At a financial institution, a ledger is a book for recording financial transactions. Similarly, Bitcoin maintains a ledger for bookkeeping BTC transactions and balances by address. One key difference is that a bank's ledger is centralized and Bitcoin's ledger is decentralized. Consequently, a bank's ledger is much easier to be cooked. On the other side, Bitcoin's ledger is very difficult to cook as one has to change the ledger at all nodes worldwide.
A user submits a transaction containing the following information:
- Sources of the BTCs to be transferred from
- The amount of BTCs to be transferred
- Destinations the BTCs should be transferred to
As per the Wiki site, a transaction ...
