Mastering Blockchain - Second Edition

Bitcoin definition

Bitcoin can be defined in various ways; it's a protocol, a digital currency, and a platform. It is a combination of peer-to-peer network, protocols, software that facilitate the creation and usage of the digital currency named bitcoin. Nodes in this peer-to-peer network talk to each other using the Bitcoin protocol.

Note that Bitcoin with a capital B is used to refer to the Bitcoin protocol, whereas bitcoin with a lowercase b is used to refer to bitcoin, the currency.

Decentralization of currency was made possible for the first time with the invention of bitcoin. Moreover, the double spending problem was solved in an elegant and ingenious way in bitcoin. Double spending problem arises when, for example, a user sends coins ...