Cryptocurrency Q&A
Does the bitcoin network know my current balance?
Does the bitcoin network know my current balance?
Carolina
Wed Jul 03 2024
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6 answers
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As a cryptocurrency enthusiast, I'm curious about the underlying mechanics of the Bitcoin network. Could you elaborate on whether the Bitcoin network itself is aware of my current balance? Does it store my personal financial information in a centralized manner, or is my balance kept private and decentralized, only revealed through transactions on the blockchain? I'm particularly interested in understanding how the network maintains the anonymity and security of user balances. Thank you for clarifying this point for me.
6 answers
JejuSunshineSoulMate
Fri Jul 05 2024
The network is agnostic to individual balances.
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CryptoEnthusiast
Fri Jul 05 2024
From that moment onward, the bitcoins have undergone numerous transfers, representing the assignment of value.
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Eleonora
Fri Jul 05 2024
The bitcoin network functions without the traditional notion of "balances."
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Raffaele
Fri Jul 05 2024
Instead, it relies on a ledger that tracks the assignment of value.
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isabella_cole_psychologist
Fri Jul 05 2024
Each bitcoin in existence was initially awarded to a miner.
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