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How Does Bitcoin Work? Sender Validates Receivers Wallets BITCOIN MINER ABlock Chsin Flow of Bitcoin and Cash 1a3AZddyy355XXa23y Private Key Receivers Banks Exchanges Money Transfer Services
How Does Bitcoin Work? Sender Validates Receivers Wallets BITCOIN MINER ABlock Chsin Flow of Bitcoin and Cash 1a3AZddyy355XXa23y Private Key Receivers Banks Exchanges Money Transfer Services

Bitcoin

Hash Each new hash value contains value*information about all previous How a Bitcoin transaction works The mining computers calculate new hash values based on a combination of the previous hash value, the new transaction block, and a nonce Bitcoin transactions. Nonce Bob, an online merchant, decides to begin accepting bitcoins as payment. Alice, a buyer, has bitcoins and wants to purchase merchandise from Bob value Nonce Bob and Alice both have Bitcoin "wallets" Wallets are files that provide access to multiple Bit WALLETS AND ADDRESSES hash value Nonce Cryptographic Hashes Cryptographic hash functions transform a collection of data into an alphanumeric string with a fixed length called a hash value. Even tiny changes in the original data drastically change the resulting hash value. And it's essentially impossible to predict which initial data set will create a specific hash value. An address String of all evil ??7 letters and numbers, Bob creates a new Bitcoin address for Alice to send her payment to. Each address: has its own balance of bitcoins. 1HULMwZEP kjEPeCh 43BeKJLlyb LCWrfDpN. Creating hashes is computationally trivial, but the Bitcoin system requires that the new hash value have a particular form-specifically, it must start with a certain number of zeros. ADDRESS The root 6d0a 1899 086a... (56 more characters) The miners have no way to predict which nonce will produce a hash of all euil 486c 6be4 6dde... It's tempting to think of addresses as bank accounts, but they work a bit differently. Bitcoin users can create as many addresses as they wish and in fact are encouraged to create a new one for every new transaction to increase privacy So long as no one knows which addresses are Alice's, her anonymity is protected. b8db 7ee9 8392. Private key Public SUBMITTING A PAYMENT Nonces To create different hash values from the same data, Bitcoin uses "nonces." A nonce is just a random number that Public Key Cryptography 101 or to hashing. Changing the nonce resu tographic key pair," composed o equi ing Gary, Garth to ey, and the spondin e to ey y that a message signed wit ress ated in Gary's wallet wit VERIFYING computers are se urchase TRANSACTION of th TRANSACTION ke As time goes on, Alic more recent tra would have to redo the work that Gary did-because any changes ce's wallet holds the private key for each Anyone on the network can now use a comp differ transaction request with the pri request is actually coming from the legitimate account owner ey ubsequent miners. Such a feat is nearly impos s from.
Hash Each new hash value contains value*information about all previous How a Bitcoin transaction works The mining computers calculate new hash values based on a combination of the previous hash value, the new transaction block, and a nonce Bitcoin transactions. Nonce Bob, an online merchant, decides to begin accepting bitcoins as payment. Alice, a buyer, has bitcoins and wants to purchase merchandise from Bob value Nonce Bob and Alice both have Bitcoin "wallets" Wallets are files that provide access to multiple Bit WALLETS AND ADDRESSES hash value Nonce Cryptographic Hashes Cryptographic hash functions transform a collection of data into an alphanumeric string with a fixed length called a hash value. Even tiny changes in the original data drastically change the resulting hash value. And it's essentially impossible to predict which initial data set will create a specific hash value. An address String of all evil ??7 letters and numbers, Bob creates a new Bitcoin address for Alice to send her payment to. Each address: has its own balance of bitcoins. 1HULMwZEP kjEPeCh 43BeKJLlyb LCWrfDpN. Creating hashes is computationally trivial, but the Bitcoin system requires that the new hash value have a particular form-specifically, it must start with a certain number of zeros. ADDRESS The root 6d0a 1899 086a... (56 more characters) The miners have no way to predict which nonce will produce a hash of all euil 486c 6be4 6dde... It's tempting to think of addresses as bank accounts, but they work a bit differently. Bitcoin users can create as many addresses as they wish and in fact are encouraged to create a new one for every new transaction to increase privacy So long as no one knows which addresses are Alice's, her anonymity is protected. b8db 7ee9 8392. Private key Public SUBMITTING A PAYMENT Nonces To create different hash values from the same data, Bitcoin uses "nonces." A nonce is just a random number that Public Key Cryptography 101 or to hashing. Changing the nonce resu tographic key pair," composed o equi ing Gary, Garth to ey, and the spondin e to ey y that a message signed wit ress ated in Gary's wallet wit VERIFYING computers are se urchase TRANSACTION of th TRANSACTION ke As time goes on, Alic more recent tra would have to redo the work that Gary did-because any changes ce's wallet holds the private key for each Anyone on the network can now use a comp differ transaction request with the pri request is actually coming from the legitimate account owner ey ubsequent miners. Such a feat is nearly impos s from.

