Bitcoin Beginner Documentation

[kscos]

Hi,

I recently was trying to read up and understand all the technical details behind Bitcoins.

Here is my attempt of introducing technical details about bitcoins to newbies. Do let me know if it was helpful.

http://kedar.blogspot.in/2015/02/bitcoins-simplified-i.html
http://kedar.blogspot.in/2015/02/bitcoins-simplified-ii-blockchain.html

KS.

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[Muhammed Zakir]

Great work! I just made a quick-look at it. If I find any errors when I read correctly, I will report it here.

   -MZ

[kscos]

Thanks MZ!

[uki]

If you like reading books, you may have a look at:

http://shop.oreilly.com/product/0636920032281.do



probably the most comprehensible and complete book about Bitcoin.

[sifter]

Why not browse around youtube and the wiki?

I found that helpfully when I was introduced to it.

[DannyHamilton]

The proof-of-work algorithm makes the bitcoin miners choose a value for a set of fields in the new blocks header, such that the hash of the generated block satisfies a difficulty target. This criteria is the number of leading zeroes in the hash of the block.

This is a frequently repeated misunderstanding.

The criteria is that the value of the hash be less than a particular target value.  The fact that this value is currently significantly less than 2²⁵⁶ means that there will be several 0's in the beginning of the hash, but the zeros are not the criteria.  If they were, then difficulty would have to double (or half) every time it changed and that wouldn't leave room to keep the average close to 10 minutes.

[Muhammed Zakir]

Why not browse around youtube and the wiki?

I found that helpfully when I was introduced to it.

For technical things, I prefer bitcoin.org. Things are defined in an easier language than in bitcoin wiki.

Edit:

The proof-of-work algorithm makes the bitcoin miners choose a value for a set of fields in the new blocks header, such that the hash of the generated block satisfies a difficulty target. This criteria is the number of leading zeroes in the hash of the block.

This is a frequently repeated misunderstanding.

The criteria is that the value of the hash be less than a particular target value.  The fact that this value is currently significantly less than 2²⁵⁶ means that there will be several 0's in the beginning of the hash, but the zeros are not the criteria.  If they were, then difficulty would have to double (or half) every time it changed and that wouldn't leave room to keep the average close to 10 minutes.

Thanks, DannyHamilton! You and DeathAndTaxes are Crypto-Scholars!

   -MZ

[kscos]

The proof-of-work algorithm makes the bitcoin miners choose a value for a set of fields in the new blocks header, such that the hash of the generated block satisfies a difficulty target. This criteria is the number of leading zeroes in the hash of the block.

This is a frequently repeated misunderstanding.

The criteria is that the value of the hash be less than a particular target value.  The fact that this value is currently significantly less than 2²⁵⁶ means that there will be several 0's in the beginning of the hash, but the zeros are not the criteria.  If they were, then difficulty would have to double (or half) every time it changed and that wouldn't leave room to keep the average close to 10 minutes.

Thanks DannyHamilton :-), I have fixed it.