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2 - Bitcoin

The First Blockchain

Published online by Cambridge University Press:  aN Invalid Date NaN

Cüneyt Gürcan Akçora
Affiliation:
University of Central Florida
Murat Kantarcioglu
Affiliation:
Virginia Polytechnic Institute and State University
Yulia R. Gel
Affiliation:
Virginia Polytechnic Institute and State University
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Summary

This chapter introduces the foundational mechanics of the Bitcoin blockchain. You will learn how Bitcoin structures data through addresses, transactions, and blocks, and how it ensures integrity using cryptographic hash functions and Merkle trees. We explain how users interact with the network via a peer-to-peer architecture and how mining, Proof of Work, and block rewards secure the system and control coin issuance. The chapter also covers key design upgrades such as Segregated Witness, Taproot, and hierarchical wallets, and explains how forks, mempools, and scripting govern Bitcoin's functionality. By the end, you will understand the core components that make Bitcoin a decentralized, trustless, and resilient financial protocol.

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  • Bitcoin
  • Cüneyt Gürcan Akçora, University of Central Florida, Murat Kantarcioglu, Virginia Polytechnic Institute and State University, Yulia R. Gel, Virginia Polytechnic Institute and State University
  • Book: Blockchain Fundamentals, Data Structures, and Algorithms for Data Science
  • Chapter DOI: https://doi.org/10.1017/9781009004114.003
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  • Bitcoin
  • Cüneyt Gürcan Akçora, University of Central Florida, Murat Kantarcioglu, Virginia Polytechnic Institute and State University, Yulia R. Gel, Virginia Polytechnic Institute and State University
  • Book: Blockchain Fundamentals, Data Structures, and Algorithms for Data Science
  • Chapter DOI: https://doi.org/10.1017/9781009004114.003
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Bitcoin
  • Cüneyt Gürcan Akçora, University of Central Florida, Murat Kantarcioglu, Virginia Polytechnic Institute and State University, Yulia R. Gel, Virginia Polytechnic Institute and State University
  • Book: Blockchain Fundamentals, Data Structures, and Algorithms for Data Science
  • Chapter DOI: https://doi.org/10.1017/9781009004114.003
Available formats
×