In a transaction, one person tells everyone in the group that he wants to transfer money to another person. Everyone writes the transaction down, see that the person can indeed transfer the money and has enough balance.

With time, more people want to transfer money to others. Whenever anyon...

The requirement of this method is that there must be enough people who would like not to depend on a third-party. 

Only then this group can maintain the register of transactions on their own. 

You need a few individuals who want to give up on banks or any third party. By mutual agreement, they have details of each other's accounts without knowing the identity of the other parties.

Everybody holds an empty folder with themselves to start with. As they progress, all these individua...