What owning a bitcoin actually means
Part 1 of the beginner guide. A bitcoin is not a coin sitting in an account — it behaves more like a receipt, unlocked by a key only you hold.
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9 entries
Bitcoin Institute ↔ Satoshi Nakamoto
Part 1 of the beginner guide. A bitcoin is not a coin sitting in an account — it behaves more like a receipt, unlocked by a key only you hold.
Bitcoin Institute ↔ Satoshi Nakamoto, Adam Back
Which Bitcoin assets are at risk from a cryptographically relevant quantum computer, and what the timeline and migration debate around post-quantum cryptography looks like.
Pieter Wuille ↔ Jonas Nick, Tim Ruffing
Schnorr signatures replacing ECDSA for Taproot. Provably secure, non-malleable, with efficient multi-signature aggregation — complex scripts become on-chain indistinguishable from simple payments.
Fixes ECDSA signature malleability with two consensus rules: LOW_S, requiring the lower-half S value, and NULLFAIL, requiring failing signatures be empty byte arrays.
New SegWit v0 signature-hash algorithm: commits to the input's spent amount, fixes O(n^2) quadratic hashing, and changes OP_CODESEPARATOR/FindAndDelete handling.
Restricts ECDSA signatures in Bitcoin scripts to strict DER encoding, removing OpenSSL's implicit role in consensus validity and reducing transaction malleability.
Bitcoin Institute ↔ Satoshi Nakamoto
How Bitcoin uses elliptic-curve keys, digital signatures, hash functions, and deterministic derivation to secure ownership without trusted third parties.
Bitcoin Institute ↔ Satoshi Nakamoto
Deep-dive into Bitcoin's transaction layer: UTXO lifecycle, transaction structure, Script evaluation, ECDSA and Schnorr signatures, SegWit, and Taproot.
Satoshi clarifies Bitcoin uses Hashcash-style SHA-256 proof-of-work (not signatures), explains proportional mining chances, and addresses identity and double-spending prevention.