Notes

Availability
A few nodes have full copy of the blockchain, and they are called miners. As of July 2017, the Bitcoin network allows for limited peer-to-peer (P2P) transactions. This means that you can send bitcoins to a bitcoin address of someone else, but until the miners complete the transaction and confirm it, you cannot spend your own bitcoins. Since this is done by the miners instead of the users, transactions can be done at a speed that is far faster than the centralized banking system: every 10 minutes on average, as opposed to once or even several times a day., and for a low transaction fee of about 2, for an individual.

Currency

A unit of currency is a token representing a quantity of currency. In the case of bitcoin, a unit of currency is a reference to a quantity of bitcoin which can be used to represent value or as a unit of measurement. The concept of a unit of currency is closely linked to that of fractional reserve banking, as the whole point of these systems is to supply currency and measure value in terms of amount of currency.

Tracking

Bitcoin uses public bitcoin addresses for tracking transactions. Public addresses are simply a hash of the public key and an amount of bitcoin to send. For tracking purposes, it can be easier to use bitcoin addresses for sending money, instead of sending bitcoins: they can be tracked publicly and it is not necessary to worry about the bitcoin supply changing.

As the number of transactions in the blockchain increases, the time required to track the source for an input of a given output increases by a constant factor. For example, a simple search on a block explorer (where each block is hashed and its previous block is hashed, and the process is repeated all the way back to the genesis block) can take seconds; however, a search on an input that was received from a public key hash (where the entire block is hashed) can require minutes. As a result, cryptographic security is an important consideration in designing bitcoin.

History

While bitcoin was invented in 2008, it did not really start to gain popularity until the summer of 2009, when the first bitcoin was successfully transferred via peer-to-peer technology from the pseudonymous creator Satoshi Nakamoto to Hal Finney, a professional re-seller of computer equipment who had previously worked as a computer programmer for the operator of The Napster file sharing P2P network. https://sdelayhod.com Finney started mining bitcoin at his home in California, but in 2011 he died
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