Notes

Bitcoin transactions
A transaction is an exchange made with a virtual currency. A transaction is made up of inputs and outputs. An input contains a transaction fee and the change back to the sender. An output specifies the amount of cryptocurrency being sent and, optionally, a script that defines the purpose of the transaction. A script is a piece of code that defines how the recipient will spend the output and whether it will be valid.

Transaction output script

Change back

Checks

Network nodes

Exchanges
Exchanges (or sends) are made by generating a new transaction. The new transaction contains one input as an address to receive funds. This transaction, along with the previous transaction, becomes part of the blockchain.

Transaction fee

Block reward

Every time a new block is added to the blockchain, the block reward is given to the miner who solves the proof-of-work problem on that block (note that in practice, it is possible to solve it multiple times, hence the name proof-of-work). This is an incentive for miners to solve the puzzle and maintain the blockchain. The incentive can be viewed as a transaction fee or transaction cost by the network, because it is a way to incentivize nodes to maintain and process transactions, and because of the decrease in security of the network that it creates (see Security and privacy of Bitcoin). In 2013, the block reward halving resulted in a 50% reduction of the block reward.

Transactions

Transactions are stored in a public, shared ledger called the block chain. The block chain serves to confirm the validity of each transaction, to prevent double-spending, and to enforce the rules and guidelines of the bitcoin protocol. Each block in the block chain contains a cryptographic hash of the previous block's hash. The hash is derived from combining the coinbase transaction of the previous block with the transactions' scripts and merkle tree root.

A transaction in a block can either be a send transaction or a receive transaction, which records sending or receiving bitcoins. To record sending bitcoins, the transaction outputs are defined. An output refers to the change given back to the sender. https://kinogo-la.art/ Transactions that include no outputs are called internal. When the transaction fee is 0, the miner is rewarded with block reward, thus transactions with a 0 transaction fee are called tip transactions, which are of benefit to miners because they allow transactions to be included in a block that do not add to its mining difficulty.

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