of bitcoin required is called the transaction fee; if the transaction is a bitcoin payment the fee is paid in bitcoin. If the fee is not enough to pay for a transaction that does not result in the creation of a new bitcoin, no transaction occurs, and the money is returned to the payer. This is to reduce the possibility of spam. While payees are directly deducting funds from accounts controlled by the payer, the payer does not immediately receive funds on creation of the transaction. The payer has an incentive to enter into transaction validating networks and is compensated by extra transaction fees when the payer's transaction is included in a block. A fee can be explicitly set by the payer using a transaction malleability attack or set automatically.

At any given time, the balance in each bitcoin address is equal to the sum of all transactions that have been confirmed by
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