#bitcoinsphilippines

There are six standard Bitcoin transaction types at the time of writing. The developers behind Bitcoin have been continuously evolving the types of transactions to allow more functionality – the present list may change in the future. There are five standard transactions which are accepted by the standard client – although some miners will accept a non standard transaction for a price. The most popular type of transaction is the TX_PUBKEY, or pay to public key transaction – with over 99% of total transaction volume as of 2014. #readtolearnmore here www.crd.ht/4KiPAyT

Transaction malleability is a loophole in the bitcoin protocol that was most famously used in February 2014 to allegedly withdraw funds from Mt Gox. The idea behind transaction malleability is that a user who is tracking transactions via their hash would not be able to trace the transaction if the hash was changed. The risk could have been easily mitigated through simplistic internal checks and balances. A transaction is in the blockchain is referred to by its hash, and their value is included in the merkle tree for that block. A transaction is also signed by the private key associated with the transaction input. So if the transaction can be altered before being hashed and signed with the signature and then propagated to the network – the sender would not be able to track the transaction as its hash has been altered. #readtolearnmore here www.crd.ht/EmMDoWt