Topic: Exchanged BTC (Read 474 times)
an exchange is separate from bitcoins on the network. its a 3rd party thing.
Okay....so BTC is never "recycled" in any way when you sell the BTC.
What does it mean to be "on the block chain" ?
Thx gurus.
What does it mean to be "on the block chain" ?
Thx gurus.
if you sell your BTC, you will transfer it out to someone else's wallet. what that means is that the person who buys the BTC will have the private key to access where the BTC is inside the blockchain.
Okay....so BTC is never "recycled" in any way when you sell the BTC.
What does it mean to be "on the block chain" ?
Thx gurus.
What does it mean to be "on the block chain" ?
Thx gurus.
only if you use transaction fees do those go into the mining pool to be added to the 25 BTC block.
Okay....so BTC is never "recycled" in any way when you sell the BTC.
What does it mean to be "on the block chain" ?
Thx gurus.
What does it mean to be "on the block chain" ?
Thx gurus.
if you do it on an exchange, it is not on the blockchain. the exchange just runs an account ledger/database, when your ask fills, they give you the money (minus fees) that someone paid for your coins.
The person who gave you money gets your BTC.
Let's say I have 10 BTC.
Then I exchange it all for cash.
What happens to the 10 BTC?
Does the 10 BTC "keys" or hashes or whatever they are called
get returned to the system and "regenerated" as new bit coins?
Or is there now only 21 million minus my 10 BTC ?
Then I exchange it all for cash.
What happens to the 10 BTC?
Does the 10 BTC "keys" or hashes or whatever they are called
get returned to the system and "regenerated" as new bit coins?
Or is there now only 21 million minus my 10 BTC ?
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