Hello and thank you! Firstly, I know there are plenty guides out there. I just have a few things I need to clarify. Second, this question has nothing to do with Arduino but when I am at a loss for places to go (aka after almighty Google fails me) I turn to this forum for trivially obvious reasons (best community, technology orientated)!
- Where is the public transaction log? See: http://bitcoin.org/en/how-it-works Excerpt:
The block chain is a shared public transaction log on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain with no exception. This way, new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Who maintains the public transaction log? Is there an official company associated with bitcoin?
Related to above, where is the ledger that contains the amount of bitcoins each address is suppose to have? If there is no public company, does everybody keep a personal log of how much bitcoins each address is "suppose to have" for when they do the calculations to confirm and agree that a valid transaction happened?
Personally, if I understood the purpose of bitcoins right, there is absolutely no organization, company that is running servers or anything to maintain bitcoins. I became baffled when I saw this public transaction log where every record of all transaction is kept (which implies there is a server running that logs them and therefore there IS a company involved). But if you think about it, it makes sense. A person can't be expected to keep a ledger with terabytes of information. So confused :S.
Thanks a lot!