# Definition of Electronic Coins
*We define an electronic coin as a chain of digital signatures.*
\- Satoshi Nakamoto, Bitcoin Whitepaper
An **electronic coin** is defined as a chain of digital signatures that represent ownership and transferability of value in a digital format. As articulated by **Satoshi Nakamoto** in the Bitcoin Whitepaper, this definition encapsulates the essence of how digital currencies operate. Each electronic coin is linked to its previous owners through a series of cryptographic signatures, forming a secure and traceable history of transactions.
In Bitcoin, transactions are constructed by referencing **Unspent Transaction Outputs (UTXOs)**, which are essentially the digital coins that have not yet been spent. To initiate a transaction, the owner must provide a valid solution to a script puzzle contained in the UTXO, which typically requires a digital signature from the owner. This process ensures that only the rightful owner can spend the coin, thereby maintaining the integrity of the currency.
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