Notes

Technical and economic essence
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The basic security of bitcoin relies on its mining, as described in the next subsection. With a large enough network, bitcoin can be considered to be one of the most well-guarded assets in existence. The security of private keys also provides an important attribute of bitcoin, since it allows for the various capabilities required for the decentralized control of fungible assets. Key security is part of the economic stability of the system. Physical controls and a public reputation based on trust, documented history and the aforementioned public key cryptography also provide for the evolution of bitcoin in a positive direction. This economic foundation is described by Arnott in the decision between cryptocurrencies such as bitcoin.

Mining

Each block header of the blockchain contains a list of transactions sent and received by that block's owner. Each transaction has a number (its transaction ID) and the sender's address. The transactions themselves include an indicator of the number of satoshis contained in the transaction output the input represents. This allows the network to produce a chronological list of transactions and the amounts involved. Any user with the computing power can integrate the transactions and produce a block that contains the new verified version of the blockchain. If the block is at least of a certain size, it is accepted by the peer-to-peer network and added to the blockchain. As the blockchain grows, it is harder for an attacker to introduce a block that appears after the legitimate block reward is rewarded. This process of block creation and validation can be viewed as a mining process where validating nodes compete to solve a Proof-of-work puzzle that is based on the energy expended and financial incentive of the miner. The puzzle is based upon the block header's hash, which is calculated from the transactions it contains. New blocks are added to the blockchain whenever a valid solution is found. Once a certain amount of time has elapsed, the fastest miner is awarded a predetermined number of bitcoins. The number of bitcoins to be awarded is halved every 210,000 blocks. Currently as of March 2017, the total supply of bitcoins is just over 16.5 million. As of 2017, the aggregate value of all bitcoins is $142 billion. This represents a current total of 9 million USD per bitcoin. The distributed nature of this open-source protocol means that no one entity controls a majority of the computing power on the network and so excess mining capacity is estimated to be available as long as there is demand for bitcoin.

Network security

The security of the bitcoin protocol
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