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[[ch02_bitcoin_overview]]
== How Bitcoin Works
=== Transactions, Blocks, Mining, and the Blockchain
=== Transactions, Blocks, Mining, and the Block Chain
((("bitcoin","implementation of", id="ix_ch02-asciidoc0", range="startofrange")))The bitcoin system, unlike traditional banking and payment systems, is based on de-centralized trust. Instead of a central trusted authority, in bitcoin, trust is achieved as an emergent property from the interactions of different participants in the bitcoin system. In this chapter we will examine bitcoin from a high-level by tracking a single transaction through the bitcoin system and watch as it becomes "trusted" and accepted by the bitcoin mechanism of distributed consensus and is finally recorded on the blockchain, the distributed ledger of all transactions.
((("bitcoin","implementation of", id="ix_ch02-asciidoc0", range="startofrange")))The bitcoin system, unlike traditional banking and payment systems, is based on de-centralized trust. Instead of a central trusted authority, in bitcoin, trust is achieved as an emergent property from the interactions of different participants in the bitcoin system. In this chapter, we will examine bitcoin from a high level by tracking a single transaction through the bitcoin system and watch as it becomes "trusted" and accepted by the bitcoin mechanism of distributed consensus and is finally recorded on the block chain, the distributed ledger of all transactions.
Each example is based on an actual transaction made on the bitcoin network, simulating the interactions between the users (Joe, Alice, and Bob) by sending funds from one wallet to another. While tracking a transaction through the bitcoin network and blockchain, we will use a((("blockchain explorer websites"))) _blockchain explorer_ site to visualize each step. A blockchain explorer is a web application that operates as a bitcoin search engine, in that it allows you to search for addresses, transactions, and blocks and see the relationships and flows between them.
Each example is based on an actual transaction made on the bitcoin network, simulating the interactions between the users (Joe, Alice, and Bob) by sending funds from one wallet to another. While tracking a transaction through the bitcoin network and block chain, we will use a((("block chain explorer websites"))) _block chain explorer_ site to visualize each step. A block chain explorer is a web application that operates as a bitcoin search engine, in that it allows you to search for addresses, transactions, and blocks and see the relationships and flows between them.
Popular blockchain explorers include: ((("blockchain.info website")))((("blockexplorer.com")))((("blockr.io website")))((("insight.bitpay.com")))
Popular block chain explorers include: ((("blockchain.info website")))((("blockexplorer.com")))((("blockr.io website")))((("insight.bitpay.com")))
* http://blockchain.info/[blockchain.info]
* http://blockexplorer.com/[blockexplorer.com]
* http://insight.bitpay.com/[insight.bitpay.com]
* http://blockr.io/[blockr.io]
* http://blockchain.info[Blockchain info]
* http://blockexplorer.com[Bitcoin Block Explorer]
* http://insight.bitpay.com[insight]
* http://blockr.io[blockr Block Reader]
Each of these has a search function that can take an address, transaction hash, or block number and find the equivalent data on the bitcoin network and blockchain. With each example, we will provide a URL that takes you directly to the relevant entry, so you can study it in detail.