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The wallet is a program that stores bitcoin on your computer and also tracks the IP addresses of the miners.The miners who sit behind these IP addresses are notified whenever we command our wallet program to transfer money to someone; also, the wallet polls these addresses about new created pages in order to check whether money has just transferred to it (meaning that someone has just payed you money).Also, since netflix proxy vpn freethe miners are required to perform a huge amount of trial-and-errors in order to find a solution to the puzzle, it is said that they are actually proving that they have worked hard, hence this is called PoW – proof of work....
But what is actually this money, and how Alice obtained this amount of money that she transfers to Bob in the first place? We already can tell that the money does not come in a physical form, since we don’t trunetflix proxy vpn freest any central entity to create money and spread it among the mass.Alice to Bob is already in the notebook and cannot be written twice.In real life, processing a transaction by a computer is an easy task and doing it by a normal computer will require only few milliseconds (or even less), this will cause a tough race between Clair and Dan and a situation in which part of the clerks are convinced by Clair and another part are convinced by Dan is very easy to happen....
In fact, this fixed amount of money is another transfer that the miner put in the page, the transfer destination is its own choice, most likely to be its own address.So we know how does money can be transferred, and also how can a clerk make some money from commission fees.It is remain to explain how money is generated....
In real life, processing a transaction by a computer is an easy task and doing it by a normal computer will require only few milliseconds (or even less), this will cause a tough race between Clair and Dan and a situation in which part of the clerks are convinced by Clair and another part are convinced by Dan is very easy to happen.The miners follow a necessary rule: Only one miner, whoever finds a solution to a puzzle first, is not only entitled to have the commission fees, but also receives some fixed amount of brand new digital coins, that are immediately created especially for it.Once you notify the miners about the transaction you are willing to perform, they try to add it to the next page and find a solution for the puzzle associated with that page, the first miner who find a solution earns your transaction fnetflix proxy vpn freeee along with the fixed amount of money....
This is done using a puzzle: For every page that is to be added to the notebook by some clerk, there is a unique random puzzle, that is immensely difficult to solnetflix proxy vpn freeve.This name reflects the hard work that they are doing, i.Finally, let’s refer all the above components with the names given to them by the Bitcoin community: A page which contains a bunch of transactions is actually called a “block” of transactions, therefore, a notebook is actually called a “block-chain”, since it is a chain of ordered blocks, each of which contains a bunch of transactions that are all already validated....
