# Summary
Bitcoin is a *PoW* UTxO-model public blockchain that runs on a turing-incomplete
language called Script. Bitcoin was the first blockchain project and so its
analysis is an important retrospective into the origins of blockchain.
* Bitcoin was created in the backdrop of the ‘08 financial crisis when trust in traditional finance was at a record low.
* Bitcoin is a public PoW blockchain with an ABCT of 10 minutes.
* Bitcoin’s main software implementation is Bitcoin core.
* Bitcoin’s data is transactions verified with a language called Script.
* Bitcoin transactions are a collection of input and outputs, UTxO model.
* Transactions are said to be confirmed when they are included in a
valid block on the valid chain.
* Bitcoin nodes keep a set of UTxOs and valid, but not yet confirmed
transactions.
* Bitcoin's PoW rewards miners through the coinbase transaction which is a
combination of block reward, blockchain generated, and transaction fees, user
generated.
* Wallets store the private-public keys necessary for engagement with the blockchain. There are multiple types of wallets for different use-cases.
* Bitcoin's drawbacks as an archaic and stalled blockchain have prompted rising
competition from projects like Ethereum or Cardano. There is however a developer community
striving to improve Bitcoin through methods such as Layer 2.