{"id":113247,"date":"2018-04-18T07:53:25","date_gmt":"2018-04-18T05:53:25","guid":{"rendered":"http:\/\/www.myza.co.za\/bitcoin-whitepaper-a-beginners-guide-part-2\/"},"modified":"2018-04-18T07:53:25","modified_gmt":"2018-04-18T05:53:25","slug":"bitcoin-whitepaper-a-beginners-guide-part-2","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/bitcoin-whitepaper-a-beginners-guide-part-2\/","title":{"rendered":"Bitcoin Whitepaper-A Beginners Guide-Part 2"},"content":{"rendered":"<p><a target=\"_blank\" target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/mypr.co.za\/bitcoin-whitepaper-a-beginners-guide-part-2\/\">Bitcoin Whitepaper-A Beginners Guide-Part 2<\/a>: <\/p>\n<p><iframe class='youtube-player' type='text\/html' width='740' height='447' src='http:\/\/www.youtube.com\/embed\/YgqF0JIAc1U?version=3&#038;rel=1&#038;fs=1&#038;autohide=2&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;wmode=transparent' allowfullscreen='true' style='border:0;'><\/iframe><\/p>\n<p>If you want to purchase Bitcoin as an investment and you want to join the BitClub Network Company, so that BitClub can mine Bitcoin and other Crypto Currency on your behalf to grow a stable and increasing investment for you, please join BitClub for free at <strong><span style=\"color: #0000ff;\">http:\/\/bitclub.network\/clydethorburn<\/span><\/strong>. Once you join, you will be set up with a free lead account and receive follow up emails detailing how you can create a Bitcoin investment account with The BitClub Network. For any answers to questions contact Clyde Thorburn at <strong><span style=\"color: #0000ff;\">http:\/\/clyde-thorburn-seo-specialist-johannesburg.strikingly.com\/#contact-clyde-thorburn<\/span><\/strong>.<\/p>\n<p>Author : Bitcoin.com<\/p>\n<p>The system is secure so long as honest participants collectively control more computing power than attackers\/hackers. Nakamoto believes that it\u2019s better to verify transactions rather than trust an external third party, especially when it comes to something as important as money. The irreversibility of transactions provides confidence that the payment system as a whole is robust. Secondly, irreversibility minimizes fraud, he argues. Decentralized computers would prove the exact order of these irreversible transactions, creating user confidence that the records in the electronic audit trail, the blockchain, are valid and accurate. 2. Transactions. In this section, Nakamoto\u2019s description of the electronic transaction process, namely the blockchain, gets technical. In simple terms, he defines an electronic \u201ccoin\u201d as a chain of digital signatures. Owners digitally sign a hash at https:\/\/en.bitcoin.it\/wiki\/Hash of the previous transaction and add a public key at https:\/\/www.bitcoin.com\/info\/how-bitcoin-transactions-work of the next owner to the end of the coin. A recipient of the coin, a payee, can verify the signatures in order to verify the chain of ownership. A Bitcoin doesn\u2019t exist anywhere per se, at least not in the traditional sense of physical cash. Rather, Nakamoto\u2019s concept of an electronic \u201ccoin\u201d is a chronological series of verified digital signatures. To illustrate, think of Nakamoto\u2019s virtual coin as a UPS or FedEx package that you sign at your doorstep before sending it to a forwarding address.<\/p>\n<p>But the difference is that a publicly-available ledger is placed right on the packing slip which shows the entire history of all prior deliveries of the same package. The information includes all originating addresses as well as timestamps detailing where and when exactly each delivery took place. Such a comprehensive audit trail, he argues, would provide assurance to both recipient and the entire network that the chain of deliveries\/transactions is accurate and secure. However, Nakamoto points out a potential problem with duplicate payments. A recipient\/payee can\u2019t verify that a coin\u2019s owner didn\u2019t send the same coin to other recipients\/payees, which is referred to as the double-spend problem at https:\/\/www.bitcoin.com\/info\/what-is-bitcoin-double-spending. For example, John owns only one Bitcoin but sends one coin each to two different merchants &#8211; amounting to two Bitcoins paid with only one originating coin. To solve the double-spend problem without relying on a third party, Nakamoto says that all transactions must be publicly revealed. Secondly, all participants of the payment system must adhere to the same timeline so that everyone agrees to a single history of the order in which transactions are received. A timeline and public history of all transactions prevent double-spending because later transactions would be considered an invalid, or perhaps fraudulent, payment from the same coin. Each coin has a unique timestamp and the earlier transaction would be accepted as the legitimate payment.