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ch01/ch09/ch10: Standardize pluralization of 'bitcoin'
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@ -10,9 +10,9 @@ Users can transfer bitcoin over the network to do just about anything that can b
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Unlike traditional currencies, bitcoin is entirely virtual. There are no physical coins or even digital coins per se. The coins are implied in transactions that transfer value from sender to recipient. Users of bitcoin own keys that allow them to prove ownership of bitcoin in the bitcoin network. With these keys, they can sign transactions to unlock the value and spend it by transferring it to a new owner. Keys are often stored in a digital wallet on each user’s computer or smartphone. Possession of the key that can sign a transaction is the only prerequisite to spending bitcoin, putting the control entirely in the hands of each user.
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Bitcoin is a distributed, peer-to-peer system. As such, there is no "central" server or point of control. Bitcoins are created through a process called "mining," which involves competing to find solutions to a mathematical problem while processing bitcoin transactions. Any participant in the bitcoin network (i.e., anyone using a device running the full bitcoin protocol stack) may operate as a miner, using their computer's processing power to verify and record transactions. Every 10 minutes, on average, a bitcoin miner can validate the transactions of the past 10 minutes and is rewarded with brand new bitcoin. Essentially, bitcoin mining decentralizes the currency-issuance and clearing functions of a central bank and replaces the need for any central bank.
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Bitcoin is a distributed, peer-to-peer system. As such, there is no "central" server or point of control. Bitcoin are created through a process called "mining," which involves competing to find solutions to a mathematical problem while processing bitcoin transactions. Any participant in the bitcoin network (i.e., anyone using a device running the full bitcoin protocol stack) may operate as a miner, using their computer's processing power to verify and record transactions. Every 10 minutes, on average, a bitcoin miner can validate the transactions of the past 10 minutes and is rewarded with brand new bitcoin. Essentially, bitcoin mining decentralizes the currency-issuance and clearing functions of a central bank and replaces the need for any central bank.
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The bitcoin protocol includes built-in algorithms that regulate the mining function across the network. The difficulty of the processing task that miners must perform is adjusted dynamically so that, on average, someone succeeds every 10 minutes regardless of how many miners (and how much processing) are competing at any moment. The protocol also halves the rate at which new bitcoins are created every 4 years, and limits the total number of bitcoin that will be created to a fixed total just below 21 million coins. The result is that the number of bitcoin in circulation closely follows an easily predictable curve that approaches 21 million by the year 2140. Due to bitcoin's diminishing rate of issuance, over the long term, the bitcoin currency is deflationary. Furthermore, bitcoin cannot be inflated by "printing" new money above and beyond the expected issuance rate.
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The bitcoin protocol includes built-in algorithms that regulate the mining function across the network. The difficulty of the processing task that miners must perform is adjusted dynamically so that, on average, someone succeeds every 10 minutes regardless of how many miners (and how much processing) are competing at any moment. The protocol also halves the rate at which new bitcoin are created every 4 years, and limits the total number of bitcoin that will be created to a fixed total just below 21 million coins. The result is that the number of bitcoin in circulation closely follows an easily predictable curve that approaches 21 million by the year 2140. Due to bitcoin's diminishing rate of issuance, over the long term, the bitcoin currency is deflationary. Furthermore, bitcoin cannot be inflated by "printing" new money above and beyond the expected issuance rate.
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Behind the scenes, bitcoin is also the name of the protocol, a peer-to-peer network, and a distributed computing innovation. The bitcoin currency is really only the first application of this invention. Bitcoin represents the culmination of decades of research in cryptography and distributed systems and includes four key innovations brought together in a unique and powerful combination. Bitcoin consists of:
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@ -270,7 +270,7 @@ Consider, for example, an SPV node that is interested in incoming payments to an
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==== Testnet—Bitcoin's Testing Playground
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Testnet is the name of the test blockchain, network, and currency that is used for testing purposes. The testnet is a fully featured live P2P network, with wallets, test bitcoins (testnet coins), mining, and all the other features of mainnet. There are really only two differences: testnet coins are meant to be worthless and mining difficulty should be low enough that anyone can mine testnet coins relatively easily (keeping them worthless).
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Testnet is the name of the test blockchain, network, and currency that is used for testing purposes. The testnet is a fully featured live P2P network, with wallets, test bitcoin (testnet coins), mining, and all the other features of mainnet. There are really only two differences: testnet coins are meant to be worthless and mining difficulty should be low enough that anyone can mine testnet coins relatively easily (keeping them worthless).
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Any software development that is intended for production use on bitcoin's mainnet should first be tested on testnet with test coins. This protects both the developers from monetary losses due to bugs and the network from unintended behavior due to bugs.
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@ -283,7 +283,7 @@ The initial subsidy is calculated in satoshis by multiplying 50 with the +COIN+
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The maximum number of halvings allowed is 64, so the code imposes a zero reward (returns only the fees) if the 64 halvings is exceeded.
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Next, the function uses the binary-right-shift operator to divide the reward (+nSubsidy+) by two for each round of halving. In the case of block 277,316, this would binary-right-shift the reward of 5 billion satoshis once (one halving) and result in 2.5 billion satoshis, or 25 bitcoins. The binary-right-shift operator is used because it is more efficient than multiple repeated divisions. To avoid a potential bug, the shift operation is skipped after 63 halvings, and the subsidy is set to 0.
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Next, the function uses the binary-right-shift operator to divide the reward (+nSubsidy+) by two for each round of halving. In the case of block 277,316, this would binary-right-shift the reward of 5 billion satoshis once (one halving) and result in 2.5 billion satoshis, or 25 bitcoin. The binary-right-shift operator is used because it is more efficient than multiple repeated divisions. To avoid a potential bug, the shift operation is skipped after 63 halvings, and the subsidy is set to 0.
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Finally, the coinbase reward (+nSubsidy+) is added to the transaction fees (+nFees+), and the sum is returned.
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