Let's say you have in the Bank 10 coins, and therefore in the Bank database there is a record (say row in the table) in which registered your ID and 10 number. If I steal the database and install it on your computer, would it mean that you can come to me and demand to give you your coins, pointing to the number 10 next to your ID? No, of course. Because the fact of when records in a database, and your right to obtain corresponding to this entry number of coins not guaranteed by the database, not technology, and legal documents of the Bank for the right to store your coins and carry out transactions with them. Who ensures that when transferring money from one account to another they will not disappear? Only and the Bank. He has the right and it guarantees the precision of the operations (but may be wrong, but that is insurance).
Now let's take your wallet with 10 chops. Before us again the database (slightly differently arranged, but still a database) and there are records on the number of your friend (don't talk to me as there is really everything is arranged — in the end you always know how many of them). And now you take and translate 5 now me. The amount in your wallet is reduced and I is increased by 5. And notice, transfer the coins it is you that is committing this action, and not entrust someone else with exclusive rights for this operation (as in the case of the Bank). Your coin – your right. And no, this right has not yet broken over the almost eight years of the Bitcoin network.
And now I ask a simple questions: who or what provides your right to use the amount of error that is in your purse (corresponding to the records in the database)? Why do you believe that if you have one bitcoin, you can count on the right to purchase benefits for a few thousand dollars? Who ensures that the translation error, they will not disappear, they will not steal, that they will fall into my wallet? (Do not consider the problem of the withdrawal of the coins.) The answer is obvious: only technology. The blockchain as a database does not need external legally enforceable guarantees (licenses, authorized capital, insurance amounts etc.) in order to be sure that the record will remain unchanged, and if changed at our will (with error), then everything will be as we wanted. And if someone will download this database (the blockchain) to your computer, making every miner (owner of full node), then none of your chops is not going to happen. But on the contrary, only thanks to this downloading and guarantees the safety of your coins.
And here is the output: activities translated into the blockchain, the same exchange of tokens — does not require documentary evidence of events, the event itself is a fact, and its documentary fixing. In order to refer to the amount in your Bank account you need to get a statement from Bank (the record itself is not a document). And here is the entry in the database called the "blockchain" — and it is only thanks to its technological device — requires no documentary proof. Downloaded the blockchain to your computer, calculated the balance of all your transactions – that's you and your chops.
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