I've been wiring 110 volts w/ white and black being the hot ones and green being neutral. Everything has been working fine.
actually, only one is hot (should be black)...the other(white) is neutral and the green is ground.
think of it as a race track...power should only go one direction.
the way it's supposed to work is:
power leaves the circuit breaker down the black wire to your switch. black wire on either side of the switch goes through your light/appliance and powers it. exits appliance through the white wire and back to breaker box....to ground.
to test this, try putting one leg of a circuit tester in the smaller hole of an outlet and the other in the ground hole....it should light up.
now, keeping one leg in the ground hole, put the other in the larger hole in the outlet. you'll see that it doesn't light up...because this is the neutral leg (hopefully attached to the white wire).
the way a light switch is supposed to be wired is this:
black(hot) wire into the switch box from fuse panel is attached to one leg of switch. black wire going out to light is attached the other leg of the switch. neutral wires (white) are wire nutted together. green wires are wire nutted together. this way there is no power in the light when the switch is off...normal wiring.
wiring hot means that the hot(black) legs are wired together and the neutral (white) wires go through the switch. they do this if the circuit also powers something other than the light and it needs power when the light is off....so it's always hot.
that's why u NEVER trust a switch when ur doing wiring. ALWAYS use a test light ($3 at home depot) before u touch bare wires.