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Why You’ll be Telling Your Grandchildren About Bitcoin

Bitcoin College - Learn Bitcoin, Have Fun, & Be Part Of The Movement www.BitcoinCollege.Info

The Bitcoin Network

For the first time in human history a decentralized network of countless computers (who don’t know and who don’t trust each other) can reach agreement on something.

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The Block Chain

Individuals are able to transfer value over the Bitcoin network because that something the network agrees upon is a big long list of each and every transaction that has ever taken place.

The list is also referred to as the ‘public ledger’ or ‘block chain’ and is the backbone of the Bitcoin payment system.

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Double Spending

If you have a bitcoin and you send it to someone, then the transfer gets recorded in the block chain and everyone knows about it.

If you tried to send that same bitcoin again, the network would check the block chain and say ‘No No No!’ you’ve already spent that bitcoin, don’t even think about trying to spend it twice!

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Double Spending

Bitcoin College - Learn Bitcoin, Have Fun, & Be Part Of The Movement www.BitcoinCollege.Info

But Wait, There’s More

But this is really just the start of the story you will one day tell to little Johnny and Suzy

There’s a bigger battle being fought here… and every computing network in the world hangs in the balance.

Next Lesson Centralized vs Decentralized Computing

For more information on this lesson go to: https://dustin-byington.squarespace.com/why-youll-b

e-telling-your-kids-about-bitcoin