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Don't want to go in a discussion and maybe you are completely right, but to my understanding: Miners collect the transactions on the network into large bundles
by cateye 8y ago
Don't want to go in a discussion and maybe you are completely right, but to my understanding:
Miners collect the transactions on the network into large bundles called blocks. These blocks are strung together into one continuous, authoritative record called the block chain.
Miners create blocks of transactions, and they have to create them in such a way that the rest of the network will accept them. One of the requirements is that the transactions in the block are all valid transactions. So yes, miners will validate transactions before they add the transaction to a block. If the miner cheats, and puts an invalid transaction into a block, then the rest of the network will reject that block, and the miner would have wasted their time doing the proof of work on that block.
https://bitcoin.stackexchange.com/questions/148/what-exactly-is-mining https://bitcoin.stackexchange.com/questions/148/what-exactly...
- Ihfhcub 8y agoYes you're right. But people's first analysis is to give too much weight to miners The protocol decides what is a valid transaction and the users enforce it. If miners decide what is valid the price of bitcoin goes to zero. They are a slaves to the protocol and that is the only reason that the mining mechanism works. Miners disempower themselves by competing