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Its fairly easy to use standard cryptographic tools, like digital signatures, to prove ownership of something. I can prove I own one bitcoin by presenting a valid digital signature. I can also sign over ownership of that bitcoin to you by attaching your bitcoin address to it before signing. The problem we run into, however, is that there is no way to know whether I also signed over ownership of that same coin to someone else (or even to another address controlled by myself) before transferring it to you. Since bitcoins are digital, they are not scarce and can be copied ad infinitum. Any digital currency that doesnt tackle this double spend problem, will be destroyed by hyperinflation on day one.Login/Register to get recommendations Continue reading
If youre reading this, Im going to assume you have limited knowledge of cryptography. So instead of jumping right into digital signatures, Im going to start by providing a broad introduction to cryptography. Hopefully youll learn not just how Bitcoin works, but also how to stay safe on the internet by keeping your private information away from prying eyes.Login/Register to get recommendations Continue reading