Bitcoin
transaction how it works information

MtGox USD, M15 15.0000 14.5000 14.0000 13.5008 13.0000 12.5000 12.0100 11.5000 11.0000 75000.0 50000.0 7.07000 Period: D1 H4 H1 M15 M5 M3 M1 Style: Candle Line
MtGox USD, M15 15.0000 14.5000 14.0000 13.5008 13.0000 12.5000 12.0100 11.5000 11.0000 75000.0 50000.0 7.07000 Period: D1 H4 H1 M15 M5 M3 M1 Style: Candle Line

Bitcoin

Cess 2 Who Who is Satoshi Nakamoto? Satoshi Nakamoto is the mysterious inventor of Bitcoin A digital currency that is regulated by an online encryption protocol, and not by a central authority Nov 08 r 09 paper onine, that explained the basic The original Bitcoin with help from numerous online Mid 2010 Nakamoto stopped having as much of an input into the Nakamoto said he had 'moved onto other things'. and then stopped replying to queries His contact emal was from a free German website, and his name a pseudonym Nakamoto knew what he was doing, and covered his tracks well. His real identity has since been one of the Becoin communities' most enduring mysteries, and they have responded with a number of ideas Here are the most popular ones #1 Shinichi Mochizuki O Based in Japan O Grew up in the US, so is fluent in English 0 When he has made mathematical dscovernes in the past, he has a tendency to release it pubicly on the intemet not through academic channels, just ike Martti Malmi O Computer Scientist O Made the frst ever Bitooin transaction, created interface, and is a well-known developer from early on in the proec O Was removed from the list of project developers on the Btcoin webste, arcund the same sme Nakamcto stopped replying to emals #3 Vili Lehdonvirta O Economic Sociologist, who used to be a video 0 Based in Firland O Has done a lot of well documereed research into virtual #4 Jed McCaleb OCreator of Mt Gox the langest Bitcoin marketplace. and Ripple, a smlar digtal currency 0Arencan but has a love of Japanese cuture, 50 would make sense for him to adopt a Japanese #5 Neal King, Vladimir Oksman& Charles Br OA group OBased in the UK. but Bry travelied to Finland a couple of months before the domain name was registered there by Nakamcto OReeased a patent applicaion using very simla phrssing t0 Nakamcto's original Becoin paper, 72 hors after the Bcoin domain name was establshed and al three have tled other patents in simiar areas Michael Clear OTop Computer Science student at Trinity College One of only a low UK based candidates and Nakamcto referenced a Times nespaper article in the coding of the first colection of Btcoin, his onine comments were normaly made ater working hours in OThe New Yorker did some research into Nakamoto, and decided t was most Ikely to be Clear o Mano Group Peirce and the previously mentioned, Mchael Clear OA group of Computer Sciendsts all with connections to Trinity College, Dubin O Based in Ireland OPublshed a book enttled Llectronic Payment Systems n 2009, and numerous other paper on #8 Samsung, Toshiba, Nakamichi& Motorola OAll are O The four companies would definnely have enough knowledgeable people working for them to create such a concept, and cover their tracks well #9 The CIA OAs with most mysteries, there is always the belef O Japanese names are presented wth the sumame first would make & Nakamcto Satosh OIn Japanese, Nakamoto means central origin, whle Satoshi means 'clear thinking, quick wtted wvse i e inteligent The name can therefore be ranslated to mean Central Intellgent Satoshi Nakamoto has always been a popular part of the Bitcoin phenomenon and wil probably continue to be so until his identity is discovered However Bitcoin is defnitely growing in popularity, regardless of it's mysterious creator, so who knows where the future will take it The Race to Unmask Bitcoin's Imventors Satoshi Nakamoto Identifed? htp lownitetal blogspot co ukz01 One Of Dtcoin's Earliest Developers Explains Why The Feds Have No Prayer Of Shutting The Currency Down atoahi Nakamoto Found-Introducing the CMO htps ibtcontak orgindex phphopic 67040 0 Who ls Satoshi Nakamoto, the Creator of Bitcoin? ALLEGED BITOOIN INVENTOR: Please Stop Emaiing Me,I Didn't Invent Ditcoin is Satoshi Nakamoto? Thread of Theories Presenhed by Designed by
