Bitcoin Q&A: Offline Transactions and Fault Tolerance Video

Is it possible to do a bitcoin transaction without using the internet? How do transactions from paper wallets and physical bitcoins work? Does this solve the Byzantine Generals' Problem?

NOTE: OpenDimes utilize some additional security measures, especially regarding key generation, which paper wallets and other physical bitcoins do not. When sealed, the public key is accessible and you are able to check the balance, but you cannot access the private key without unsealing, i.e. breaking part of the hardware device. Learn more about how they work here: https://opendime.com/faq

Chapters
0:00 Byzantine Generals' Problem with physical coins and paper wallets
1:19 How does the other person know the coins on that stick are still available, that they haven't been spent?
3:10 We must understand that participating in theBitcoin blockchain is a highly asymmetric function.

This question is from the MOOC session 8.2 covering the Byzantine Generals' Problem, which took place on September 15th 2017. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.

If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

RELATED:
Consensus Algorithms, Blockchain Technology, and Bitcoin - https://youtu.be/fw3WkySh_Ho
Advanced Bitcoin Scripting Part 1: Transactions and Multisig - https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware - https://youtu.be/pQbeBduVQ4I
What is Consensus: Rules without Rulers - https://youtu.be/2tqo7PX5Pyc
Forkology: A Study of Forks for Newbies - https://youtu.be/rpeceXY1QBM
Bitcoin: Where the Laws of Mathematics Prevail - https://youtu.be/HaJ1hvon0E0
The rules of Bitcoin (part 1) - https://youtu.be/VnQu4uylfOs
The rules of Bitcoin (part 2) - https://youtu.be/vtIp0GP4w1E
Decentralized power, leaderless governance - https://youtu.be/E5VbDlQTPzU
Scaling, trust, and trade-offs - https://youtu.be/vCxmHwqyJWU
Using paper wallets - https://youtu.be/cKehFazo8Pw
Why running a node is important - https://youtu.be/oX0Yrv-6jVs
SegWit adoption - https://youtu.be/KCsTVTRk6I4
Public keys vs. addresses - https://youtu.be/8es3qQWkEiU
How do mnemonic seeds work? - https://youtu.be/wWCIQFNf_8g
Intrinsic vs. extrinsic assets - https://youtu.be/KDtfFNZy9xg
Decentralised exchanges with fiat - https://youtu.be/3Url8tbQEkA
Running nodes and payment channels - https://youtu.be/ndcfBfE_yoY
Secure, tiered storage system - https://youtu.be/uYIVuZgN95M
Solar energy and mining in space - https://youtu.be/cusakcpa8AM

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8

[NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8

MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

Subscribe to the channel to learn more about Bitcoin & open blockchains!

Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Join the aantonop Channel: https://aantonop.io/joinaantonopyt

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