“the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol primarily via the internet, although other transport networks can also be used. The bitcoin protocol stack, available as open source software, can be run on a wide… — Andreas M. Antonopoulos Copy Share Image
“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
“From now on, if you see a multisig unlocking script, you should expect to see an extra 0 in the beginning, whose only purpose… — Andreas M. Antonopoulos Copy Share Image
“There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.” — Andreas M. Antonopoulos Copy Share Image
“BIP-39 was proposed by the company behind the Trezor hardware wallet and is incompatible with Electrum’s implementation.” — Andreas M. Antonopoulos Copy Share Image
