What is the lifecycle of a transaction, from wallet to inclusion in the Bitcoin blockchain?
This question is from the second session of MOOC 11, which took place on February 7th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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If only the block which gets mined first gets inserted in the chain, then only the miner that validates the block gets the reward AND the fees associated with every transaction in the block, am I right? If so, every other miner mined "for nothing" and has to start working on a brand new block. If this is how it works, then miners get only rewarded in "big rewards" and never by small fee rewards. If everything until now is correct (which I doubt), doesn't this incentive miners to become great corporations or either join all together (and therefore centralize the mining activitiy)?
Brilliant! The best explanation I have found. Thank you.
One of the most educative videos you have. Nice
"The owl is a symbol of wisdom, patience, secrets, mystery and observance. It is also considered to be a very magical creature as well. White is most often associated with purety, but may also be associated with winter as well. Any pure white animal seen in a dream may also represent a spiritual animal as well."
"Yellow flowers burst with happiness. They symbolize the bonds of friendship, the taste of success and pride. Joy is also one of the meanings of this flower, as that is one of the feelings the color is said to evoke."
it never gets old hearing it from the master
Why can’t I get out my money from coinbase? I live in Sweden. Can I get some help please?
Great vid
Good stuff! This would be a great audio track for one of those whiteboard explainer videos.
Great, concise breakdown, Andreas! Thanks for continuing to educate!
Very well explained. Thank you Andreas for your hard work!
Hi Andreas, could it be possible that two blocks are mined at the same time? And When is the flooding process stoped, When a node receive the same transaction twice?
Thanks, do one for ETH as well 🙂
Genius
Fascinating and very informative video!
Metaverse ETP (ETP) all the best is ahead!
Mr. Antonopoulos,
In this video, you say that when a node receives a block, it validates the block (meaning the block's hash), then looks at the transactions in the block to pull the matching transaction out of it's mempool. But, doesn't the node also validate each transaction in the block, even though the same transaction (99% of the time) is in it's mempool, which means it's already been validated. But now it's coming back from a miner, and the miner could have changed something. so… "Don't trust, verify" and re-validate each transaction in the block.
But I don't understand how this works exactly. Maybe you can clear this up for me.
From what I understand…
The nodes running older software (pre-SegWit) can not validate SegWit transactions in a block because SegWit moves the signature to a new area of the block that nodes running older software can't see. These nodes can't validate SegWit transactions in a block.
But all nodes are supposed to "don't trust, verify."
So please explain….
How can a node running older software, validate a block with SegWit transactions when it can't see the signature for SegWit transactions?
Finally a simple explanation!
Thanks Andreas. As usual, a very clear explanation.
Smashed the like
Thx. And where does the LN come in to play? Is it really necessary to do transactions offchain?
Another nice one…. Thanks Andreas
brilliant
Proof of pedagogy!! ???
sir please make brief vdo about Bitcoin NG
?
Brilliant
dandelions are weeds in Belgium, I had to get rid of a lot today (background)
Thank you so much for all the hard work you do!
The Teacher strikes again !