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(The banker may or may not be sporting a monocle, wearing a top hat, and smoking a cigar.) Using traditional currency, two people engaging in this transaction would probably go to a bank and have the money transferred between their bank accounts (or use a cashier’s check, which is analogous to this; ).) Using traditional currency, two people engaging in this transaction would probably go to a bank and have the money transferred between their bank accounts (or use a cashier’s check, which is analogous to this; )....
What is the purpose of using a lottery like this to run Bitcoin? Well, let’s imagine Crowley wants to buy a ,000 car from Clarice.At any given moment, tens of thousands of miners are connected to the Bitcoin network.For now, keep in mind that anyone can be a miner (including you) by running open source Bitcoin-mining software on a computer that is connected to the Bitcoin network....
the Bitcoin ledger as the blockchain.All volunteer their computers for the purpose of adding new transactions to the blockchain (we’ll explain why they do this in a moment).So with Bitcoin, a lottery picks a random miner, who then announces to the network that certain Bitcoin transactions are valid....
Picking a person randomly through a lottery helps accomplish this.In the process, each winner in the Bitcoin-mining lottery receives a reward, which is a certain amount of bitcoins.Whenever a new Bitcoin transaction is broadcast to the network, computers on the network add it to a growing pool of other new transactions....
We’ll explain miners and the details of what they do later in the chapter.To function properly, all Bitcoin wallet programs need access to an up-todate copy of the blockchain, and every time a block is added, the wallet programs copy and add the block to their own blockchain.Every block added to the blockchain is added by a single miner on the network....
