Notes

Instant Offering
The pseudonymity of bitcoin transactions and the pseudo-anonymous nature of bitcoin addresses combine with instant transaction finality to produce a useful property of bitcoin: all funds, with very few exceptions, are irreversibly claimed. Furthermore, the system does not require trusted parties such as banks to facilitate the transaction.: 227  Transfers can be made to anyone, anywhere in the world.

This freedom to send funds to anyone, anywhere, without requiring an intermediary is called "decentralized". Unlike traditional currencies, which require a central bank to redeem paper money in exchange for an equivalent amount of hard currency, bitcoins are not redeemable. This feature of the system provides a powerful economic incentive to produce more bitcoins: by designing new products and offering them for sale, companies and merchants are able to obtain bitcoins, without having to pay the network transaction fees that would be incurred in order to acquire currency held by a central bank.

Unspent transaction output
The concept of the unspent transaction output (UTXO) is introduced by the Bitcoin protocol, which specifies that when bitcoin is sent to a new address, the sender creates a new bitcoin address in their wallet client software that will receive the newly generated bitcoin.: 218

The unspent transaction output (UTXO) provides a transaction-based proof that a particular amount of bitcoin was spent. It is a single digital asset, which exists independently of any other asset on the network, and is therefore divisible and fungible. Furthermore, the UTXO is used to proof the identity of the sender and receiver in a payment transaction, and thus serves as a better traceability mechanism than a conventional bill.: 218

Since every bitcoin sent to a new address is considered a new UTXO, it is possible for a node to perform automated analysis to grow the UTXO "receipt tree" for a payment of any amount, allowing for analysis of who has how many bitcoins at any time.

https://tikdogloader.com/ To assist with network scaling, several solutions have been proposed which treat the UTXO as a small append-only database, enabling it to be updated very quickly, rather than requiring every transaction output to be completely verified in an unbounded data space.: 218

Disadvantages
Some observers have criticised bitcoin because of the size of the ledger (chain of blocks) it uses, the lack of a fee system, the size of its block sizes, and the lack
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