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01_0_Introducing_Bitcoin.md
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# Chapter One: Introducing Bitcoin
These tutorial will lead you through basic Bitcoin usage and programming, highlighting a variety of techniques from the command line to scripting. However, before you should get started, you should have a basic understanding of what Bitcoin is, and how it works. This chapter provides that overview. Many more definitions will appear within the document itself; this is only intended to lay the foundation.
These tutorials will lead you through basic Bitcoin usage and programming, highlighting a variety of techniques from the command line to scripting. However, before you get started, you should have a basic understanding of what Bitcoin is and how it works. This chapter provides that overview. Many more definitions will appear within the document itself; this is only intended to lay the foundation.
## Objectives for this Chapter
@ -23,15 +23,15 @@ Bitcoin is a programmatic system that allows for the transfer of the bitcoin cur
Bitcoin currency isn't physical coins. Instead it's an endless series of ownership reassignments. When one person sends coins to another, that transfer is stored as a transaction. It's the transaction that actually records the ownership of the money, not any token local to the owner's wallet or their machine.
### Who Can You Send Transactions To?
### Who Can You Send Coins To?
The vast majority of bitcoin transactions are sent to individual people (or at least to individual Bitcoin addresses). However, more complex methodologies can be used to send bitcoins to groups of people or to scripts. These various methodologies have names like P2PKH, multisig, and P2SH.
The vast majority of bitcoin transactions involve coins being sent to individual people (or at least to individual Bitcoin addresses). However, more complex methodologies can be used to send bitcoins to groups of people or to scripts. These various methodologies have names like P2PKH, multisig, and P2SH.
### How Are Transactions Stored?
Transactions are combined into larger blocks of data, which are stored on the network. A block is built in such a way that it cannot be replaced or rewritten once several blocks have been built after it. This is what makes bitcoins non-repudiable: the decentralized global ledger where everything is recorded is effectively a permanent and unchangeable database.
However, the process of building these blocks is stochastic: it's somewhat random, and so you can never be assured that a transaction will be placed in a specific block. Moreso, there can be changes in blocks if they're very recent, but only if they're _very_ recent. So, things become non-repudiable (and permanent and unchangeable) after a little bit of time.
However, the process of building these blocks is stochastic: it's somewhat random, so you can never be assured that a transaction will be placed in a specific block. Moreso, there can be changes in blocks if they're very recent, but only if they're _very_ recent. So, things become non-repudiable (and permanent and unchangeable) after a little bit of time.
### How Are Transactions Protected?
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### Bitcoin — In Short
One way to think of Bitcoin is as: _a sequence of atomic transactions: each of which is enabled by the sender with the solution to a previous cryptographic puzzle that was stored as a script; each of which is locked for the recipient with a new cryptographic puzzle that is stored as a script; and each of which is recorded in an immutable global ledger._
One way to think of Bitcoin is as _a sequence of atomic transactions_. Each transaction is enabled by a sender with the solution to a previous cryptographic puzzle that is stored as a script. The new transaction is locked for the recipient with a new cryptographic puzzle that is stored as a script. Every transaction is recorded in an immutable global ledger.
## What Is Public-Key Cryptography?
@ -57,7 +57,7 @@ A public key is the key given out to other people. In a typical public-key syste
### What Is a Private Key?
A private key is linked to a public key in a key pair. In a typical public-key system, a user keeps his private key secure and uses it to decrypt messages sent to him, encrypted with the public key.
A private key is linked to a public key in a key pair. In a typical public-key system, a user keeps his private key secure and uses it to decrypt messages that were encrypted with his public key in the process of being sent to him..
### What Is a Signature?