What is Bitcoin script

docs/what-is-bitcoin.md

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+## Overview
+
+Bitcoin is a peer-to-peer digital currency and network. Bitcoins can be sent and received through
+the internet, and aren't centrally controlled by anyone. Unlike using a bank, this means nobody
+can seize, block or take control of your money. Instead, Bitcoin is run and verified collectively by
+its users, as a peer-to-peer network. Let's get started and explain the history behind Bitcoin
+and how it works.
+
+## Background and transactions
+
+Bitcoin was first described in the Bitcoin whitepaper, by Satoshi Nakamoto, its first developer.
+Before Bitcoin, digital currencies and payment systems all relied on trust, by either trusting a
+company, or an individual. This made it easy for these trusted persons to block people's money,
+or succumb to Government intervention. Satoshi figured out a way to overcome that, by inventing
+a data structure called the blockchain, which is distributed between all users in a peer-to-peer network.
+
+Users of the Bitcoin network create transactions, and then digitally sign them with cryptographic
+signatures. A transaction contains all the information necessary to send the bitcoins to its recipient.
+Once the transaction is ready, it gets broadcasted to the Bitcoin peer-to-peer network so that it can
+be included into the blockchain by the Bitcoin miners, a group of users and businesses who use special
+hardware to solve really complex puzzles to secure transactions and extend the blockchain. But what
+really is the blockchain?
+
+## Blockchain
+
+The blockchain is a chain of blocks, created by the Bitcoin miners by solving computationally
+difficult puzzles using their specialised hardware. Each block is generated approximately every
+ten minutes, and contains transactions between users. Miners compete to solve blocks so they can
+claim the block reward and transaction fees. The block reward is a payout given to the miner that
+solves the block, the payout amount halves every four years and is the way Bitcoin bootstraps its
+circulating supply.
+
+Miners listen for incoming transactions between users, place them into blocks, and then compete
+with one another to solve the computationally challenging puzzle. The first miner to solve the
+puzzle announces their block to the network, and that block gets added to the distributed blockchain.
+Once the block is added, other miners then abandon the old block they were working on, and create a
+new block which builds on top of the recently announced block. This process builds a chain of blocks,
+the blockchain. Every two weeks, the network uses an algorithm to limit the rate of block creation
+to an average of one block every ten minutes.
+
+## Fees and the role of miners
+
+The amount of space available for transactions in each block is limited, so users pay transaction
+fees to bid for space in the next block for their transaction. This means Bitcoin's transaction fees
+can be higher during periods of heavy use, and lower during quieter times. The transaction fees are
+always changing, but most Bitcoin wallet software uses smart algorithms to figure out the correct fee
+to pay to get your transaction processed by the miners. It costs nothing to receive Bitcoin, the
+transaction fee is only paid by the sender.
+
+The transaction fee goes to the miner who mined the block the transaction was included in. It's
+important to understand that even though miners collect a fee, and create blocks, they do not
+control the Bitcoin network. The blocks miners create are verified by the users who run the
+Bitcoin software. Amongst other things, the software checks any new blocks to make sure the miner
+isn't cheating by claiming a higher payout then they're entitled too or reversing any transactions.
+Therefore miners are unlikely to attempt to misbehave. Miners just use their specialised hardware to
+work on behalf of the users and must follow the rules of the network.
+
+## Ending Summary
+
+Bitcoin makes possible many new use cases that weren't possible before. Online shops can use
+Bitcoin to receive payment for their goods, without worrying about charge backs and fraud.
+Unlike banks and credit cards, you don't need to hand over any personal information to begin
+using Bitcoin. The Bitcoin network never sleeps, and functions worldwide, with little to no downtime.
+Through the power of Bitcoin, a business man in Russia can send bitcoins to a programmer in America,
+without going through a middle man or asking anyone for permission.
+
+People living in countries suffering from hyperinflation can use Bitcoin as a store of value,
+boosting their economic freedom. Bitcoin also has features which make possible a limited form
+of smart contracting. Bitcoin is revolutionising finance the same way the web changed publishing.
+You can get involved today, by downloading your first wallet. Visit Bitcoin.org for more information
+to learn more about Bitcoin.