Cess 2 Who Who is Satoshi Nakamoto? Satoshi Nakamoto is the mysterious inventor of Bitcoin A digital currency that is regulated by an online encryption protocol, and not by a central authority Nov 08 r 09 paper onine, that explained the basic The original Bitcoin with help from numerous online Mid 2010 Nakamoto stopped having as much of an input into the Nakamoto said he had 'moved onto other things'. and then stopped replying to queries His contact emal was from a free German website, and his name a pseudonym Nakamoto knew what he was doing, and covered his tracks well. His real identity has since been one of the Becoin communities' most enduring mysteries, and they have responded with a number of ideas Here are the most popular ones #1 Shinichi Mochizuki O Based in Japan O Grew up in the US, so is fluent in English 0 When he has made mathematical dscovernes in the past, he has a tendency to release it pubicly on the intemet not through academic channels, just ike Martti Malmi O Computer Scientist O Made the frst ever Bitooin transaction, created interface, and is a well-known developer from early on in the proec O Was removed from the list of project developers on the Btcoin webste, arcund the same sme Nakamcto stopped replying to emals #3 Vili Lehdonvirta O Economic Sociologist, who used to be a video 0 Based in Firland O Has done a lot of well documereed research into virtual #4 Jed McCaleb OCreator of Mt Gox the langest Bitcoin marketplace. and Ripple, a smlar digtal currency 0Arencan but has a love of Japanese cuture, 50 would make sense for him to adopt a Japanese #5 Neal King, Vladimir Oksman& Charles Br OA group OBased in the UK. but Bry travelied to Finland a couple of months before the domain name was registered there by Nakamcto OReeased a patent applicaion using very simla phrssing t0 Nakamcto's original Becoin paper, 72 hors after the Bcoin domain name was establshed and al three have tled other patents in simiar areas Michael Clear OTop Computer Science student at Trinity College One of only a low UK based candidates and Nakamcto referenced a Times nespaper article in the coding of the first colection of Btcoin, his onine comments were normaly made ater working hours in OThe New Yorker did some research into Nakamoto, and decided t was most Ikely to be Clear o Mano Group Peirce and the previously mentioned, Mchael Clear OA group of Computer Sciendsts all with connections to Trinity College, Dubin O Based in Ireland OPublshed a book enttled Llectronic Payment Systems n 2009, and numerous other paper on #8 Samsung, Toshiba, Nakamichi& Motorola OAll are O The four companies would definnely have enough knowledgeable people working for them to create such a concept, and cover their tracks well #9 The CIA OAs with most mysteries, there is always the belef O Japanese names are presented wth the sumame first would make & Nakamcto Satosh OIn Japanese, Nakamoto means central origin, whle Satoshi means 'clear thinking, quick wtted wvse i e inteligent The name can therefore be ranslated to mean Central Intellgent Satoshi Nakamoto has always been a popular part of the Bitcoin phenomenon and wil probably continue to be so until his identity is discovered However Bitcoin is defnitely growing in popularity, regardless of it's mysterious creator, so who knows where the future will take it The Race to Unmask Bitcoin's Imventors Satoshi Nakamoto Identifed? htp lownitetal blogspot co ukz01 One Of Dtcoin's Earliest Developers Explains Why The Feds Have No Prayer Of Shutting The Currency Down atoahi Nakamoto Found-Introducing the CMO htps ibtcontak orgindex phphopic 67040 0 Who ls Satoshi Nakamoto, the Creator of Bitcoin? ALLEGED BITOOIN INVENTOR: Please Stop Emaiing Me,I Didn't Invent Ditcoin is Satoshi Nakamoto? Thread of Theories Presenhed by Designed by

