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Archived PDF from the original on 10 April Retrieved 14 April The Age of Cryptocurrency: Archived from the original on 2 January Retrieved 28 December Archived from the original on 27 July Retrieved 22 December Standards vary, but there seems to be a consensus forming around Bitcoin, capitalized, for the system, the software, and the network it runs on, and bitcoin, lowercase, for the currency itself.
Is It Bitcoin, or bitcoin? The Orthography of the Cryptography". Archived from the original on 19 April Retrieved 21 April Archived from the original on 18 June Retrieved 23 April Retrieved 2 November Archived from the original on 27 October Archived from the original on 2 November Archived PDF from the original on 14 October Retrieved 26 August Retrieved 1 July Institute of Network Cultures, Amsterdam. Retrieved 15 June Archived from the original on 21 July Archived from the original on 26 March Retrieved 13 October Archived from the original on 15 October And the Future of Money.
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Retrieved 16 February Archived from the original on 10 January Retrieved 17 February Turku University of Applied Sciences. Archived PDF from the original on 18 January Retrieved 8 January Archived from the original on 30 June Archived from the original on 28 April Archived from the original on 1 January Retrieved 10 October Archived from the original on 16 June Retrieved 20 September Archived from the original on 31 December Retrieved 30 December The network's 'nodes' — users running the bitcoin software on their computers — collectively check the integrity of other nodes to ensure that no one spends the same coins twice.
All transactions are published on a shared public ledger, called the 'blockchain'. Archived from the original on 10 October Retrieved 11 October Archived from the original on 5 December Retrieved 25 January Archived from the original on 9 February Archived from the original on 10 August Retrieved 23 February Privacy-preserving proofs of solvency for Bitcoin exchanges" PDF. International Association for Cryptologic Research.
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Retrieved 19 June Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster. Retrieved 5 June Here's what Warren Buffett is saying". Archived from the original on 13 January Retrieved 11 January Bitcoin is a bubble, Trump is a 'danger to the world ' ".
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An Analysis of Google Search Data". How much illegal activity is financed through cryptocurrencies? University of Oxford Faculty of Law. Oxford Business Law Blog. Retrieved 11 June Growing List of Major Cryptocurrency Heists". Retrieved 16 May The ledger only keeps track of bitcoin transfers, not account balances. In a very real sense, there is no such thing as a bitcoin account. And that keeps users anonymous. Say Alice wants to transfer one bitcoin to Bob. That transaction record is sent to every bitcoin miner—i.
Now, say Bob wants to pay Carol one bitcoin. Carol of course sets up an address and a key. And then Bob essentially takes the bitcoin Alice gave him and uses his address and key from that transfer to sign the bitcoin over to Carol:. After validating the transfer, each miner will then send a message to all of the other miners, giving her blessing. The ledger tracks the coins, but it does not track people, at least not explicitly.
The first thing that bitcoin does to secure the ledger is decentralize it. There is no huge spreadsheet being stored on a server somewhere.
There is no master document at all. Instead, the ledger is broken up into blocks: Every block includes a reference to the block that came before it, and you can follow the links backward from the most recent block to the very first block, when bitcoin creator Satoshi Nakamoto conjured the first bitcoins into existence. Every 10 minutes miners add a new block, growing the chain like an expanding pearl necklace.
Generally speaking, every bitcoin miner has a copy of the entire block chain on her computer. If she shuts her computer down and stops mining for a while, when she starts back up, her machine will send a message to other miners requesting the blocks that were created in her absence.
No one person or computer has responsibility for these block chain updates; no miner has special status. The updates, like the authentication of new blocks, are provided by the network of bitcoin miners at large. Bitcoin also relies on cryptography. The computational problem is different for every block in the chain, and it involves a particular kind of algorithm called a hash function. Like any function, a cryptographic hash function takes an input—a string of numbers and letters—and produces an output.
But there are three things that set cryptographic hash functions apart:. The hash function that bitcoin relies on—called SHA, and developed by the US National Security Agency—always produces a string that is 64 characters long. You could run your name through that hash function, or the entire King James Bible. Think of it like mixing paint.
If you substitute light pink paint for regular pink paint in the example above, the result is still going to be pretty much the same purple , just a little lighter. But with hashes, a slight variation in the input results in a completely different output:.
The proof-of-work problem that miners have to solve involves taking a hash of the contents of the block that they are working on—all of the transactions, some meta-data like a timestamp , and the reference to the previous block—plus a random number called a nonce. Their goal is to find a hash that has at least a certain number of leading zeroes. That constraint is what makes the problem more or less difficult.
More leading zeroes means fewer possible solutions, and more time required to solve the problem. Every 2, blocks roughly two weeks , that difficulty is reset. If it took miners less than 10 minutes on average to solve those 2, blocks, then the difficulty is automatically increased. If it took longer, then the difficulty is decreased. Miners search for an acceptable hash by choosing a nonce, running the hash function, and checking. When a miner is finally lucky enough to find a nonce that works, and wins the block, that nonce gets appended to the end of the block, along with the resulting hash.
Her first step would be to go in and change the record for that transaction. Then, because she had modified the block, she would have to solve a new proof-of-work problem—find a new nonce—and do all of that computational work, all over again. Again, due to the unpredictable nature of hash functions, making the slightest change to the original block means starting the proof of work from scratch. But unless the hacker has more computing power at her disposal than all other bitcoin miners combined, she could never catch up.
She would always be at least six blocks behind, and her alternative chain would obviously be a counterfeit. She has to find a new one.