Mastering Bitcoin Quotes

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Mastering Bitcoin Mastering Bitcoin by Andreas M. Antonopoulos
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Mastering Bitcoin Quotes (showing 1-27 of 27)
“By the time you look a few hundred feet down, you are looking at a snapshot of the past that has remained undisturbed for millions of years. In the blockchain, the most recent few blocks might be revised if there is a chain recalculation due to a fork. The top six blocks are like a few inches of topsoil. But once you go more deeply into the blockchain, beyond six blocks, blocks are less and less likely to change.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Bitcoin experts argue that deflation is not bad per se. Rather, deflation is associated with a collapse in demand because that is the only example of deflation we have to study.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Bitcoin consists of: A decentralized peer-to-peer network (the bitcoin protocol) A public transaction ledger (the blockchain) A set of rules for independent transaction validation and currency issuance (consensus rules) A mechanism for reaching global decentralized consensus on the valid blockchain (Proof-of-Work algorithm)”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The digital keys in a user’s wallet are completely independent of the bitcoin protocol and can be generated and managed by the user’s wallet software without reference to the blockchain or access to the Internet.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Bitcoin is often mistakenly characterized as “anonymous” currency. In fact, it is relatively easy to connect identities to bitcoin addresses and, using big-data analytics, connect addresses to each other to form a comprehensive picture of someone’s bitcoin spending habits.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Jing’s mining node then fills the rest of the block up to the maximum block size (MAX_BLOCK_SIZE in the code), with transactions that carry at least the minimum fee, prioritizing those with the highest fee per kilobyte of transaction. If there is any space remaining in the block, Jing’s mining node might choose to fill it with no-fee transactions. Some miners choose to mine transactions without fees on a best-effort basis. Other miners may choose to ignore transactions without fees.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“BIP-39 was proposed by the company behind the Trezor hardware wallet and is incompatible with Electrum’s implementation. However,”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Fortunately, bitcoin also creates the incentives to improve computer security. Whereas previously the risk of computer compromise was vague and indirect, bitcoin makes these risks clear and obvious. Holding bitcoin on a computer serves to focus the user’s mind on the need for improved computer security.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The genesis block contains a hidden message within it. The coinbase transaction input contains the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“The concept of a balance is created by the wallet application. The wallet calculates the user’s balance by scanning the blockchain and aggregating the value of any UTXO the wallet can spend with the keys it controls. Most”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The private key must remain secret at all times, because revealing it to third parties is equivalent to giving them control over the bitcoins secured by that key. The private key must also be backed up and protected from accidental loss, because if it’s lost it cannot be recovered and the funds secured by it are forever lost, too.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“outputs are discrete and indivisible units of value, denominated in integer satoshis. An”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“If an UTXO is larger than the desired value of a transaction, it must still be consumed in its entirety and change must be generated in the transaction. In”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The purpose of mining is not the creation of new bitcoin. That’s the incentive system. Mining is the mechanism by which bitcoin’s security is decentralized.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Bitcoin creates digital assets that have intrinsic value and can be stolen and diverted to new owners instantly and irrevocably. This creates a massive incentive for hackers.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Serialization is the process of converting the internal representation of a data structure into a format that can be transmitted one byte at a time, also known as a byte stream. Serialization”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“the bitcoin network. Bitcoin users communicate with each other using the bitcoin protocol primarily via the internet, although other transport networks can also be used. The bitcoin protocol stack, available as open source software, can be run on a wide range of computing”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Transaction fees are calculated based on the size of the transaction in kilobytes, not the value of the transaction in bitcoin. Overall,”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“As a best practice, the level-1 children of the master keys are always derived through the hardened derivation, to prevent compromise of the master keys.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Although the Bitcoin Core client includes a Type-0 wallet, using this wallet is discouraged by developers of Bitcoin Core.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Deterministic, or “seeded,” wallets are wallets that contain private keys that are all derived from a common seed, through the use of a one-way hash function. The”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“Freicoin was introduced in July 2012. It is a demurrage currency, meaning it has a negative interest rate for stored value. Value stored in Freicoin is assessed a 4.5% APR fee, to encourage consumption and discourage hoarding of money. Freicoin is notable in that it implements a monetary policy that is the exact opposite of Bitcoin’s deflationary policy. Freicoin has not seen success as a currency, but it is an interesting example of the variety of monetary policies that can be expressed by alt coins.”
Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies
“Bitcoin reaches consensus every 10 minutes about the state of the ledger as it existed in the past.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The higher fee is not because Eugenia is spending more money, but because her transaction is more complex and larger in size — the fee is independent of the transaction’s bitcoin value.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“The bitcoin transaction script language, called Script, is a Forth-like reverse-polish notation stack-based execution language. If that sounds like gibberish, you probably haven’t studied 1960s programming languages, but that’s ok —”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“From now on, if you see a multisig unlocking script, you should expect to see an extra 0 in the beginning, whose only purpose is as a workaround to a bug that accidentally became a consensus rule.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain
“A payment channel is a state channel where the state being altered is the balance of a virtual currency.”
Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain

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