Concept of Validating Transactions
Concept of Validating Transactions
Trying to get my head around Bitcoin. Been watching tutorials, unsure if I still understand
Alice wants to send Bob 5 Bitcoins
Alice hashes the transaction with 5 Bitcoins and send's it to Bob's mailbox, i.e his Public Key
What is the job of the Miners?
Before the transaction get added to a public ledger (i.e blockchain) do the miners validates that Alice has 5 Bitcoins to give (based on info in public ledger) by recreating the hash.
And if validation is successful, the miners earn Bitcoins, the transaction is added to Blockchain, and Bob gets his 5 Bitcoins.
Is it true that validation takes about 10 minutes or so?
Really, I've been struggling with this concept.
Thanks!
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