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This template will no longer automatically categorize articles as candidates to move to Wiktionary. In cryptocurrenciesan unspent transaction output UTXO is an output of a blockchain transaction that has not been spent, i. Bitcoin is the most famous example of a cryptocurrency that uses the UTXO model. Outputs are a superset of UTXOs. Bitcoin UTXO lifespans have been studied.
In the case of a valid blockchain transaction, unspent outputs and only unspent outputs may be used to effect further transactions. The requirement that only unspent outputs may be used in further transactions mobilemacs bitcoin wikipedia necessary to prevent double spending and fraud.
For this reason, inputs on a blockchain are deleted when a transaction occurs, whilst at the same time, outputs are created in the mobilemacs bitcoin wikipedia of UTXOs. These unspent transaction outputs may be used by the holders of private keys ; for example, persons with cryptocurrency wallets for the purpose of future transactions.
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Views Mobilemacs bitcoin wikipedia Edit View history. This cryptography-related article is a stub. You can help Wikipedia by expanding it. This money or currency-related article is a stub. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto [11] and released as open-source software in Bitcoins are created as a reward for a process known as mining.
They can be exchanged for other currencies, [13] products, and services. As of Februaryovermerchants and vendors accepted bitcoin as payment. The word bitcoin first occurred and was defined in the white paper [5] that was published on 31 October There is no uniform convention for bitcoin capitalization.
Some sources use Bitcoincapitalized, to refer to the technology and network and bitcoinlowercase, to refer to the unit of account. The unit of account of the bitcoin system is a bitcoin.
Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0. As mobilemacs bitcoin wikipedia most new symbols, font support is very limited. Typefaces supporting it include Horta. On 18 Augustthe domain name "bitcoin. In Januarythe bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block.
This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.
The receiver of the first bitcoin transaction was cypherpunk Hal Finneywho created the first reusable proof-of-work system RPOW in In the early days, Nakamoto is estimated to have mined 1 million bitcoins.
So, if I get hit by a bus, it would be clear that the project would go on. Over the history of Bitcoin there have been several spins offs and deliberate hard forks that have lived on as separate blockchains.
These have come to be known as "altcoins", short for alternative coins, since Bitcoin was the first blockchain and these are derivative of mobilemacs bitcoin wikipedia. These spin offs occur so that new ideas can be tested, when the scope of that idea is outside that of Bitcoin, or when mobilemacs bitcoin wikipedia community is split about merging such changes.
Since then there have been numerous forks of Bitcoin. See list of bitcoin forks. The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: The blockchain is a distributed database — to achieve independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain.
This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending mobilemacs bitcoin wikipedia an environment without central oversight.
Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart mobilemacs bitcoin wikipedia it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.
Transactions are defined using a Forth -like scripting language. When mobilemacs bitcoin wikipedia user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output mobilemacs bitcoin wikipedia the blockchain. Since transactions can have multiple outputs, users can send bitcoins to mobilemacs bitcoin wikipedia recipients in one transaction.
As in a cash transaction, the sum of inputs coins used to pay can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer. Paying a transaction fee is optional. Because the size of mined blocks is capped by the network, miners choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee.
The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs. In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address.
This computation can be done in a split second. But the reverse computing the private key of a given bitcoin address is mathematically mobilemacs bitcoin wikipedia and so users can tell others and make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is mobilemacs bitcoin wikipedia unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force mobilemacs bitcoin wikipedia be used for that.
To be able to spend the bitcoins, the owner must know the corresponding private key and digitally sign the transaction. The network verifies the signature using the public key. If the private key is lost, the bitcoin network will not recognize any other evidence of mobilemacs bitcoin wikipedia [9] the coins are then unusable, and effectively lost. Mining is a record-keeping service done through the use of computer processing power.
To be accepted by the rest of the network, a new block must contain a so-called proof-of-work PoW. Every 2, blocks approximately 14 days at roughly 10 min per blockmobilemacs bitcoin wikipedia difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time mobilemacs bitcoin wikipedia new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.
The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted. Computing power is often bundled together or "pooled" to reduce variance in miner income.
Individual mining mobilemacs bitcoin wikipedia often have to wait for long periods to confirm a block of transactions and receive payment.
In a pool, all participating miners mobilemacs bitcoin wikipedia paid every time a participating server solves a block. This payment mobilemacs bitcoin wikipedia on the amount of work an individual miner contributed to help find that block.
The successful miner finding the new block is rewarded with newly created bitcoins and transaction fees. To claim the reward, a special transaction called a coinbase is included with the processed payments.
The bitcoin protocol specifies that the reward for adding a block will be halved everyblocks approximately every four years. Eventually, the reward will decrease mobilemacs bitcoin wikipedia zero, and the limit of 21 million bitcoins [f] will be reached c. Their numbers are being released roughly every ten minutes and mobilemacs bitcoin wikipedia rate at which they are generated would drop by half every four years until all were in circulation. A wallet stores the information necessary to transact bitcoins.