Eric Wade Explains How to BECOME A BLOCKCHAIN EXPERT
In Less Than Four Minutes
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blockchain as a giant Excel spreadsheet that shows the complete transaction history and location of every bitcoin. Every 10 minutes, the spreadsheet gets updated as an additional “block” of new transactions is permanently added to the spreadsheet. Everyone can have their own copy of the spreadsheet. It’s completely transparent. Let’s say Jim sends one bitcoin to Sally. When
the transaction is processed by the bitcoin network, the spreadsheet is updated. Jim’s balance is decreased by one bitcoin, and Sally’s is credited one. But who updates the spreadsheet? And how do we stop people from trying to make false updates to the spreadsheet? What prevents someone from awarding themselves more bitcoin or trying to “double spend” the bitcoin by sending it to two different people at the same time?
American Consequences
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