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[[ch06_intro]]
=== Introduction
Transactions are the most important part of the bitcoin system. Everything else in bitcoin is designed to ensure that transactions can be created, propagated on the network, validated, and finally added to the global ledger of transactions (the blockchain). Transactions are data structures that encode the transfer of value between participants in the bitcoin system. Each transaction is a public entry in bitcoin's blockchain, the global double-entry bookkeeping ledger.
((("bitcoin", "transactions", id="BCtransact06")))((("transactions", "defined")))Transactions are the most important part of the bitcoin system. Everything else in bitcoin is designed to ensure that transactions can be created, propagated on the network, validated, and finally added to the global ledger of transactions (the blockchain). Transactions are data structures that encode the transfer of value between participants in the bitcoin system. Each transaction is a public entry in bitcoin's blockchain, the global double-entry bookkeeping ledger.
In this chapter we will examine all the various forms of transactions, what they contain, how to create them, how they are verified, and how they become part of the permanent record of all transactions. When we use the term "wallet" in this chapter, we are referring to the software that constructs transactions, not just the database of keys.
[[tx_structure]]
=== Transactions in Detail
In <<ch02_bitcoin_overview>>, we looked at the transaction Alice used to pay for coffee at Bob's coffee shop, using a block explorer (<<alices_transactions_to_bobs_cafe>>):
((("use cases", "buying coffee")))((("transactions", "use cases", "buying coffee")))In <<ch02_bitcoin_overview>>, we looked at the transaction Alice used to pay for coffee at Bob's coffee shop, using a block explorer (<<alices_transactions_to_bobs_cafe>>):
[[alices_transactions_to_bobs_cafe]]
.Alice's transaction to Bob's Cafe
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Every day, hundreds of transactions that do not contain Pay-to-Public-Key-Hash outputs are confirmed on the blockchain. The blockchain explorers often present these with red warning messages saying they cannot decode an address. The following link contains the most recent "strange transactions" that were not fully decoded: https://blockchain.info/strange-transactions[].
As we will see in the next chapter, these are not necessarily strange transactions. They are transactions that contain more complex locking scripts than the common Pay-to-Public-Key-Hash. We will learn how to decode and understand more complex scripts and the applications they support next.
As we will see in the next chapter, these are not necessarily strange transactions. They are transactions that contain more complex locking scripts than the common Pay-to-Public-Key-Hash. We will learn how to decode and understand more complex scripts and the applications they support next.((("", startref="BCtransact06")))