I m new to the bitcoin and blockchain, my questions can be very basic . I Read the Bitcoin white paper and the blog explaining the white paper but still confused about the transaction how they are secured and signed and verified plus would like to know about bitcoin mining like how it works? Also in the video : https://www.youtube.com/watch?v=Em8nJN8IEes it says it not a transfer of a bitcoin it’s actually the transfer of the right from previous right holder to another holder, also then suppose if we have a bitcoin how can we keep track of it and what is the risk factor of losing it.
@sagarchoudhary96 don’t worry, many of us who have spent some time in this space (myself over 6 years) are still confused by some of these concepts as they break your previous assumptions over how owernship over money works!
The transactions are secured by the miners who by virtue of winning the block reward ‘lottery’ are able to commit the latest number of transactions to the chain. More here: https://medium.com/@blairlmarshall/how-do-miners-validate-transactions-c01b05f36231
Your private key entitles you to the right to ‘spend’ that bitcoin. There is no actual bitcoin inside your wallet If you lose your private key than that bitcoin is essentially ‘frozen’ and can’t be spent by anyone any longer. This is also why bitcoin is considered a ‘non-fungible’ currency, because each bitcoin has a spending history (and may have been spent/used for illicit activities).
Hope this helps!
hey @adam, thanks for the link, it definitely helps. Will have a look at it