follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here

Author Topic: How does a block chain prevent double-spending of Bitcoins?  (Read 1185 times)

Offline Crestie C. Tuvilla

  • Member
  • *
  • Activity: 133
  • points:
    1059
  • Karma: 0
  • Trade Count: (0)
  • Referrals: 2
  • Last Active: June 27, 2018, 10:31:31 AM
    • View Profile

  • Total Badges: 11
    Badges: (View All)
    Topic Starter 100 Posts 50 Posts
the incidence of one individual successfully spending a Bitcoin balance more than once – is a major concern for all digital transactions. The block chain itself does not prevent double-spending; instead, all transactions posted to the block chain are verified and protected through a confirmation process. Once a transaction has been confirmed, it becomes irreversible and posted publicly.

Understanding the Block Chain
In Bitcoin terms, a "block" is a file of permanently recorded data. All recent transactions are written into blocks, much like a stock transaction ledger on an exchange.

The term "block chain" refers to a virtual ledger that is publicly (yet anonymously) shared to all members of the Bitcoin network. Any economic transaction involving the Blockchain.info allows users to navigate the Bitcoin block chain and review transactions in quantity only; information about the buyer and seller are protected. Bitcoin uses a high-level AES encryption to prevent outside sources from accessing or changing the ledger.

All Bitcoin wallets are instantly updated through the block chain. "The integrity and the chronological order of the block chain are enforced with cryptography," the Bitcoin website indicates.



Altcoins Talks - Cryptocurrency Forum


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here


 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod