Anatomy of a Bitcoin Transaction – Blockchain Support Center
Edge | How A Bitcoin Transaction Works - Edge
What Is Bitcoin, and How Does it Work?
How Do Bitcoin Transactions Work? - Bitcoin Basics
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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How bitcoin transaction fees work if I have a wallet?
I've been reading a post where a guy has complained about fees being really high and I started to think about it . I've recently bought small amounts of bitcoin, that are currently being in the exchange (probably will transfer them to wallet soon). So I've started reading about how transaction fees are calculated and I'm a little confused. I thought that the higher the bitcoin you send and the higher the speed you want you will pay bigger fees. How do "inputs" fit into this scheme and who determines the "inputs" my transaction will contains? I'm a dummy, so the simpler the answer, the better. Thank you!
I am not a big user of bitcoin, I send 31$ in BTC and the transaction is still pending for 2h... is this normal? I don’t understand anything to the transaction details. It’s really hard to understand how work bitcoin exactly
To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.” The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software. It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography. Who created it? A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. To this day, no-one knows who Satoshi Nakamoto really is. In what ways is it different from traditional currencies? Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. But it differs from fiat digital currencies in several important ways: 1 – Decentralization Bitcoin’s most important characteristic is that it is decentralized. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. This attracts individuals and groups that are uncomfortable with the control that banks or government institutions have over their money. Bitcoin solves the “double spending problem” of electronic currencies (in which digital assets can easily be copied and re-used) through an ingenious combination of cryptography and economic incentives. In electronic fiat currencies, this function is fulfilled by banks, which gives them control over the traditional system. With bitcoin, the integrity of the transactions is maintained by a distributed and open network, owned by no-one. 2 – Limited supply Fiat currencies (dollars, euros, yen, etc.) have an unlimited supply – central banks can issue as many as they want, and can attempt to manipulate a currency’s value relative to others. Holders of the currency (and especially citizens with little alternative) bear the cost. With bitcoin, on the other hand, the supply is tightly controlled by the underlying algorithm. A small number of new bitcoins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached. This makes bitcoin more attractive as an asset – in theory, if demand grows and the supply remains the same, the value will increase. 3 – Pseudonymity While senders of traditional electronic payments are usually identified (for verification purposes, and to comply with anti-money laundering and other legislation), users of bitcoin in theory operate in semi-anonymity. Since there is no central “validator,” users do not need to identify themselves when sending bitcoin to another user. When a transaction request is submitted, the protocol checks all previous transactions to confirm that the sender has the necessary bitcoin as well as the authority to send them. The system does not need to know his or her identity. In practice, each user is identified by the address of his or her wallet. Transactions can, with some effort, be tracked this way. Also, law enforcement has developed methods to identify users if necessary. Furthermore, most exchanges are required by law to perform identity checks on their customers before they are allowed to buy or sell bitcoin, facilitating another way that bitcoin usage can be tracked. Since the network is transparent, the progress of a particular transaction is visible to all. This makes bitcoin not an ideal currency for criminals, terrorists or money-launderers. 4 – Immutability Bitcoin transactions cannot be reversed, unlike electronic fiat transactions. This is because there is no central “adjudicator” that can say “ok, return the money.” If a transaction is recorded on the network, and if more than an hour has passed, it is impossible to modify. While this may disquiet some, it does mean that any transaction on the bitcoin network cannot be tampered with. 5 – Divisibility The smallest unit of a bitcoin is called a satoshi. It is one hundred millionth of a bitcoin (0.00000001) – at today’s prices, about one hundredth of a cent. This could conceivably enable microtransactions that traditional electronic money cannot. — Read more to find out how bitcoin transactions are processed and how bitcoins are mined, what it can be used for, as well as how you can buy, sell and store your bitcoin. We also explain a few alternatives to bitcoin, as well as how its underlying technology – the blockchain – works. source: coindesk
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Jemina Joseph, 18, is working a summer job as a social media manager for a crypto startup after graduating from high school in the Bronx. And she learned how to make her first cryptocurrency transaction, a purchase using zcash, with the Flexa mobile app! Meet the Teen Bitcoiners!
The Bitcoin blockchain is a distributed network of ledgers containing Bitcoin transaction data. One block is one spreadsheet of about 3,600 transactions. The system of interconnected blocks is called a blockchain. All Bitcoin transaction details come in the form of cryptographically generated 64-character sequences generated by a hash function. How a Bitcoin Transaction Works . The bitcoins that you send to someone were sent to you from someone else. When they sent them to you, the address that they sent it from was registered on the bitcoin blockchain (the encrypted and unaccessible register) as the transaction input, and your address—the address they sent it to—was registered on the bitcoin network as the transaction output. This transaction creates brand-new bitcoin by paying out the block reward to the miner that added the block to the blockchain. The input of this transaction is not a UTXO from a previous transaction, but rather a special type of input called the coinbase. This is also the process by which the bitcoin money supply increases until it hits the cap Bitcoin (BTC) was created to function as peer-to-peer electronic cash. Whether you are spending or accepting BTC as payment it is prudent to understand how a transaction works. Bitcoin transactions are messages, like email, which are digitally signed using cryptography and sent to the entire Bitcoin Network for verification. Bitcoin Transaction Life Cycle BTC Transaction Formation. A more accurate explanation of how CPFP works is with a fiat money example. When you buy a product, you must “send” cash to the seller. He also uses this money to purchase other goods while making that “transfer”.
How do bitcoin transactions work? Simply Explained for Beginners BTC.com
A look at how a transaction is constructed This video is part of a larger online course, "From Barter to Bitcoin: Society, Technology and the Future of Money" run by Prof. Bill Maurer and Prof ... Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies... EXCELLENT technical lecture by Andreas Antonopoulos on how Bitcoin protocol works and how consensus is reached by the blockchain network. UCL, London 2015. THIS IS AN EXTRACT FROM ORIGINAL ... In this quick video, we do our best to explain the mechanics of a single Bitcoin transaction in 5 minutes or less. We explain things like addresses, wallet apps, private keys, and the blockchain. This is episode one of the Math Behind Bitcoin. In an effort to understand the math behind bitcoin, I try to explain it to you guys. If there are any mistakes or suggestions, please put it in the ...