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@ VarMur
2025-06-15 03:07:46
The #bitcoin block enables the first counter party risk free transaction in history.
All transactions, which is what makes a market, involve the exchange of one thing for another thing. If I buy 🍌 bananas from a fruit vendor, the bananas are separate from the money I pay for them, so either party CAN cheat, since I can take the bananas without paying, and he can take my money without delivering the bananas. It doesn’t happen often due to legal enforcement or social contract, but it always could. Since the transaction involves two separate exchanges, it is always possible for either party to get cheated.
The block, on the other hand, is an atomic event that enforces both exchanges simultaneously. The user gets his bitcoin transaction confirmed, and the miner gets the fees from the transaction - both in one event - the block is accepted, or not. If the block is re-orged, both exchanges are undone, simultaneously, and the transaction goes back to pending mode.
Is there any other transaction in the world that has this property?