## Bitcoin and bitcoin.
- Bitcoin (capitalized) is a network of computers that store, validate, and append to the Bitcoin Blockchain.
- bitcoin (lowercase) is the asset accounted for by the Blockchain.
The Blockchain is a public good, in this regard, because it is held by everyone who runs a full Bitcoin node.
## Private Keys and Public Keys
- Private Keys are used to sign transactions on the Blockchain. They can authorize the movement of bitcoin from a Public Key generated from the Private Key to any other Public Key on the network.
- Public Keys, or addresses, are generated from Private Keys and are used to identify the inputs and outputs of a transaction.
The Private Key, when kept secret by its holder, grants the holder sole authority to transact any bitcoin that has been sent to any Public Keys generated by it. In this sense, in "shared objective reality" (a term coined by the Softwar thesis) the holder of a Private Key "owns" the bitcoin it has the authority to transact.
Ownership of bitcoin, the asset, is therefore the authority to transact it on the Bitcoin network. Hence the phrase, "Not your keys. Not your coins." If someone else has your private key, they share ownership of your bitcoin because they have the ability to sign transactions to move your bitcoin on the Bitcoin Blockchain.
[ARCHIVED] Jay
npub16a…wg2tf
2024-02-13 02:04:15
in reply to nevent1q…wttl
Author Public Key
npub16as8gepztj9tvyx6n9y4h3cv3gaytgpl3g32jhcxlj6mcss72uaqjwg2tfPublished at
2024-02-13 02:04:15Event JSON
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"content": "## Bitcoin and bitcoin.\n\n- Bitcoin (capitalized) is a network of computers that store, validate, and append to the Bitcoin Blockchain. \n\n- bitcoin (lowercase) is the asset accounted for by the Blockchain.\n\nThe Blockchain is a public good, in this regard, because it is held by everyone who runs a full Bitcoin node. \n\n## Private Keys and Public Keys\n\n- Private Keys are used to sign transactions on the Blockchain. They can authorize the movement of bitcoin from a Public Key generated from the Private Key to any other Public Key on the network.\n\n- Public Keys, or addresses, are generated from Private Keys and are used to identify the inputs and outputs of a transaction.\n\nThe Private Key, when kept secret by its holder, grants the holder sole authority to transact any bitcoin that has been sent to any Public Keys generated by it. In this sense, in \"shared objective reality\" (a term coined by the Softwar thesis) the holder of a Private Key \"owns\" the bitcoin it has the authority to transact. \n\nOwnership of bitcoin, the asset, is therefore the authority to transact it on the Bitcoin network. Hence the phrase, \"Not your keys. Not your coins.\" If someone else has your private key, they share ownership of your bitcoin because they have the ability to sign transactions to move your bitcoin on the Bitcoin Blockchain.",
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}