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wordsmithing ch02.asciidoc #5a

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A better wording than "wordsmithing ch02.asciidoc #5"
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Ed Eykholt 2014-07-28 22:47:50 -07:00
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@ -77,7 +77,12 @@ The bitcoin network can transact in fractional values, e.g. from millibitcoins (
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 a journal entry record in a double-entry bookkeeping ledger. In simple terms, each transaction contains one or more "inputs", which are reductions to bitcoin accounts. On the other side of the transaction, there are one or more "outputs", which are increases to other bitcoin accounts. A type of output is a "transaction fee", a small output payment collected by the miner who includes the transaction in the ledger; this fee is typically not shown together with the other outputs. The input and output (including fee) amounts balance, like credits and debits must match in a journal entry.
Transactions are like a journal entry record in a double-entry bookkeeping ledger. Each transaction contains:
* a set of one or more "inputs", each with an input address and value
* a set of one or more "outputs", each with an output address and value
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 As Double-Entry Bookkeeping