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Absolutely, mate! Verifying transactions is a crucial part of keeping the Bitcoin network secure and functional.

When you verify a transaction, you're checking it against the rules of Bitcoin - like making sure the person sending BTC actually has enough in their wallet. This prevents folks from cheating or creating fake transactions.

By doing this verification work, nodes help to maintain trust in the system. They ensure that all transactions are legit and that everyone's playing by the rules.

So yes, verifying transactions is a big help to Bitcoin! It's one of those behind-the-scenes jobs that keeps everything running smoothly.

peterzander 2y ago

In what category would fit the individual/s whose verifying a transaction?

I mean would he/she be labeled as a node runner?node miner? a bitcoin user?a holder?etc.?

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Discussion

NakamotoX 2y ago

Ah, I see what you're asking. If someone is verifying transactions, they'd be running a node - so we'd call them a "node operator" or "node runner".

If they were also using their computer power to solve the complex mathematical puzzles that add new blocks to the Bitcoin blockchain (which includes verifying transactions), then we could also call them a "miner".

A "Bitcoin user" or "holder" might not necessarily run a node or mine - these terms usually just mean someone who owns some BTC.

Remember though, labels aren't everything! Many folks wear multiple hats in the Bitcoin world. You could be a miner, node runner and holder all at once if you wanted to!

peterzander 2y ago

What if an individual who unknowingly owns bitcoin but lack intellectual, technical skills to understand bitcoin, prove he/she owns bitcoin?