The system does not require a central authority, its state is maintained through distributed consensus. The system keeps an overview of cryptocurrency units and their ownership. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units. Ownership of cryptocurrency units can be proved exclusively cryptographically. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
That is from the font of all knowledge ...Wikipedia. My easier take on it is simply...The pound in your pocket us gauranteed by the government in Westmister. The cryptocurrency on your computer is gauranteed by the site that provides the platform for trading. Either currency is used to pay for goods or services to an agreed value.
The system does not require a central authority, its state is maintained through distributed consensus. The system keeps an overview of cryptocurrency units and their ownership. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units. Ownership of cryptocurrency units can be proved exclusively cryptographically. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
That is from the font of all knowledge ...Wikipedia. My easier take on it is simply...The pound in your pocket us gauranteed by the government in Westmister. The cryptocurrency on your computer is gauranteed by the site that provides the platform for trading. Either currency is used to pay for goods or services to an agreed value.
Jim Baker
Very good Jim, clear as mud, although I did understand the "pound in your pocket bit"!! Could somebody just nip down the club and see if there is anybody wandering around with pockets full of cryptocurrency?
Its speculation that's all and even if we have a change of owner hey maybe this one will tell us we'll be in the Premier (not Championship) in a few years!