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drusselloctal@gmail.com 2014-10-29 17:47:23 -07:00
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@ -78,7 +78,7 @@ The bitcoin network can transact in fractional values, e.g., from milli-bitcoins
In simple terms, a transaction tells the network that the owner of a number of bitcoins has authorized the transfer of some of those bitcoins to another owner. The new owner can now spend these bitcoins by creating another transaction that authorizes transfer to another owner, and so on, in a chain of ownership.
Transactions are like lines in a double-entry bookkeeping ledger. In simple terms, each transaction contains one or more "inputs," which are debits against a bitcoin account. On the other side of the transaction, there are one or more "outputs," which are credits added to a bitcoin account. The inputs and outputs (debits and credits) do not necessarily add up to the same amount. Instead, outputs add up to slightly less than inputs and the difference represents an implied "transaction fee," which is a small payment collected by the miner who includes the transaction in the ledger.A bitcoin transaction is shown as a bookkeeping ledger entry in <<transaction-double-entry>>.
Transactions are like lines in a double-entry bookkeeping ledger. In simple terms, each transaction contains one or more "inputs," which are debits against a bitcoin account. On the other side of the transaction, there are one or more "outputs," which are credits added to a bitcoin account. The inputs and outputs (debits and credits) do not necessarily add up to the same amount. Instead, outputs add up to slightly less than inputs and the difference represents an implied "transaction fee," which is a small payment collected by the miner who includes the transaction in the ledger. A bitcoin transaction is shown as a bookkeeping ledger entry in <<transaction-double-entry>>.
[[transaction-double-entry]]
.Transaction as double-entry bookkeeping