<\/p>\n<p>One coin, one payment. Sending the same coin to a second merchant, per the above example, would show a different timestamp that occurred later in the timeline. And that would invalidate the second payment\/transaction. 3. Timestamp Server. A timestamp server takes a hash of a block of items and publicly announces the hash. The timestamp proves the existence of the data at the time. Each timestamp includes the previous timestamp in its hash. And each additional timestamp reinforces the ones before it. This sequence forms a chain. Here we see the emerging structure of the blockchain. The timestamps are key to preventing double-spending and fraud. It\u2019d be virtually impossible to send duplicate coins because each coin contains different, chronologically-ordered timestamps. Think back to the analogy of a UPS\/FedEx package. Each delivery would contain a unique timestamp on the packing slip, and that would mark the exact time of each and every delivery on the public ledger. Bitcoin\u2019s file size in bytes increases as the transaction history gets larger. And larger files lead to longer processing times. Transaction processing &#8211; or mining &#8211; continually require more CPU power to verify the transactions because the digital records themselves grow in size. Continuing our example, the packing slip on the same UPS\/FedEx package keeps growing in size because more deliveries mean more recorded history of all deliveries ever made. 4. Proof-of-Work.<\/p>\n<p>Read more about Bitcoin and The BitClub Network at <strong><span style=\"color: #0000ff;\">https:\/\/mypr.co.za\/bitcoin-whitepaper-a-beginners-guide-part-1\/<\/span><\/strong>.<\/p>\n<p><strong>From:<\/strong> Clyde Thorburn<\/p>\n<p>CLICK HERE to submit a Video Press Release to MyPR.<\/p>\n<p><small><strong>Source:<\/strong> <a target=\"_blank\" rel=\"nofollow\" href=\"http:\/\/mypr.co.za\/bitcoin-whitepaper-a-beginners-guide-part-2\/\">MyPR<\/a><\/small><br \/>\n<\/p>\n<p><a target=\"_blank\" target=\"_blank\" href=\"http:\/\/mypr.co.za\/submit\">Submit your own Press Release<\/a> or get free content for your publication.<\/p>\n<p><strong>Video &#8211; How to post your Press Release on MyPR:<\/strong><br \/>\n<iframe loading=\"lazy\" width=\"700\" height=\"394\" src=\"https:\/\/www.youtube.com\/embed\/9ovzdChGkuU\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p><small>My Press Release (MyPR) provides free South African targeted content and press releases for on and off line publishers and media. Registering on MyPR enables public relations companies and practitioners to post articles under their own author name. Public Relations Companies and practitioners, event organisers, sports and political writers use MyPR as a distribution mechanism for their press releases, content, images and news. A forever free subscription allows publishers and media free access to all press releases, content and images on MyPR.<br \/<br \/>\nThis press release is courtesy of <a target=\"_blank\" target=\"_blank\" href=\"https:\/\/mypr.co.za\/>MyPR.co.za<\/a> and was automatically curated and published with <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">WP Robot<\/a> plugin &#8211; <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">CLICK HERE<\/a> to learn more about <a target=\"_blank\" href=\"http:\/\/wprobot.net\/?ref=578\" target=\"_blank\">WP Robot for WordPress<\/a> &#8211; a massive time and money saver.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Whitepaper-A Beginners Guide-Part 2: If you want to purchase Bitcoin as an investment and you want to join the BitClub Network Company, so that BitClub can mine Bitcoin and other Crypto Currency on your behalf to grow a stable and increasing investment for you, please join BitClub for free at http:\/\/bitclub.network\/clydethorburn. Once you join, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021],"tags":[30101,12342,30102,30100],"class_list":{"0":"post-113247","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-mypr","7":"tag-beginners","8":"tag-bitcoin","9":"tag-guidepart","10":"tag-whitepapera","11":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/113247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=113247"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/113247\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=113247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=113247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=113247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}