The Big Book of Bitcoin

The Big Book of Bitcoin - An introduction

you can see how the bookkeeping can get complicated: Every accountant on the planet must check the history, reach a consensus on the new version of the book and keep their book up to date. This big book is actually called the "blockchain " and is about 5.7Gb in size today . The computers of the accountants are constantly calculating the transactions, comparing, and creating short unique summaries of previous book chapters called "hashes ". For their hard work, bookkeepers (also called miners ) are rewarded. Keeping the system running, safe and honest has a cost (computers, electricity, knowhow) so for every chapter closed 25 bitcoins are awarded to the bookkeepers proportionally to their efforts. This however, won't last forever. In 2016 the reward will drop to 12.5BTC and halve every few years until it reaches zero. Eventually only 21m bitcoins will ever be in circulation...

Full article: http://alvarofeito.com/articles/the-big-book-of-bitcoin/#...

Tweets

@kjrose » 24 Mar '13, 8pm
The Big Book of Bitcoin [link] I've had friends tell me there are hacks on this. Could any CS friends give me paper, etc?
@abruce01 » 24 Mar '13, 6pm
The currency revolution is upon us [link]
@agileando » 24 Mar '13, 12pm
"The Big Book of Bitcoin" good read [link]
@devevangelist » 23 Mar '13, 6pm
#Bitcoin is an electronic pseudo-anonymous decentralized crypto-currency, but what does it actually mean? [link]
@GingerLanche » 23 Mar '13, 5pm
RT @Jankovitch: The Big Book of Bitcoin [link]
@ahalam » 23 Mar '13, 1pm
Learn the Bitcoin [link]
@ronnierocket » 23 Mar '13, 8am
RT @ia_chris: The few bit-cents that I mined back in 2011 are now worth 60 US$, interesting. [link] #bitcoin
@sjc » 22 Mar '13, 8pm
RT @johnmurch: The Big Book of Bitcoin [link]
@oh3kqd » 22 Mar '13, 8pm
RT @Riussi: The Big Book of #Bitcoin [link]
@HughHopkins » 22 Mar '13, 7pm
A good introduction to #BitCoins - something everyone should know about: [link] #BitCoin
@guruvan » 22 Mar '13, 5pm
Great intro to bitcoin: The Big Book of Bitcoin [link]
@virtadpt » 22 Mar '13, 5pm
RT @_cypherpunks_: The Big Book of Bitcoin [link] (via 'the hacktivist' @OxbloodRuffin)
@_cypherpunks_ » 22 Mar '13, 5pm
The Big Book of Bitcoin [link] (via 'the hacktivist' @OxbloodRuffin)
@jcrosby » 22 Mar '13, 5pm
RT @PelleB: A great Non Technical introduction to BitCoin: The Big Book of Bitcoin [link] #bitcoin
@iA_Chris » 22 Mar '13, 4pm
The few bit-cents that I mined back in 2011 are now worth 60 US$, interesting. [link]
@PelleB » 22 Mar '13, 4pm
A great Non Technical introduction to BitCoin: The Big Book of Bitcoin [link] #bitcoin
@ipjobling » 22 Mar '13, 4pm
RT @CodioHQ: What do you know about #bitcoins? [link]
@leimer » 22 Mar '13, 3pm
RT @FintechBot: The Big Book of Bitcoin - An introduction [link] by @hnycombinator #FinTech
@tek_news » 22 Mar '13, 2pm
HNews: The Big Book of Bitcoin - An introduction [link]
@HackerTheArtist » 22 Mar '13, 2pm
From HN: The Big Book of Bitcoin - An introduction [link]
@VinodShintre » 22 Mar '13, 2pm
The Big Book of Bitcoin - An introduction [link] #attribo
@WebStartupGroup » 22 Mar '13, 2pm
The Big Book of Bitcoin - An introduction [link] #news
@in_mohit » 22 Mar '13, 2pm
The Big Book of Bitcoins [link]
@FintechBot » 22 Mar '13, 2pm
The Big Book of Bitcoin - An introduction [link] by @hnycombinator #FinTech
@HNTweets » 22 Mar '13, 1pm
The Big Book of Bitcoin - An introduction: [link] Comments: https://t.co/WhCJ5x2cdX
@MoonLightRSS1 » 22 Mar '13, 1pm
The Big Book of Bitcoin - An introduction [link]
@BitcoinOz » 22 Mar '13, 2pm
The Big Book of Bitcoin - An introduction [link] #bitcoin
@Cyhwuhx » 22 Mar '13, 2pm
"The Big Book of Bitcoin" [link]
@ResearchProcess » 22 Mar '13, 1pm
The Big Book of Bitcoin [link]
@animesh1977 » 22 Mar '13, 1pm
The Big Book of Bitcoin - An introduction [link]