What is bitcoin?

RRBTCBitcoin Resources

“A Peer-to-Peer Electronic Cash System”

  • An open source software protocol
  • Released in 2009
  • By anonymous creator(s) Satoshi Nakamoto
  • Solves the “Double spend” (digital copy) problem
  • Open transaction ledger with pseudonymity
  • Open source programmable money

Let’s take it back a step… Bitcoin Prehistory

Bitcoin Basics: What is essential for bitcoin to work?

Software (code)
  • Bitcoin Core: Reference implementation (C++)
  • btcd: Can be used with LND (Golang)
  • Libbitcoin: Alternate implementation by Amir Taaki & Erik Voskuil (C)
  • Bitcoin-S: (Scala implementation)
Network (nodes)
Transactions (blockchain)
Consensus Mechanism
  • Hard cap 21m bitcoin (~19m already mined)
  • Nakamoto consensus (e.g. PoW & longest valid chain)
    • SHA256 Hashing Algorithm
    • Proof of Work
    • Longest chain is legitimate chain w/ largest amount of computation
  • Byzantine Fault Tolerance