How does Bitcoin work? | Bitcointalksearch.org

ForMeritt

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Quote from: amt2299 on June 08, 2022, 01:53:42 AM

The practice of digitally adding transaction records to the blockchain, which is a publicly distributed database that holds the history of every bitcoin transaction, is known as bitcoin mining.
Mining is a data-keeping activity that requires a lot of processing power. To guarantee the payment network is trustworthy and secure, each Bitcoin miner across the globe contributes to a decentralized peer-to-peer network.

Bitcoin mining machines perform complicated mathematical problems in order to safely contribute to the blockchain record. When a solution is discovered, the most recent block of verified transactions is added to the blockchain as the next link.

The miner that solves the challenge is rewarded with a block of Bitcoin as an incentive to mine and contribute to the network.

Reference: https://xtrading.com/financial-questions/what-is-bitcoin-mining-and-how-does-it-work/

This answer is very accurate and accompanied by very strong references, so I totally agree with you.

and what I know as a beginner, bitcoin is a digital currency that can be stored in a digital wallet. You can accept payments with bitcoins or even buy some products using bitcoins, but this depends on the country and not all countries have legalized it.

Bitcoin is the only best coin that has earned the title of King of coins in the Cryptocurrency markets.

amt2299

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The practice of digitally adding transaction records to the blockchain, which is a publicly distributed database that holds the history of every bitcoin transaction, is known as bitcoin mining.
Mining is a data-keeping activity that requires a lot of processing power. To guarantee the payment network is trustworthy and secure, each Bitcoin miner across the globe contributes to a decentralized peer-to-peer network.

Bitcoin mining machines perform complicated mathematical problems in order to safely contribute to the blockchain record. When a solution is discovered, the most recent block of verified transactions is added to the blockchain as the next link.

The miner that solves the challenge is rewarded with a block of Bitcoin as an incentive to mine and contribute to the network.

Reference: https://xtrading.com/financial-questions/what-is-bitcoin-mining-and-how-does-it-work/

chichigirl

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HELENA

How does bitcoin work?

For me, bitcoin is a digital curency that can be stored in a digital wallet. Bitcoin is transferable by sing some application in your smart phone. You can accept payment with bitcoin or even buy some products using bitcoin.

BTC makes our life more easy in terms of currency.

Ali771samir

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Bitcoin is based on the blockchain.
Many people equate the meaning of blockchain with bitcoin. If bitcoin is just one of the uses of blockchain, and blockchain as a whole is a public information distribution office that anyone connected to can be informed that I think this is one of its greatest miracles and I call it the miracle of transparency.

Rajamuda

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In addition to transferring, of course Bitcoin is increasingly recognized by many people for all its advantages to date.
In my place, there are more people who understand how Bitcoin works so that its benefits has been proven to be very profitable and can encourage the financial side in various ways that can be done, such as investing & and sell it to local currency.
I believe that blockchain technology will be stronger and more crowded in it for many Bitcoin transactions that will continue in the future, because more and more people will have Bitcoin wallets and activities related to Bitcoin such as trading, mining, certain projects, etc.

cotton ball

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how does bitcoin work,??how bitcoin works via (blockchain) is a public transaction record on which the Bitcoin network rests. All confirmed transactions are stored in the blockchain. Thus, Bitcoin wallets can calculate the remaining spendable money and new transactions can be verified to ensure that they are indeed owned by the user. The integrity and chronological order of the block-chain is implemented using cryptography.

Ryder Kudrow

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Bitcoin is running on the Internet based on blockchain technology. It is not a single central server that stores data but a decentralized accounting method. All nodes distributed around the world will participate in transactions on the entire blockchain and must Keep in sync to verify the transaction correctly. Bitcoin is controlled by all Bitcoin users around the world, and only when all users reach a fully unanimous consensus can Bitcoin work normally.

Ridi

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Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. ... You can buy Bitcoins using 'real' money. You can sell things and let people pay you with Bitcoins.

Quote from: junnar1968 on September 06, 2020, 09:45:07 AM

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

Yes you are right and you can buy Bitcoins using 'real' money and you can sell things and let people pay you with Bitcoins. It is a digital currency and not controlled by any government or central government it is . 🙏

JerryKin

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Bitcoin is a decentralised digital currency. This means money that can not be held in the hands and it's not under the control of the government. Beyund these specific features. I for one believe Bitcoin is an investment platform rather like an asset rather than a currency to be used to trade. Can it be used as a currency? very well it can. I also believe there's more to Bitcoin than we have seen.

kawetsriyanto

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In my country, Bitcoin only works as a digital asset, still cannot be used as a digital currency since it violates the laws. So, I think Bitcoin may work vary among the countries in the world. In some countries, Bitcoin can work as a payment tool and everyone can buy the kinds of stuff with Bitcoin. However, Bitcoin is a crypto coin that is already used by many people around the world for various purposes. We all can take advantage of Bitcoin because it has value, at least as an asset.

0nline

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BTCBTCyou must not create topics like this when you have almost zero understanding of how bitcoin works!

Jet Cash

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Quote from: ranochigo on June 27, 2020, 10:04:11 PM

It's quite rare to have banks doing international bank transfers without fees in terms of the exchange rate and stuff.

