Notes

History
In 2008, Wei Dai invented a proof-of-concept currency named b-money, whose existence was backed by the computational resources of the mining community. The currency proved impractical due to the large amounts of work needed to guarantee that double spending could be prevented. In October 2009, developer Mike Hearn and Gavin Andresen invented bitcoin, using an improved version of Dai's idea, and had posted a paper on bitcoin.org. Initial network synchronization in the first block mined using bitcoin software took about six hours, and the first blockchain transaction was made between two different nodes.[228] From the beginning, the developers motivated the bitcoin network to be secure against attacks by any individual or government, using an incentive structure they call "proof-of-work". The system is only secure as long as the proof-of-work algorithm is relatively difficult to solve, which makes mining a competitive sport. The design includes several safety features that make double spending of coins extremely difficult, although changing the total supply is possible. The system uses the cryptographic hash function SHA-256, and the Bitcoin protocol dictates that a block contains a 5-byte timestamp, the 32-byte hash of the block content, and the 50-byte hash of the previous block's content. https://ytmp3.codes/ The master block in the blockchain is the first block that begins with the word 'Block' in its 8-byte header.

On 16 October 2009, Steve Watson, CEO of register.com, stated that his company was seeking regulatory approval and that bitcoin transactions were currently being traced by financial institutions. He went on to say, "What we've found out so far is that the bitcoin transactions are in fact real, and they're being dealt with by financial institutions, and all the financial institutions are taking very, very seriously the fact that the FBI is interested in examining this for criminal purposes".[213][214] On 18 January 2010, global financial services firm Cantor Fitzgerald joined other firms by announcing that it would trade and store bitcoin.[215] On 29 January 2010, the US Financial Crimes Enforcement Network (FinCEN) indicated that any US$5,000 cash transaction, above the reporting threshold, would require registration as a US$5,000 payment form with FinCEN.[216] In April 2010, it was reported that financial institutions were finding it hard to decide how to best react to digital currencies.[217]

An important characteristic of the Bitcoin protocol is that the order in which transactions are stored in the blockchain is defined by the order they are observed
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