How well do you know blockchain?
What do you know about blockchain? To understand it all it's important to realize that money does not really exist unless you want to spend it! -- So There Are NO Coins!
Some people think that bitcoins (or other coins) are some sort of digital coins stored somewhere, or even worse with the same mindset they think one bitcoin is different than half bitcoin, please....!
There is no coin, ok? There is only a blockchain. A blockchain is a chain of blocks or boxes. What is in each box? A bunch of transactions. What is a transaction? It is the nerd name for a cheque that somebody has signed over to someone else. So there is no coin, all I have is a pair of so called "asymmetric keys" one key is called the public key or my bitcoin address, the other key is called private key or my signature (more precisely, the way I sign) .
Remember when I said money doesn't really exist unless you want to spend it? Exactly what's going on here, I have no coins, all I have is a pair of keys, so how do I send you money? Well, that's easy, I sign a cheque over to you and put it in the last empty box (last block in the blockchain). Now what happens next? This is where the "miners" come into the game, now that my cheque for you is in the box, the miners come and subtract all the cheques that I have previously signed over to people (which are in the previous boxes probably) from the total sum of the cheques that I have received sofar from other people and if the remained value (my balance) is more than the amount that I have signed over to you in the cheque, they confirm the cheque, otherwise the cheque won't get confirmed. Now what motivation do the miners have to do all this confirmation and stuff? because as soon as they finish verifying all the cheques in the last box they get a blank cheque the value of which changes every four years.
How was this? I feel like I opened your eyes to the truth huh? ahahah, never thought I can be a good teacher though. LOL
I am new to steem, re-steem it if you found this useful, maybe I make some bucks.
Those who know how to think need no teachers.
- Mahatma Gandhi
thanks, I feel like one of those, but I still would like to learn from Gandhi :D
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