📄️ The Bitcoin blockchain
The Bitcoin blockchain is a decentralized, distributed ledger that records all Bitcoin transactions. It is a publicly accessible record of all Bitcoin transactions, including the sender, receiver, and amount of the transaction.
📄️ Peer to peer cash
is a type of financial transaction that occurs directly between two individuals or parties, without the need for a financial institution or intermediary. This type of transaction allows for the exchange of money or assets without the need for bank accounts, credit cards, or other traditional financial intermediaries.
📄️ Proof of work (PoW)
is a system used in the Bitcoin network to validate transactions and create new blocks on the blockchain. It requires miners to solve complex mathematical problems in order to verify transactions and add them to the blockchain.
📄️ A timestamp server
is a computer or network service that verifies the authenticity and accuracy of timestamps in the Bitcoin network. It helps to ensure that all transactions are recorded in the correct order and that they are not tampered with or altered in any way. Timestamp servers use cryptographic techniques to verify the integrity of the timestamps and to prevent any fraudulent activity.
📄️ The first seen rule
states that a transaction is considered valid and should be added to the blockchain if it is the first instance of that transaction being broadcast to the network. This rule helps to prevent double spending, as it ensures that a transaction cannot be broadcast multiple times in an attempt to trick the network into thinking it is a valid transaction. The first seen rule is a fundamental part of the Bitcoin protocol and is essential for maintaining the integrity and security of the network.