Bitcoin

<a href="http://arstechnica.com/business/2013/04/bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+arstechnica%2Findex+(Ars+Technica+-+All+content)">source</a>
<a href="http://arstechnica.com/business/2013/04/bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+arstechnica%2Findex+(Ars+Technica+-+All+content)">source</a>

Bitcoin

<a href="http://printcoins.com/">PrintCoins</a>
<a href="http://printcoins.com/">PrintCoins</a>

Bitcoin
ron paul

Screenshot taken 04/08/2013 at 4:29 PM EST
Screenshot taken 04/08/2013 at 4:29 PM EST

Bitcoin

Value of 1 Bitcoin in $USD 5DOLLARS April 2013 $135 100 50 July 2010 $0.04 2010 2013
Value of 1 Bitcoin in $USD 5DOLLARS April 2013 $135 100 50 July 2010 $0.04 2010 2013

Bitcoin

Silicon Alley Insider Chart of the Day Bitcoin Price $120.00 ource $100.00 80.00 60.00 $40.00 $20.00 $0.00
Silicon Alley Insider Chart of the Day Bitcoin Price $120.00 ource $100.00 80.00 60.00 $40.00 $20.00 $0.00

Bitcoin

/~wwwmgtra/create.php 0 SAVES 11,916 CLICKS 0 器 bit.ly/ COPY+bitmark GLOBAL STATS 11,916 clicks on this bitmark in the last 24 hours Past 24 Hours- 2,566 Clicks o:ooam 2K 2:00pm 6:oopm 10:00pm 2o0aT 6:o0am 1000am All times are in UTO5
/~wwwmgtra/create.php 0 SAVES 11,916 CLICKS 0 器 bit.ly/ COPY+bitmark GLOBAL STATS 11,916 clicks on this bitmark in the last 24 hours Past 24 Hours- 2,566 Clicks o:ooam 2K 2:00pm 6:oopm 10:00pm 2o0aT 6:o0am 1000am All times are in UTO5

Bitcoin

Applications Processes Performance Networking Users CPU Mem Usage 4,748 K 3,992 K 5,200 K 2,196 K 3,060 K 1,828 K 4,736 K User Name blxxbpsotarxmwd askmgr.exe SbieCtrl.exe usched.exe VBoxTray.exe wscntfy.exe Oldkjyxvzwvjibty
Applications Processes Performance Networking Users CPU Mem Usage 4,748 K 3,992 K 5,200 K 2,196 K 3,060 K 1,828 K 4,736 K User Name blxxbpsotarxmwd askmgr.exe SbieCtrl.exe usched.exe VBoxTray.exe wscntfy.exe Oldkjyxvzwvjibty

Bitcoin


Bitcoin

Wired - <a href="http://www.wired.com/wiredenterprise/2013/03/bitcoin-ring/">Ring of Bitcoins: Why Your Digital Wallet Belongs On Your Finger</a>
Wired - <a href="http://www.wired.com/wiredenterprise/2013/03/bitcoin-ring/">Ring of Bitcoins: Why Your Digital Wallet Belongs On Your Finger</a>

Bitcoin

<a href="https://www.casascius.com/">Physical Bitcoins by Casascius</a>
<a href="https://www.casascius.com/">Physical Bitcoins by Casascius</a>

Bitcoin

<a href="https://mtgox.com/">MTGOX</a> USD/Bitcoin exchange graph from March 19th, 2013
<a href="https://mtgox.com/">MTGOX</a> USD/Bitcoin exchange graph from March 19th, 2013

Bitcoin