CLEVELAND, OH, July 27, 2024 - Blockchain technology ensures data integrity and security through a process called mining, which permanently records confirmed transactions. Each transaction is digitally signed and verified to prevent "double-spending."

Preventing Double-Spending:

Economic Incentives: Miners are motivated to avoid double-spent transactions to avoid rejection and loss of potential revenue.
Cryptographic Security: Double-spending is criminal and detectable due to immutable blockchain records.

Bitcoin Mining:

Creation of New Bitcoins: Mining involves cryptographic hash functions and Proof of Work (PoW) to secure the blockchain. Altering the blockchain requires immense resources due to its block-by-block structure.

Data Distribution and Security:

Miner Nodes: Nodes worldwide maintain copies of the blockchain. Any tampering is detected by discrepancies with other copies.
Timestamp Server: Hashes and timestamps confirm and reinforce data integrity, making tampering difficult.

Advantages of Distributed Systems:

Fault Tolerance: Distributed systems like blockchain are more resistant to failures and attacks compared to centralized systems, due to their decentralized nature.

Using Bitcoin (BSV) for Transactions:

Wallet Setup: Users need a Bitcoin wallet to send or receive Bitcoin.
Transaction Process: Users like Sean send Bitcoin to Tom's address. The transaction is verified by miners, added to a new block, and confirmed on the blockchain.

Transaction Confirmation:

Confirmation Time: Transactions are confirmed in about 10 minutes. Miners validate transactions and update records, ensuring funds are available immediately for users.

Why Use Bitcoin?

Irreversibility: Once recorded, transactions are permanent and unalterable.
Accessibility: Bitcoin offers quick, low-fee settlements directly between users, bypassing traditional financial intermediaries.
Transparency: All Bitcoin transactions are publicly viewable.
Bitcoin is ideal for secure, peer-to-peer transactions with low fees and provides a transparent history of all transactions.

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Mia Robinson
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