Bitcoins be duplicated or copied like an email?
As bitcoins only exist electronically and can be sent like an email, it is possible to send the same electronic data twice, the same way you could send the same email more than once.
This is known as the double spending problem, which other attempts to create digital currency had struggled to solve until Bitcoin.
While bitcoins only exist electronically and sending bitcoins is like sending an email, they can’t be duplicated or copied.
In traditional payment systems, there is an intermediary like a bank or Paypal that ensures that electronic currency is not duplicated or double spent.
Bitcoin doesn’t have an intermediary, however the majority of the network must agree that transactions are valid.
If you send bitcoins to another person then computers on the network will check that you are authorised to send those bitcoins or if they have already been spent.
If the bitcoins have already been spent, then the transaction will be rejected.
- {Blog #1 : Bitcoin} What is Bitcoin & Cryptocurrency???
Link : https://steemit.com/bitcoin/@hundted/what-is-bitcoin-and-cryptocurrency - {Blog #2 : Bitcoin} Who Controls Bitcoin?
Link : https://steemit.com/bitcoin/@hundted/who-controls-bitcoin - {Blog #3 : Bitcoin} What is Decentralization?
Link : https://steemit.com/bitcoin/@hundted/blog-3-bitcoin-what-is-decentralization - {Blog #4 : Bitcoin} What is the Blockchain?
Link : https://steemit.com/bitcoin/@hundted/blog-4-bitcoin-what-is-the-blockchain
