Bitcoin is the first decentralized cryptocurrency money Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger called a blockchain without central oversight.
Main point of Bitcoin 9 whitepaper pages are:
Transaction
The instance in which Bitcoin (BTC) is sent one party to another party is called a transaction in Bitcoin. And here is how it happens in a few steps.
Initiating the Transaction:
A bitcoin wallet is used by the sender to commence a transaction. This transaction specifies the recipient’s BTC address, the sum that will be sent in BTC, and the amount to transact as fees (a fee that is optional but encourages miners to carry out the transaction sooner).
Broadcasting to the Network:
The transaction is conveyed all over the Bitcoin Network and picked by the nodes (computers running the bitcoin software). These nodes will also validate this transaction by querying the sender’s balance and checking for the necessary structure of the transaction.
Mining and Confirmation:
The specialized nodes known as miners take this transaction and place it with others in a block. They in turn attempt to issue a difficult computation (proof of work) in order to solve a previously identified problem. The first person to do this adds the newly formed block to the public database that contains all the transactions made in bitcoin.
The transaction is said to have been completed once a specific block has been included in the chain. Every time a block is appended to the chain, the number of confirmations rises with it enhancing the safety of the transaction.
Completing the Transaction:
When the transaction is done, the bitcoins bought are moved from the sender’s account to the receiver’s. The transaction is now permanent
