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Day 29 quizlet
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How is double spending prevented by the Bitcoin protocol?
The network votes on whether the person who claims to be the owner of the bitcoin is, in fact, the owner.
Transactions are logged to a centralized server, which is checked for each transaction
We trust the holder of currency not to double spend.
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How reliable is Bitcoin, overall?
Very reliable -- lots of people are using it.
No one really knows.
Very reliable -- it relies on well-understood "hard" computational problems
Very reliable - the US FDIC guarantees it.
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Why is Bitcoin thought to be so cool?
It enables untraceable money transactions.
It enables distributed money transactions.
There may be a solution to the double-spending problem in the blockchain.
Computer scientists have embraced it.
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