Discuss some oversimplifications made in the classroom exercise under the second scenario and describe what the actual Bitcoin system does in more detail.

Define the following key terms introduced in the prior section:

Blockchain, Transaction, Double-Spend, Byzantine Generals’ Problem, Mining, Proof of Work (PoW), Hash Function, Block Reward, Blockchain, Longest Chain, 51% Attack, Output, Output Lock, Change, Satoshis, Public/Private Key, Address, Public-Key Cryptography, Digital Signature, Wallet