01 Mar '13, 4pm

7 things you thought you knew about Bitcoin (but that are wrong)

7 things you thought you knew about Bitcoin (but that are wrong)

When making a transaction, the Bitcoin network checks the transaction history of that particular bitcoin against the records of a number of different nodes in the network. Only when these agree that the bitcoin is genuine, the actual transfer occurs. This P2P system can neither be hacked (because too many participants are involved) nor reveal the real identify of the bitcoin holder (because no bitcoin wallet account names are used in the verification process, just numbers and strings). However, as with any highly secure product, the attraction for people with knowledge of cryptography to have a go at breaking the system is immense – especially with a real monetary value of each bitcoin. There have been a number of incidents over the last years, resulting in legal action against exchanges when their clients’ Bitcoins were stolen. So the system is not 100% safe and there is ...

Full article: http://www.whiteboardmag.com/7-things-you-thought-you-kne...

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