Living in an Era with every possibility to be virtual, we have no space in our imagination that human ingenuity would come close to a virtual currency, would we? What if reality proves it otherwise? This Infographic would showcase how Bitcoin transaction works as a Cryptocurrency.
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Bitcoin Transaction starts with a new user. A new user can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, this wallet will create your first Bitcoin address. Bitcoin addresses can also create more whenever you need one. A user can give their addresses to their friends so that they can pay them or vice versa. In fact, this is pretty almost the same as how email works, except that Bitcoin addresses, should only be used once.
A user can give their addresses to their friends so that they can pay them or vice versa.
In fact, this is pretty almost the same as how email works, except that Bitcoin addresses, should only be used once.
Balances – block chain
The block chain is a shared public ledger on which the whole Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions. Bitcoin wallets can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the time-based order of the block chain are enforced with cryptography.
Transactions – private keys
A transaction is a move of value between Bitcoin wallets that gets included in the
Processing – mining
Mining is a distributed agreement system that is used to confirm waiting transactions by including them in the
The infographic is a simplified explanation of how Bitcoin transaction is, and how security is built into the system, making it impenetrable to hackers.