How does the Bitcoin whitepaper propose to solve the double-spending problem?

3 answers

• Mar 20, 2022 · 3 years ago
  The Bitcoin whitepaper proposes a solution to the double-spending problem by introducing a decentralized network of computers called miners. These miners validate and record transactions on a public ledger known as the blockchain. Through a process called proof-of-work, miners compete to solve complex mathematical puzzles, and the first miner to solve the puzzle gets to add a new block of transactions to the blockchain. This ensures that transactions are verified and cannot be tampered with, preventing double-spending.
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• Mar 20, 2022 · 3 years ago
  To solve the double-spending problem, the Bitcoin whitepaper suggests using a consensus mechanism where the majority of participants agree on the validity of transactions. This is achieved through the proof-of-work algorithm, which requires miners to invest computational power and resources to solve cryptographic puzzles. Once a miner successfully solves a puzzle, they are rewarded with newly minted bitcoins and the transaction is added to the blockchain. This decentralized and transparent system makes it extremely difficult for anyone to manipulate the transaction history and engage in double-spending.
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• Mar 20, 2022 · 3 years ago
  The Bitcoin whitepaper proposes a solution to the double-spending problem by utilizing a decentralized network and a consensus mechanism. Miners, who are participants in the network, validate and confirm transactions by solving complex mathematical puzzles. Once a transaction is confirmed, it is added to a block, which is then added to the blockchain. This ensures that each transaction is recorded and verified by multiple participants, making it nearly impossible for double-spending to occur. The decentralized nature of the network also prevents any single entity from controlling the transaction validation process, further enhancing the security and integrity of the system.
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