Chapter 2.1 – Bitcoin Transaction
Big take-away

Bitcoins transactions are peer-to-peer, meaning there is no intermediary between the sender and receiver. Instead some entities called “miners” are in charge of validating and spreading the new transaction to the network via new « block ».

Each individual is being connected to the network via a node, which allows him to verify what is happening in the network and talk to other users.
As long as you follow the consensus, everything is fine and you can enjoy the network. If for some reason you try to cheat, the network of nodes will reject you and block you.

No one control the network but instead thousand of nodes independently are. The process for a transaction is as follow:

  1. Your wallet signs a valid transaction
  2. Nodes broadcast it in the network
  3. Miners pick it, and verify it
  4. All miners fight to win the Proof of Work challenge aka “mining”
  5. The miner who wins broadcasts the newest block to the network. This last block includes your valid transaction which is now confirmed.
  6. The receiver of your transaction sees the coins confirmed on his wallet.

NO ONE CAN CHEAT IN BITCOIN!

Chapter 2.2 – Bitcoin industry
Big takeaway

Bitcoin is 10-year-olds, by now the industry weight more than 500 Billion $. There is no coming back. We count millions of users worldwide & company, start-up and government are all getting involved one form or another. The main actors to follow are :

  • Bitcoin Core developer
  • Crypto Businesses & merchant adoption
  • Government & Law enforcement
  • Bank & Exchanges
  • The Billions of banks & unbanked
  • Miners & Node
  • Big company, start-up & ICO
  • Trader, investors & scammers
  • Wales, influencers and early adopter

This industry moves fast, very fast!

THE CAT IS OUTSIDE THE BAG!