Notes

The transactions that comprise a block must form a so-called proof-of-work, which requires solving a computationally difficult puzzle. In the case of bitcoin, this puzzle is to find a random number. The first block was found by using the network hash time, which is a hash of the block header of the previous block. The hash locks in a timestamp associated with that block. Finding a solution to this puzzle is more computationally difficult as the number of attempts made by a miner is limited by the nonce. As of January 2018[update], the fastest Bitcoin mining computer can find a nonce every 10 minutes. As of 1 January 2016[update] the mining difficulty is such that it will take at least 51 months for a block to be discovered if every miner on the network attempted one block every 10 minutes.[53]
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This decentralized structure is important to the success of bitcoin because it allows the network to continue operating with very little central oversight. — The block chain acts as a public ledger of past transactions, with new transactions added as they occur in a chain-of-blocks, linked list.

Where a transaction outputs a pair of public keys, each key is used as a sort of digital signature, and thus the input and output values can be recovered from each other and from a single public key. This key-pair acts as a kind of mathematical proof that the transaction is valid and has not already happened.; 

A bitcoin wallet stores the cryptographic keys needed to spend or receive bitcoin. When a user receives bitcoins, the user automatically has access to their private key; this makes it easy for the user to spend those bitcoins. In contrast, with a credit card, the user must pay the charges on their credit card statement with a separate bank account that maintains the credit in the user’s name. The user must then wait for the bank to debit the correct account before the user can use the money. The process is more complicated and can take several days.

Writing “Bitcoin: A Peer-to-Peer Electronic Cash System” on 1 August 2008[update] in a text file on a university computer.[47] It was later submitted to a cryptography mailing list and tweeted.[48][49][50][51][52][53] Adam Back, then an undergraduate student at Oxford University, discovered Tor to be a useful tool for Bitcoin and suggested it to Matonis.[54]

The bitcoin network is a peer-to-peer payment network that operates
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