I am with a group of old programmers that are presented to and discussing the BitCoin.
We have discussed buy/sell wallets, the mining, the exchange......
We hear and read that though there has been fraud on BitCoin but nothing has yet compromised the BitCoin it self.
The reason is that it is open code and that the system is running on a P2P network.
I have tried to find good info about this,
the protection of the bitcoin code and the P2P.
To get good answers you must present good question that sometimes is only possible when you know the answer.
Could anyone help formulate that question or lead direct to source of info that can explain.
In advance, thanks
Bitcoin uses ECDSA digital signatures to authorize the transfer of value.
This security prevents other people from moving value that you control. If they want to move value, they need to have access to the private key in order to generate a valid ECDSA signature.
Bitcoin uses the blockchain to acheive consensus on the order of the transactions.
This security prevents you from sending the same value to multiple people. The blockchain determines what order your transactions occur, and the first transaction to occur is the "valid" one. Any other transaction that tries to send the same value is rejected by all peers as invalid.
Perhaps this is enough information for you to figure out what question you need to ask?
