Bitcoin Protocol - Meetup
Date: 2022-07-14
Presenter: Round Rock Bitcoiners
Outline & Notes
Bitcoin Protocol - Meetup #2 (2022-07-14)
Posted: July 15, 2022
Meetup Agenda
- Purpose: "Share knowledge while discussing tools, resources, and benefits of the Bitcoin network"
- Networking: Peer-to-peer, grassroots, onboarding local businesses
- Ground Rules: No shitcoining, no unauthorized photos, be respectful
What is Bitcoin?
- Open Source Software Protocol, released 2009
- Anonymous creator: Satoshi Nakamoto
- "A Peer-to-Peer Electronic Cash System"
- Solves the "Double spend" problem
Main Pieces
- Software: Bitcoin Core, Libbitcoin, Bitcoin-S
- Nodes: Mining Nodes (PoW), Economic Nodes (verification)
- Wallets: private keys, signatures, xpubs
- Decentralized Ledger (Blockchain): UTXOs, satoshis
- Consensus: 21m hard cap, Nakamoto consensus
Common Scripts & Address Types
| Type | Name | Characteristics | Prefix | | P2PK | Pay to Pub Key | Simplest script; early coinbase | — | | P2PKH | Pay to Pubkey Hash | Hashed public key + checksum | 1 | | P2SH | Pay to Script Hash | Hash of script; multisig | 3 | | Segwit | P2SH-P2WPKH, Bech32 | Segregates witness data | bc |
- Segwit critical for Lightning (fixes transaction malleability)
Slides in this Deck
