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Title: Does every bitcoin have a serial number? Post by: www.crypago.com on August 25, 2018, 02:24:51 PM No, correct? The reason is logical. Bitcoins break into too many fragments to maintain serial numbers per coin. So instead, they are measured by amounts and locations. The synchronized confirmation nodes all agree on amounts and to which wallets which have public addresses, and then they enter the transaction into a synchronized ledger called the blockchain. There is of course much more to the mechanics of blockchain, but that answers in layman's terms how it is accounted for. Is this explanation accurate?
Title: Re: Does every bitcoin have a serial number? Post by: bitmover on August 25, 2018, 03:35:59 PM Your explanation is somehow confusing and you didn't mentioned the most important.
There are really no coins, but Unspent Transactions Outputs (UTXO) Every transaction output has a balance, that can be 1 satoshi or 1 million btc. The value does not matter. Every utxo has its own identification, which is its transaction history. It's not a serial number, but a timestamp. If you receive 0.005 btc every week for 3 weeks on the same address, you will have 3 utxo. It does not matter if you receive them in he se addresses or not. You can later consolidate those ouput by doing one transaction with all of them to another address. Title: Re: Does every bitcoin have a serial number? Post by: www.crypago.com on August 25, 2018, 03:51:57 PM Your explanation is somehow confusing and you didn't mentioned the most important. But those aren't exactly layman's terms are they?There are really no coins, but Unspent Transactions Outputs (UTXO) Every transaction output has a balance, that can be 1 satoshi or 1 million btc. The value does not matter. Every utxo has its own identification, which is its transaction history. It's not a serial number, but a timestamp. If you receive 0.005 btc every week for 3 weeks on the same address, you will have 3 utxo. It does not matter if you receive them in he se addresses or not. You can later consolidate those ouput by doing one transaction with all of them to another address. Title: Re: Does every bitcoin have a serial number? Post by: BrewMaster on August 25, 2018, 04:29:02 PM But those aren't exactly layman's terms are they? when the "layman" uses credit cards, Paypal, Visa, .... do they need to come up with things such as "does Paypal dollars have serial number" to understand it? NO. they use it as an end user. so stop making things complicated with weird explanations and usage of misleading statements such as "wallet numbers"! Title: Re: Does every bitcoin have a serial number? Post by: hase0278 on August 26, 2018, 07:44:59 AM But those aren't exactly layman's terms are they? I believe the end users who use Bitcoin are smart enough to understand how blockchain works without reading an explanation using layman's terms but for the sake of explaining it into layman's terms, I'll try explaining it. I guess one can say that blockchain works like multiple cabinets full of files(which contains transaction details) wherein each file are labelled uniquely. In each file, there are coins stored in the information which can be divided later on and some of those coins are yet to be stored in a file. Those multiple cabinets contain the same files and are verified by assessors called miners by calculation(and that's where hash power comes in). Those miners are also the ones responsible for collecting new coins from the supply box(which have limited coins). The newly found coins are then stored into their wallets and are sent to files for other miners to verify. In a nutshell, that's how blockchain works. For others who will comment after me, feel free to correct my explanation if I am wrong. |