Ideas in this flowchart

• Bitcoin exists as balances recorded on the blockchain, not as physical objects or standalone digital files.
• The blockchain assigns balances to unique addresses.
• Bitcoins are not physical objects or self-contained digital files.
• A wallet displays the net value associated with incoming and outgoing transactions.
• A private key allows its holder to authorize a payment from an address.
• The blockchain is publicly visible.
• Addresses appear as strings of letters and numbers.
• Observers can see transactions without directly seeing the identities behind the addresses.