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Title: Denominator of bitcoin Post by: tdumdiu on May 02, 2014, 08:59:49 AM I want to know the denominator of bitcoin. As an example Micromint protocols use electronic coins and Netcents use scrips. Likewise what is the denominator of Bitcoin? Is that something only a value mentioned in the Block chain? Highly appreciate if somebody can provide me an answer.
Title: Re: Denominator of bitcoin Post by: telepatheic on May 02, 2014, 10:33:40 AM Bitcoin is denominated in satoshis. A bitcoin is 10^8 satoshis. The protocol deals in satoshi values.
Title: Re: Denominator of bitcoin Post by: tdumdiu on May 02, 2014, 11:22:20 AM How the bitcoins are stored in the network? Is that a software object or just only a value written in the ledger?
Title: Re: Denominator of bitcoin Post by: telepatheic on May 02, 2014, 11:30:18 AM The bitcoins aren't stored as such. The network records the value of transactions between virtual points (which can represent public keys or addresses or multi-signature addresses...). The stored data looks like this (http://blockexplorer.com/rawblock/000000000003ba27aa200b1cecaad478d2b00432346c3f1f3986da1afd33e506).
Title: Re: Denominator of bitcoin Post by: Light on May 02, 2014, 11:34:50 AM How the bitcoins are stored in the network? Is that a software object or just only a value written in the ledger? All information is stored in the ledger which is accessible to all and is generally verified by full nodes. The 'value' of an address is not stored only a list of transactions included in each block. Clients and websites keep track of these transactions to present you with a final balance which is actually just the outputs of prior transactions to your address. Title: Re: Denominator of bitcoin Post by: openyourmind on May 02, 2014, 09:58:25 PM I wathed the example of stored data. This is one of the lines of the code: "hash":"000000000003ba27aa200b1cecaad478d2b00432346c3f1f3986da1afd33e506"
I'm curious, what does these numbers in quotation marks mean? |