A deep understanding of Bitcoin for beginners, it might answer your questions

Gracejoy

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Quote from: Lucius on January 10, 2023, 11:24:10 AM

Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

It also means that all Bitcoin transactions are instantaneous, with no third party or middleman involved. This makes it much faster and more efficient than traditional methods of payment. Bitcoin is also incredibly secure, as all Bitcoin transactions are cryptographically verified. This means that no one can counterfeit Bitcoin, and it is impossible to double spend it.

You still did not understand some things completely correctly, because even though you may think that your transaction is instant and final when you click on the Send button, you will still have to wait for your transaction to be confirmed, that is, for it to receive at least 1 confirmation on the network. Furthermore, until the transaction receives at least 1 confirmation, it can be double spend in case it was sent from a wallet that has the RBF (replace by fee) option. This method is often used by scammers when they deceive naive customers who are not aware that such a thing is even possible.

Thanks for this enlightenment, when I thought I know it all, I simply need more research

pooya87

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Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

Bitcoin is one of the most talked about topics of the 21st century and for good reason.

It really isn't. If it were we would have had reached mass adoption already!

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This means that all Bitcoin transactions are recorded on a public ledger, so no one can manipulate or alter the data.

The fact that it can't be altered isn't because bitcoin uses a public ledger, it is because of Proof of Work that costs so much money to attack that it becomes impossible to alter the ledger in practice.
In comparison almost all other altcoins have public ledgers too but many of them are pretty easy to alter later on. For example ETH doesn't have an immutable blockchain since it is centralized and they can easily change the blockchain as they did once before when they lost money in DAO and reversed all the blocks.

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It also means that all Bitcoin transactions are instantaneous, with no third party or middleman involved. This makes it much faster and more efficient than traditional methods of payment.

Let's clarify something here, when we talk about speed of transferring money we refer to two things:
1. The time it takes the money to reach its destination
2. The time it takes for the transfer to become irreversible.
When you say instantiations you are referring to #1 which is obviously reversible but since the time it takes for bitcoin transactions to become irreversible is the time it takes to confirm a tx and that is on average 10 minutes you are right that bitcoin is still the fastest payment method.

UchihaSarada

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Quote from: Upgrade00 on January 12, 2023, 03:22:30 PM

• The hashrate and mining difficulty are what contributes to the security of the network.

Total hashrate and mining difficulty are not only contributors for security of Bitcoin network that is also supported by number of full nodes.

https://bitnodes.io/
https://bitnodes.io/#google_vignette

Active full nodes can verify blocks and detect any suspicious things. They can contribute to ability of Bitcoin community to react against 51% attacks, chain splits.

Upgrade00

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Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

This makes it much faster and more efficient than traditional methods of payment.

While transactions are not instantaneous as you pointed out earlier, you are right about them being faster than traditional methods.
Bitcoin block confirmation takes approximately ten minutes, at which the funds would have been moved from User A to user B.
But bank transactions require lots of verification before they are transferred from one bank to the other, all that happens overtly is a balance change on your account.

Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

Bitcoin is also incredibly secure, as all Bitcoin transactions are cryptographically verified. This means that no one can counterfeit Bitcoin, and it is impossible to double spend it.

• The hashrate and mining difficulty are what contributes to the security of the network.
• Bitcoin can be double spent if the transaction has not been confirmed yet. For much larger transactions it's safer to wait for at least 3 confirmations.

UchihaSarada

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https://learnmeabitcoin.com/beginners/

I am reading and learning with learnmeabitcoin.

Doan9269

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Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

Snipped

Well said OP, this is what exactly newbies should understand and since this is beginners and help section i wouldn't go contrary against it since no amount of information is enough for learning, probably if every newbies had an understanding of all these they wouldn't have been coming to complain about how they were being scammed, some only hear the gist without paying attention to the learning procedures.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

There's still alot to learn dude..
You've known the processes during trnxs in Bitcoin doesn't mean yunno it intricacies and how deep it's operated. Transaction are never instant, it has never happened that way before -- to prove the point best for your understanding -- simply transfer a little amount of BTC (if you' got any) into a separate wallet and check what happens... If the address is backed up to your email, then you'll begin to get series of mails on it DETECTION & CONFIRMATION first, before it gets credited into the former wallet. BTT was created for this purpose -- get stucked in here, look up the forum for some vital informations -- most especially on P2P etc.

Sandra 🧑‍🦰

Lucius

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Quote from: Gracejoy on January 10, 2023, 10:19:36 AM

It also means that all Bitcoin transactions are instantaneous, with no third party or middleman involved. This makes it much faster and more efficient than traditional methods of payment. Bitcoin is also incredibly secure, as all Bitcoin transactions are cryptographically verified. This means that no one can counterfeit Bitcoin, and it is impossible to double spend it.

You still did not understand some things completely correctly, because even though you may think that your transaction is instant and final when you click on the Send button, you will still have to wait for your transaction to be confirmed, that is, for it to receive at least 1 confirmation on the network. Furthermore, until the transaction receives at least 1 confirmation, it can be double spend in case it was sent from a wallet that has the RBF (replace by fee) option. This method is often used by scammers when they deceive naive customers who are not aware that such a thing is even possible.

cryptoaddictchie

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Yes transaction are transparent on bitcoin ledger and has no third parties. But with its application there are tons of thrid party joining the league and also, there are ways to hide the transaction on it using some mixer, though this has been done by others. But you are right its the most decentralized crypto out there and no one can object with that. Bitcoin is the number 1 for a reason and Im glad that you are familiar with it.

Gracejoy

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Bitcoin is one of the most talked about topics of the 21st century and for good reason. A lot of people have heard of it, but what most don't know is that Bitcoin isn't just a digital currency. It is also a technology that is revolutionizing the way we think about money and transactions. Bitcoin is built on a decentralized, public ledger system called the blockchain, which allows for secure, transparent, and immutable transactions. This means that all Bitcoin transactions are recorded on a public ledger, so no one can manipulate or alter the data. It also means that all Bitcoin transactions are instantaneous, with no third party or middleman involved. This makes it much faster and more efficient than traditional methods of payment. Bitcoin is also incredibly secure, as all Bitcoin transactions are cryptographically verified. This means that no one can counterfeit Bitcoin, and it is impossible to double spend it. So if you're looking for a secure, fast, and transparent way of making transactions, Bitcoin is definitely something you should be looking into.

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