in early 2009,programmer or group of programmers Bitcoin. It is completely decentralized, meaning there are no involved and no central authority. The conceptresembles r networks file sharing.
we take, again, a central authority to declare the correct state of balances.you achieve consensus without a authority?
One of the has to solve is double-spending.
The transaction also needs to be signed off by the sender with their private key. All of this is just basic cryptography
It is a fraudulent technique of e. The traditional solution was a trusted third party of the balances and transactions. However, basically in control of your funds and with all your personal details on hand.
In a decentralized network like Bitcoin, every single participant needs to do this job. This is done via the pubr happened within the network. Therefore, everyone in the network can see every account’s balance.
Every transaction is a file that consists of the sender’s and recipient’s public keys and the amount of coins transferred. . Eventually, but it needs to be confirmed firs
If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus.