18 Jan '14, 2pm

Fixing Double Spending: Why Bitcoin is Revolutionary

Fixing Double Spending: Why Bitcoin is Revolutionary

The nifty thing about bitcoin is that the blockchain is publicly available. Anyone on the internet can see it (don’t worry — the names of the parties to specific transactions remain hidden). There is a huge amount of computer power that goes into recording transactions and verifying the blockchain. This is what all the computers mining bitcoins around the world are doing and its why bitcoin transactions take an average of 10 minutes to complete. (To incentivise miners to undertake this work, they can ‘earn’ bitcoins along the way — but mining is a story for another post…) If someone were to alter a block, all the other computers on the bitcoin network would notice it and ‘vote’ to reject that alteration.

Full article: http://www.coindesk.com/bitcoin-solving-double-spending-p...

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