PROOF OF WORK - CONFIRMATION - PAPER WALLET - IRREVERSIBLE -

matthew.davis (49)in #cryptocurrency • 7 years ago


PROOF OF WORK	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{^{Source + Source}}
CONFIRMATION	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{^{Source + Source}}
PAPER WALLET	all traces of the key are removed from the computer where it was generated. a form of cold storage where a private key for bitcoin address is printed on a piece of paper (with or without encryption). ^{^{Source + Source}}
IRREVERSIBLE	this is a successful act of where the transaction has hashed and added to the blockchain.^{^{Source + Source}}


PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{^{Source + Source}}
CONFIRMATION	this is a successful act of where the transaction has hashed and added to the blockchain.^{^{Source + Source}}
PAPER WALLET	all traces of the key are removed from the computer where it was generated. a form of cold storage where a private key for bitcoin address is printed on a piece of paper (with or without encryption). ^{^{Source + Source}}
IRREVERSIBLE	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{^{Source + Source}}

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