This is probably a gap in my knowledge, but I hope this isn't a terribly obvious question.
So let's say I buy a bunch of bitcoins and I just sit on them.
A year or two from now, they're worth a bunch of money, so I use them or sell them. How does everyone with the truncated blockchain know that the bitcoins I'm using aren't being double-spent?
The truncated blockchain would contain at least the latest amounts for any wallets. Truncation loses the old transactions, but cannot exclude any wallets that have any BC in them.
Comments
This is probably a gap in my knowledge, but I hope this isn't a terribly obvious question.
So let's say I buy a bunch of bitcoins and I just sit on them.
A year or two from now, they're worth a bunch of money, so I use them or sell them. How does everyone with the truncated blockchain know that the bitcoins I'm using aren't being double-spent?
The truncated blockchain would contain at least the latest amounts for any wallets. Truncation loses the old transactions, but cannot exclude any wallets that have any BC in them.