“Bitcoin consists of: A decentralized peer-to-peer network (the bitcoin protocol) A public transaction ledger (the blockchain) A set of rules for independent transaction validation and currency issuance (consensus rules) A mechanism for reaching global decentralized consensus on the valid blockchain… — Andreas M. Antonopoulos Copy Share Image
“Six and a half billion people on this planet have no connection to the world of money. They operate in cash-based societies with very… — Andreas M. Antonopoulos Copy Share Image
“Transaction fees are calculated based on the size of the transaction in kilobytes, not the value of the transaction in bitcoin. Overall,” — Andreas M. Antonopoulos Copy Share Image
“As the adage of the entire internet once went, “I just replaced your entire industry with 100 lines of Python code,” that’s exactly what… — Andreas M. Antonopoulos Copy Share Image
“The concept of a balance is created by the wallet application. The wallet calculates the user’s balance by scanning the blockchain and aggregating the… — Andreas M. Antonopoulos Copy Share Image
“Fortunately, bitcoin also creates the incentives to improve computer security. Whereas previously the risk of computer compromise was vague and indirect, bitcoin makes these… — Andreas M. Antonopoulos Copy Share Image
“If an UTXO is larger than the desired value of a transaction, it must still be consumed in its entirety and change must be… — Andreas M. Antonopoulos Copy Share Image
“Bitcoin reaches consensus every 10 minutes about the state of the ledger as it existed in the past.” — Andreas M. Antonopoulos Copy Share Image
“Although the Bitcoin Core client includes a Type-0 wallet, using this wallet is discouraged by developers of Bitcoin Core.” — Andreas M. Antonopoulos Copy Share Image
“Deterministic, or “seeded,” wallets are wallets that contain private keys that are all derived from a common seed, through the use of a one-way… — Andreas M. Antonopoulos Copy Share Image
“As a best practice, the level-1 children of the master keys are always derived through the hardened derivation, to prevent compromise of the master… — Andreas M. Antonopoulos Copy Share Image
“the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol primarily via the internet, although other transport networks can also be… — Andreas M. Antonopoulos Copy Share Image
“This isn’t about nation-states anymore. This isn’t about who adopts bitcoin first or who adopts cryptocurrencies first, because the internet is adopting cryptocurrencies, and… — Andreas M. Antonopoulos Copy Share Image
