How Bitcoin records a payment.
Start with Bitcoin and satoshis, follow spendable transaction outputs, then connect proof of work and mining to the block subsidy halving.
Six words. One connected thread.
Start at the beginning, or pick up where you left off. Each definition leads to the next word in this thread.
Open your first word to start this thread.
Start this threadBitcoin
A peer-to-peer monetary network whose native asset is bitcoin, usually written as BTC.
Satoshi
One hundred millionth of a bitcoin, commonly shortened to sat.
UTXO
An unspent Bitcoin transaction output that a future transaction can consume.
Proof of work
A mechanism that requires computational work to qualify a candidate block for acceptance.
Mining
The process of building candidate blocks, searching for valid proof of work and publishing successful results.
Halving
Bitcoin’s scheduled halving of the block subsidy every 210,000 blocks.
Reading progress is saved in this browser only. Opening a word marks it as visited.
Explore all reading threads