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by J-dawg
4166 days ago
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To add to this question, I'd love a simple primer on how the blockchain works. I understand that mining Bitcoin is the process of bruteforcing a hash function which is derived from a previous part of the blockchain. To transfer ownership / spend Bitcoin I simply have to send this string to somebody. But how does this work with Bitcoin being de-centralised? What if two or more people mine the same Bitcoin (succeed in bruteforcing the hash function) at the same time. How do you decide who is the real owner with no central authority to confirm ownership? |
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From page 3:
Nodes always consider the longest chain to be the correct one and will keep working on extending it. If two nodes broadcast different versions of the next block simultaneously, some nodes may receive one or the other first. In that case, they work on the first one they received, but save the other branch in case it becomes longer. The tie will be broken when the next proof-of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.