When A Transaction Happens

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 anyone wants to make a transaction, they announce it to everyone, and everyone writes it down on their page. This continues until everybody runs out of space to record transactions, then they take a new page and start again.