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wordsmithing ch02.asciidoc #11

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Ed Eykholt 2014-07-28 22:54:15 -07:00
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@ -85,7 +85,7 @@ Transactions are like a journal entry record in a double-entry bookkeeping ledge
The inputs are to become the reductions to bitcoin addresses, and the outputs increases to other bitcoin addresses. The net inputs and net outputs must balance, with the exception of an optional implicit "transaction fee", a small output payment collected by the miner. Similar to debits and credits in an accounting journal entry, the net amount (input values less output values less fee) must be zero. The inputs are to become the reductions to bitcoin addresses, and the outputs increases to other bitcoin addresses. The net inputs and net outputs must balance, with the exception of an optional implicit "transaction fee", a small output payment collected by the miner. Similar to debits and credits in an accounting journal entry, the net amount (input values less output values less fee) must be zero.
[[transaction-double-entry]] [[transaction-double-entry]]
.Transaction As Double-Entry Bookkeeping .Transaction as Double-Entry Bookkeeping
image::images/Transaction_Double_Entry.png["Transaction Double-Entry"] image::images/Transaction_Double_Entry.png["Transaction Double-Entry"]
The transaction also contains proof of ownership for each amount of bitcoin (inputs) whose value is transferred, in the form of a digital signature from the owner, which can be independently validated by anyone. In bitcoin terms, "spending" is signing the value (or a portion of the value) received from previous transaction for which you have the keys over to a new owner identified by a bitcoin address. The transaction also contains proof of ownership for each amount of bitcoin (inputs) whose value is transferred, in the form of a digital signature from the owner, which can be independently validated by anyone. In bitcoin terms, "spending" is signing the value (or a portion of the value) received from previous transaction for which you have the keys over to a new owner identified by a bitcoin address.