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wordsmithing ch02.asciidoc #5

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In the paragraph beginning "Transactions are like lines in a double-entry bookkeeping ledger."  This paragraph needed to be re-written.  It was incorrect from an accounting interpretation.  Debits (meaning "left") are not really on the left side of the graphic and typical display for Inputs in this case, since this is in effect a balance sheet journal entry.  Feel free to double check this with an actual accountant.
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Ed Eykholt 2014-07-28 21:15:47 -07:00
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@ -77,7 +77,7 @@ 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 lines in a double-entry bookkeeping ledger. In simple terms, each transaction contains one or more "inputs", which are debits against a bitcoin account. On the other side of the transaction, there are one or more "outputs", which are credits added to a bitcoin account. The inputs and outputs (debits and credits) do not necessarily add up to the same amount. Instead, outputs add up to slightly less than inputs and the difference represents an implied "transaction fee", a small payment collected by the miner who includes the transaction in the ledger.
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.
[[transaction-double-entry]]
.Transaction As Double-Entry Bookkeeping