Bitcoin Flashcards
What are the two types of rewards Bitcoin miners receive?
new coins created with each new block, and transaction fees from all the transactions included in the block
What is the Bitcoin mining reward schedule like?
The amount of newly created bitcoin a miner can add to a block decreases approximately every four years (or precisely every 210,000 blocks).
What did the Bitcoin mining reward start at?
started at 50 bitcoin per block in January of 2009
How many Bitcoin in total will there be?
21m
When will bitcoins stop being issued?
2140, once all 20.99999998m Bitcoin have been mined
How many bytes is the merkle root value?
32
Satoshis per Bitcoin
100m
Utxo stands for
Unspent transaction output
Bitcoin blockchain size (excluding db indexes) as of near end of Dec 2021
380 GB
Bip21
A URI scheme to allow users to easily click on links to make Bitcoin payments, and for such URIs to be human understandable
e.g. bitcoin:175tWpb8K1S7NmH4Zx6rewF9WQrcZv245W?amount=50&label=Luke-Jr&message=Donation%20for%20project%20xyz
3 types of Bitcoin transactions
Common, aggregating, and distributing
Flooding
A Bitcoin transaction propagation technique; Any Bitcoin node that receives a valid transaction it has not seen before will immediately forward it to all other nodes to which it is connected
Are wallets technically Bitcoin nodes?
Yes. Any system, such as a server, desktop application, or wallet, that participates in the Bitcoin network by “speaking” the Bitcoin protocol is called a Bitcoin node
** why does each Bitcoin transaction have a fee? As opposed to miners being rewarded solely from being able to add new Bitcoin to their account in the block?
**
