HOW THE BITCOIN PROTOCOL ACTUALLY WORKS
HOW THE BITCOIN PROTOCOL ACTUALLY WORKS
Jan M?ller Mycelium
How Does Bitcoin Actually Work?
? This talk is not about the political or economical impact of Bitcoin.
? This talk is not about how to buy, sell, spend, or secure your bitcoins.
? This talk is about how Bitcoin actually works. ...you know... nerdy stuff!
How it Started
? White paper published November 2008 by Satoshi Nakamoto
"Bitcoin: A Peer-to-Peer Electronic Cash System"
? Working implementation published 3 months later as an open source project.
What is Bitcoin?
? Bitcoin is the name of a p2p protocol
Allows a network of computers to govern all the rules of Bitcoin
? Bitcoin is a unit of account
Like Euro, Danish Kroner, or gold coins
? Bitcoin is a payment System
You can send value between accounts in the Bitcoin network
Properties of Common Digital Payment Systems
? No Counterfeiting
YOU can't increase money supply at will
? No Double Spending
YOU can't spend the same value more than once
? Transaction irreversibility
YOU can't undo a transaction
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