Lost 1 Bitcoin forever after you send if you don’t understand this? Programmer Explain

Let’s dive in the things going on under the hood if you are using blockchain technology, and potential security issue when you make a trade!

Have you wonder the difference between sending Bitcoin and sending your USD?

Sending 1 Bitcoin

Right After you press 「ＳＥＮＤ」

Your signed transactions would be placed in a box called 「Mempool」and waits to be picked up by Bitcoin Miner.
FYI, all the signed transactions would be placed in 「Mempool」together.

「Bitcoin Mempool」

Miner will filled up 「Fixed Size Basket 」 transactions.
FYI, the reason of Fixed Size Basket is because there is a limit of 1M for Bitcoin block.

You might wonder how miner would choose if there are too many transactions in the 「Mempool」,it would picked transactions with higher fee among all the transactions and fill the 「Fixed Size Basket」 up.

Miner will filled up the basket with transactions appends higher fee

Once the miner filled up the 「Fixed Size Basket」,it is about time to work on 「Solving Math Problem」.

Why「Solving Math Problem」you might wonder?
Short Answer：With this, it can secure the distributed database.
Technical Answer：Watch Youtube Video

Solving Math Problem

Once the miner solve the 「Math Problem」,a new 「block」would be generated.

Block is appended in a blockchain

Stay Turn

I would be posting the 「flaws」of blockchain system.

Flaw 1 Explain — 「Double Spend」
Flaw 2 Explain — 「51% Attack」
…

A summary of the 「cost」and 「possibility」to attack the blockchain base network. This snapshot is taken at 2018.06.07 00:00(UTC+0)

Column with 「red」means it is currently possible to be attacked

Useful Link

Blockchain Link List
Blockchain Posts List

About me
I am a full-stack javascript developer and one of the contributors for NEO blockchain project.

Build Decentralized Application with Javascript on the top of NEO?
NEO blockchain, programming tutorials, Javascript

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