Oh my god. Andreas takes the most basic of concepts of Bitcoin and explains it with the same vigor as the most advanced ones. You will be remembered as a legend.
Thank you for the video, I have some doubts pertaining to how each node validates a transaction before inserting it into a mem pool 1) If I'm a node who receives the transaction "A sends x amount to B", First I will validate if the transaction was indeed initiated be A(using the digital signature) but, for doing this I need to know the public key of A, so my first questions is where do I get this from(does every node store the public key of every other node ?) 2) After I validate the digital signature, how do I verify if A has, x amount+(transaction fee) amount of bitcoins in its wallet, does every node have access to the number of bitcoins every other node has ? 3) After I validate this transaction, who or how will x amount of bitcoins decrease from A wallet and increase in B's wallet, who is responsible of doing this and how does this happen ? Thank you in advance :)
I read "The Bitcoind Standard" by Saifedean Ammous but had some questions about how the mechanics actually worked and this video answered them for me, excellent.
How can the mining node send an empty block to be found and keep adding transactions to it in the meantime? Doesn't the hash output depend on the contents of the block? If so, then each time new transaction is added to the block, they're effectively finding from start. Or, it does not matter to them, because the search is random? So they actually don't care about a starting point?
Hi Andreas, this is a great explanation as usual. I have a question about INPUTS. Which inputs does a wallet decides to spend first? What variables does it consider? I hope to hear your answer. Thank you
Wallet software developers usually make these decisions based on a variety of concerns such as privacy and fees. Most wallets aren't very transparent about how they choose inputs. However, there is a feature called Coin Selection which allows you to choose which inputs. Hope this helps!
"The owl is a symbol of wisdom, patience, secrets, mystery and observance. It is also considered to be a very magical creature as well. White is most often associated with purety, but may also be associated with winter as well. Any pure white animal seen in a dream may also represent a spiritual animal as well." "Yellow flowers burst with happiness. They symbolize the bonds of friendship, the taste of success and pride. Joy is also one of the meanings of this flower, as that is one of the feelings the color is said to evoke."
Mr. Antonopoulos, In this video, you say that when a node receives a block, it validates the block (meaning the block's hash), then looks at the transactions in the block to pull the matching transaction out of it's mempool. But, doesn't the node also validate each transaction in the block, even though the same transaction (99% of the time) is in it's mempool, which means it's already been validated. But now it's coming back from a miner, and the miner could have changed something. so... "Don't trust, verify" and re-validate each transaction in the block. But I don't understand how this works exactly. Maybe you can clear this up for me. From what I understand... The nodes running older software (pre-SegWit) can not validate SegWit transactions in a block because SegWit moves the signature to a new area of the block that nodes running older software can't see. These nodes can't validate SegWit transactions in a block. But all nodes are supposed to "don't trust, verify." So please explain.... How can a node running older software, validate a block with SegWit transactions when it can't see the signature for SegWit transactions?
Hi Andreas, could it be possible that two blocks are mined at the same time? And When is the flooding process stoped, When a node receive the same transaction twice?
Many more than 2 blocks are *always* being mined at the same time. The one that doesn't get connected to by the next block mined after it is the "orphan" block and it's branch of the chain will be invalid soon. This is why one should always wait for up to 6 confirmations before declaring a transaction settled. It's very common for the current block to be discarded a block or two later.
@@LukesPersonalChannel So when I transfer a crypto my wallet shows the funds transferred in a matter of seconds. But obviously crypto like bitcoin takes up to 10 minutes for a block to be mined. Is my wallet just letting me know that the transaction "looks good" and that the amounts keys etc are valid. Because I was thinking how can my transaction go through to another wallet when it has not been added to a mined block yet? Looking forward to your response :)
@@erizonmacani3195 when sending my friend $1 usd in BTC to pay him back for a coke.His wallet showed funds being received with 0 confirmations. It's in the mempool so we all see it i suppose. Even if not confirmed.
@@mrantihippie Ah ok I see thanks for clearing the up! The only other question I have is what happens if that $1 transaction for the coke turns out to be faulty and doesn't get accepted by miners into final blocks? Or like Andreas said only valid transaction get added to mempools and the miners just "solidify" the valid transactions into blocks so they can't be changed or double spent in the future?
If only the block which gets mined first gets inserted in the chain, then only the miner that validates the block gets the reward AND the fees associated with every transaction in the block, am I right? If so, every other miner mined "for nothing" and has to start working on a brand new block. If this is how it works, then miners get only rewarded in "big rewards" and never by small fee rewards. If everything until now is correct (which I doubt), doesn't this incentive miners to become great corporations or either join all together (and therefore centralize the mining activitiy)?
Oh my god. Andreas takes the most basic of concepts of Bitcoin and explains it with the same vigor as the most advanced ones. You will be remembered as a legend.
Thank you so much for all the hard work you do!
Great, concise breakdown, Andreas! Thanks for continuing to educate!
Good stuff! This would be a great audio track for one of those whiteboard explainer videos.
Dude, i love you. This is such a good explanation and lots of things finally clicked
Thanks Andreas. As usual, a very clear explanation.
Fascinating and very informative video!
Very well explained. Thank you Andreas for your hard work!
So effective at explaining bitcoin concepts!
Excellent explanation Andreas, thank you!
Andreas, I love your work on RUclips.
Finally a simple explanation!