My credit card doesn't charge fees for international payments, but of course it charges the receiver, and makes a small turn on the exchange rate, but this seems to be slightly lower than a normal bank exchange charge.

lepbagong

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maybe if you explain, you can get a lot of perceptions from the op question, but actually there are a lot of literatures that talk about Bitcoin, you just have to look for it and can get a more detailed explanation.

https://bitcoin.org/en/how-it-works

oprahwindfury

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Your words are Appreciated.Additionally it is not just an way to transfer money but also an way to earn money with patience.An asset of a person to spend and make sure of his/her own future.And the thing is necessary here, it is called patience.A little bit patience and some good works can be turn into a life changing matter.

junnar1968

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Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

Latviand

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Quote from: Heart18 on June 29, 2020, 08:49:05 AM

Well, I will not say that I am that so knowledgeable in Cryptoworld...but, I disagree some of your lines about how Bitcoin works, because i did some research. It has a lot of great features that can help us in much easier ways. As I've read all those different opinions here in the thread, I must say that some people here below explained it so well. Perhaps, you got confused about how Bitcoin works, so I suggest, you must read a lot and research more about it.

Maybe, the reason why he created this thread is for him to widen his understanding and to learn things that he want to know more about how bitcoin works. There's something more about bitcoin and his opinion about this bitcoin as a virtual currency is not enough for us to know the advantages and benefits of using this cryptocurrency.

We are really aiming for what this bitcoin can do to the global economy and how will this coin help each and every country to grow their economy. This bitcoin has a huge impact in the market and as people are making transactions using this, it will really help us promote the use of digital currency into our future transactions.

businesssoftware

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Bitcoin is first decentralized cryptocurrency, successfully working on cryptomarket. Bitcoin is a easiest way to make online transaction worldwide without formalities.

You can read the article -

https://www.bbc.co.uk/newsround/25622442

it will sure help to solve your issues and query

and more details you can read articles-

https://www.mlmdevelopers.com/how-to-be-a-cryptocurrency-trader/

davis196

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Quote from: ?? on ??

Quote from: sajedul islam on June 27, 2020, 02:09:53 AM

How does Bitcoin work?

Bitcoin is a completely virtual currency. It does not require a bank to transact or save. Although it cannot be touched or touched, its use is similar to that of ordinary coins. Bitcoins are used to purchase products and services online. Many people keep depositing bitcoin in the hope of future price increases. Bitcoin transactions are done through peer-to-peer system. Bitcoins are stored in the user's wallet. Wallets can be both online and offline. Wallet is a kind of personal small database. This database can be stored on computer drives, smartphones, tablets or cloud storage. Various applications have also been created for use as wallets.

Each wallet has a specific address. This address is encrypted. Bitcoin transactions are made by transferring bitcoins from one address to another. Each transaction is recorded in an open ledger called Blockchain. One bitcoin is added to the network after each transaction is completed. This is called bitcoin mining. Blockchain and bitcoin mining are two important issues in the Bitcoin transaction system.

Yes that's correct, It is basically a software. Bitcoin is a digital currency, a decentralized system which records transactions in a distributed ledger called a blockchain.

Quote from: ?? on ??

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.
It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

What's going on in this forum?One newbie posted a completely wrong forum thread about what Bitcoin is and now other newbies agree with his wrong theory and post their wrong theories.
The mistakes were already pointed out in this thread,so I won't bother pointing them again.
It is weird to me that actual Bitcoin newbies are acting like some sort of Bitcoin experts and trying to teach other people about what Bitcoin actually is.
"Each Bitcoin is basically a computer file","Every wallet has a specific address"...I'm like WTF? You newbies make me laugh.
Maybe this is the entire purpose of this forum thread.

irfan_pak10

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Quote from: KrisAlex18 on July 03, 2020, 01:41:50 AM

There are many people who are using bitcoin for some online transactions, maybe online transaction is one of the main purposes of having cryptocurrency, I always see whenever we are talking about the purpose of cryptocurrency, there are many posts saying that this is good for online transaction, well there's no wrong with that because I am also doing that way, an online transaction using bitcoin is much faster and secured compared to fiat currency.

Cryptocurrency is also good for earning money, we have here trading and investing which are so profitable once we are good at it but it doesn't mean that experts for both things are always winning, it is still risky, some experts are just making less the probability of losing your money.

If we see history in early days of life people uses house hold goods as a exchange to buy groceries. Later gold and silver coins introduced. Than paper currencies and when techonolgy prevail, plastic card introduced into
The market. All those above mentioned ways can be used to purchase anything. Similarly bitcoin is also a currency which can be used in everywhere to purchase anything but with annonimity, which is now a day a great deal. Because everyone wants to do business annonimously.

ChiBitCTy

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Quote from: ranochigo on June 27, 2020, 10:04:11 PM

Quote from: alexander00915 on June 27, 2020, 09:57:16 PM

My bank allows me to transfer to other accounts instantly with zero fees. Many other banks offer you similar features.

Bitcoin is incomparable to centralized ways we currently have and one can assume that any new national digital currency will take Bitcoin over when it comes to aspects centralization can improve.

Might not be the wisest idea to keep promoting Bitcoin for fees and speed when national digital currencies show up in the market. Would be a little dead end for Bitcoin at the time and fewer people truly care about decentralized aspects of some cryptocurrencies than many think.

It's quite rare to have banks doing international bank transfers without fees in terms of the exchange rate and stuff. Bitcoin does offer a lot more advantage for it's fees and the exchange rate savings. It's pretty uncommon to see those transfers being done in 10-30 minutes either.

I agree that it's not the best for cryptos in general to be promoted this way but its really the main thing the general public cares about.

Facts. This is where bitcoin and cryptocurrency really shine when it comes to money transfers. I held a couple charity auctions here recently to help support wildlife rescue in Australia due to the fires. I used paypal to transfer as it was really my only options and the exchange rate they charged was robbery. They also had a disclaimer that it could take SEVERAL weeks to reach the charity. What a scam.

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