How does a bitcoin whitelist work?
Could you elaborate on the mechanics of a Bitcoin whitelist? I'm curious to understand how it functions in the cryptocurrency ecosystem. Specifically, what are the steps involved in setting up a whitelist, how does it validate and authorize transactions, and how does it ensure security and transparency? Additionally, are there any specific requirements or criteria for inclusion on a Bitcoin whitelist? Furthermore, could you provide some examples of how a whitelist might be utilized in real-world scenarios? I'm eager to gain a deeper understanding of this concept in the context of Bitcoin and its associated blockchain technology.
What is a whitelist in crypto?
Could you please explain what a whitelist means in the context of cryptocurrency? I've heard it mentioned a few times but I'm not quite sure how it applies to this field. Is it related to security measures or perhaps a type of access control? Also, how does a whitelist differ from a blacklist in crypto? Could you provide an example or scenario where a whitelist might be used? Thank you for clarifying this concept for me.