Brilliant! The best explanation I have found. Thank you.
it never gets old hearing it from the master
Thank you for the video, I have some doubts pertaining to how each node validates a transaction before inserting it into a mem pool
1) If I'm a node who receives the transaction "A sends x amount to B", First I will validate if the transaction was indeed initiated be A(using the digital signature) but, for doing this I need to know the public key of A, so my first questions is where do I get this from(does every node store the public key of every other node ?)
2) After I validate the digital signature, how do I verify if A has, x amount+(transaction fee) amount of bitcoins in its wallet, does every node have access to the number of bitcoins every other node has ?
3) After I validate this transaction, who or how will x amount of bitcoins decrease from A wallet and increase in B's wallet, who is responsible of doing this and how does this happen ?
Thank you in advance :)
The Teacher strikes again !
I read "The Bitcoind Standard" by Saifedean Ammous but had some questions about how the mechanics actually worked and this video answered them for me, excellent.
Proof of pedagogy!! 🥇🥇🥇
is there a similar video for the lifecycle of a transaction in proof of stake? :)
How can the mining node send an empty block to be found and keep adding transactions to it in the meantime? Doesn't the hash output depend on the contents of the block? If so, then each time new transaction is added to the block, they're effectively finding from start.
Or, it does not matter to them, because the search is random? So they actually don't care about a starting point?
Another nice one.... Thanks Andreas
Smashed the like
You came back! I was missing you. Smashed the like on your comment since you came back to smash the likes on Andreas videos.
good work
Hi Andreas, this is a great explanation as usual. I have a question about INPUTS. Which inputs does a wallet decides to spend first? What variables does it consider? I hope to hear your answer. Thank you
Wallet software developers usually make these decisions based on a variety of concerns such as privacy and fees. Most wallets aren't very transparent about how they choose inputs. However, there is a feature called Coin Selection which allows you to choose which inputs. Hope this helps!
@@aantonop Thank you for your answer
brilliant
"The owl is a symbol of wisdom, patience, secrets, mystery and observance. It is also considered to be a very magical creature as well. White is most often associated with purety, but may also be associated with winter as well. Any pure white animal seen in a dream may also represent a spiritual animal as well."
"Yellow flowers burst with happiness. They symbolize the bonds of friendship, the taste of success and pride. Joy is also one of the meanings of this flower, as that is one of the feelings the color is said to evoke."
Great vid
Mr. Antonopoulos,
In this video, you say that when a node receives a block, it validates the block (meaning the block's hash), then looks at the transactions in the block to pull the matching transaction out of it's mempool. But, doesn't the node also validate each transaction in the block, even though the same transaction (99% of the time) is in it's mempool, which means it's already been validated. But now it's coming back from a miner, and the miner could have changed something. so... "Don't trust, verify" and re-validate each transaction in the block.
But I don't understand how this works exactly. Maybe you can clear this up for me.
From what I understand...
The nodes running older software (pre-SegWit) can not validate SegWit transactions in a block because SegWit moves the signature to a new area of the block that nodes running older software can't see. These nodes can't validate SegWit transactions in a block.
But all nodes are supposed to "don't trust, verify."
So please explain....
How can a node running older software, validate a block with SegWit transactions when it can't see the signature for SegWit transactions?
following
Following. Very curious about this.
I do 1sat/MB transactions. Something Aantop stated he does aswell and very curious about Segwit compatability :3
Hi Andreas, could it be possible that two blocks are mined at the same time? And When is the flooding process stoped, When a node receive the same transaction twice?
Many more than 2 blocks are *always* being mined at the same time. The one that doesn't get connected to by the next block mined after it is the "orphan" block and it's branch of the chain will be invalid soon. This is why one should always wait for up to 6 confirmations before declaring a transaction settled. It's very common for the current block to be discarded a block or two later.
@@LukesPersonalChannel So when I transfer a crypto my wallet shows the funds transferred in a matter of seconds. But obviously crypto like bitcoin takes up to 10 minutes for a block to be mined. Is my wallet just letting me know that the transaction "looks good" and that the amounts keys etc are valid.
Because I was thinking how can my transaction go through to another wallet when it has not been added to a mined block yet?
Looking forward to your response :)
@@erizonmacani3195 likely just in mempools.
@@erizonmacani3195 when sending my friend $1 usd in BTC to pay him back for a coke.His wallet showed funds being received with 0 confirmations. It's in the mempool so we all see it i suppose. Even if not confirmed.
@@mrantihippie Ah ok I see thanks for clearing the up! The only other question I have is what happens if that $1 transaction for the coke turns out to be faulty and doesn't get accepted by miners into final blocks? Or like Andreas said only valid transaction get added to mempools and the miners just "solidify" the valid transactions into blocks so they can't be changed or double spent in the future?
Brilliant
Thx. And where does the LN come in to play? Is it really necessary to do transactions offchain?
Genius
dandelions are weeds in Belgium, I had to get rid of a lot today (background)
If only the block which gets mined first gets inserted in the chain, then only the miner that validates the block gets the reward AND the fees associated with every transaction in the block, am I right? If so, every other miner mined "for nothing" and has to start working on a brand new block. If this is how it works, then miners get only rewarded in "big rewards" and never by small fee rewards. If everything until now is correct (which I doubt), doesn't this incentive miners to become great corporations or either join all together (and therefore centralize the mining activitiy)?
yes mining pools exist. for that very same reason, spilt rewards
Thanks, do one for ETH as well :)
💞
sir please make brief vdo about Bitcoin NG
Metaverse ETP (ETP) all the best is ahead!
Why can’t I get out my money from coinbase? I live in Sweden. Can I get some help please?