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judymcconville@roadrunner.com 2017-04-27 14:48:57 -07:00
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@ -106,7 +106,7 @@ image::images/mbc2_0203.png["Transaction Double-Entry"]
==== Transaction Chains ==== Transaction Chains
Alice's payment to Bob's Cafe uses a previous transaction's output as its input. In the previous chapter Alice received bitcoin from her friend Joe in return for cash. That transaction created a bitcoin value locked by Alice's key. Her new transaction to Bob's Cafe references the previous transaction as an input and creates new outputs to pay for the cup of coffee and receive change. The transactions form a chain, where the inputs from the latest transaction correspond to outputs from previous transactions. Alice's key provides the signature that unlocks those previous transaction outputs, thereby proving to the bitcoin network that she owns the funds. She attaches the payment for coffee to Bob's address, thereby "encumbering" that output with the requirement that Bob produces a signature in order to spend that amount. This represents a transfer of value between Alice and Bob. This chain of transactions, from Joe to Alice to Bob, is illustrated in <<blockchain-mnemonic>>. ((("transactions", "transaction chains")))Alice's payment to Bob's Cafe uses a previous transaction's output as its input. In the previous chapter Alice received bitcoin from her friend Joe in return for cash. That transaction created a bitcoin value locked by Alice's key. Her new transaction to Bob's Cafe references the previous transaction as an input and creates new outputs to pay for the cup of coffee and receive change. The transactions form a chain, where the inputs from the latest transaction correspond to outputs from previous transactions. Alice's key provides the signature that unlocks those previous transaction outputs, thereby proving to the bitcoin network that she owns the funds. She attaches the payment for coffee to Bob's address, thereby "encumbering" that output with the requirement that Bob produces a signature in order to spend that amount. This represents a transfer of value between Alice and Bob. This chain of transactions, from Joe to Alice to Bob, is illustrated in <<blockchain-mnemonic>>.
[[blockchain-mnemonic]] [[blockchain-mnemonic]]
.A chain of transactions, where the output of one transaction is the input of the next transaction .A chain of transactions, where the output of one transaction is the input of the next transaction