Notes

Transactions
Bitcoin transactions

In the blockchain, a transaction is an interaction between two parties.

The blockchain is a public transaction ledger, initiated by the assumption that the party with the private key can spend any coins sent to that address.

The sender receives the bitcoins to be spent from the transaction.
The sender signs the transaction using the sender's private key, to prove that they are the owner of the bitcoins being spent.
The bitcoin network verifies the signature using the sender's public key.
The recipient gets any remaining balance in the transaction, less the transaction fee.

Each user has a public address and a private key. Addresses (both for sending and receiving) are just a string of numbers and letters in the format [n(.n)...]. Private keys can be generated using bitcoin software or a hardware wallet such as a Trezor.

The network verifies the signature on the transaction using the sender's public key.
If the signature verification succeeds, the transaction is validated and a record is written to the blockchain.

The transaction is considered confirmed and locked into the blockchain when the last output in the transaction has been spent in a later transaction.

The transaction shows up on the blockchain under transaction ID, the input addresses, and the output addresses.

In August 2014, researchers at Stanford University revealed that bitcoin exchanges are required to hold specific amounts of bitcoin on reserve on hand. This is to ensure that transactions are fast, and that the user is not left out of pocket.

A payment in bitcoin is final once the transaction is mined into a block on the blockchain. If the transaction is a payment from one address to another, miners can create as many of these “transaction outputs” as they wish, though all created transactions have the same input and output amounts. https://ssflix.online/ Miners need to make sure transactions are valid: no double-spending of coins by accepting two different payments for the same bitcoin, and that the transaction output is a valid signature from the private key corresponding to the public address sending the coin.

A transaction fee can be set by the sender. The default is currently 0.0001 BTC, or about 4 U.S. cent. This fee is paid by the sender to the miners in exchange for priority in the transaction confirmations. In particular, the sender becomes the “anchor tenant” of the previous transactions, which “anchor” any future transactions from that address. This means that
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