How the reciver Knows that he/she received Bitcoins

the joint

legendary

Activity: 1834

Merit: 1020

Quote from: PoCoMo on March 16, 2014, 06:42:11 PM

WTF is with the repeat answers?!

Every answer past the first is just repeating the same shit. Is this some kind of group blowjob? Or are you guys paid per post?

LOL!

No, each post intended to add extra clarity. For example, do you think "Bitcoin will die" is a comprehensive answer to the question, "What will happen if there are no min[e]rs in the network?" For beginners, some additional clarity might be appreciated.

What's your excuse?

Kazimir

legendary

Activity: 1176

Merit: 1011

Quote from: PoCoMo on March 16, 2014, 06:42:11 PM

WTF is with the repeat answers?!

Every answer past the first is just repeating the same shit. Is this some kind of group blowjob? Or are you guys paid per post?

LOL!

The guy before me said "The transaction shows up in the block-chain" and that's plain wrong. It would imply you'd have to wait ~10 minutes to receive a transaction. In reality, it's 1-2 seconds.

PoCoMo

newbie

Activity: 9

Merit: 0

WTF is with the repeat answers?!

Every answer past the first is just repeating the same shit. Is this some kind of group blowjob? Or are you guys paid per post?

LOL!

Kazimir

legendary

Activity: 1176

Merit: 1011

Quote from: venkata on March 14, 2014, 07:41:00 AM

1.In the transaction, when the receiver receives Bitcoin

A few seconds after the sender sends them.

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and how the receiver knows that he/she receives Bitcoin

Because they appear in his/her wallet.

Technically: because his/her bitcoin client (wallet software) notices the transaction that was sent throughout the network. Note that you don't have to be online in order to receive bitcoins. The sum of bitcoins is added to your address, regardless if you're right there and then to notice, or don't connect to the network until a week later.

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2. What will happen if there are no Minors in the network.

Same as what will happen to the Euro and US Dollar if there are no banks, ATM machines, credit cards, paypal, and cash registers anymore. Extremely unlikely, but it would die.

Brangdon

sr. member

Activity: 365

Merit: 251

Quote from: venkata on March 14, 2014, 07:41:00 AM

1.In the transaction, when the receiver receives Bitcoin and how the receiver knows that he/she receives Bitcoin

The transaction shows up in the block-chain. The receiver has to monitor the block-chain, looking for transactions that pay them money. This is one of the functions of wallet software.

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2. What will happen if there are no Minors in the network.

No miners means no more transactions will be added to the block-chain, so Bitcoin would become a dead currency until/unless a new miner started again.

TheButterZone

legendary

Activity: 3038

Merit: 1032

RIP Mommy

bitcoinmonitor.net or watch-only blockchain.info wallet alerts.

the joint

legendary

Activity: 1834

Merit: 1020

Quote from: venkata on March 14, 2014, 07:41:00 AM

Hi,

I have few questions regarding Bitcoin transactions.
Could someone clarify in details

1.In the transaction, when the receiver receives Bitcoin and how the receiver knows that he/she receives Bitcoin

2. What will happen if there are no Minors in the network.

Thanks & Regards
Venkat

1) You know you've received Bitcoins if your balance in your wallet increases. Any Bitcoin wallet software will indicate your balance and provide you with a history of your transaction record. I'm not really sure what else you meant by this question. If you check your transaction record, you will know if you received (or sent) bitcoins or not. It's really not any different than looking at your bank statements to know if and when you've received a deposit.

2) Miners act as a lubricant for the Bitcoin payment network. Miners are required to confirm and process transactions. If you remove all miners, you completely halt the network. That is why miners receive a subsidy (i.e. block rewards) for their efforts; the subsidy provides an incentive for miners to keep mining, and this ensures that the network is able to continue processing transactions.

wheatstone

member

Activity: 82

Merit: 10

Quote from: venkata on March 14, 2014, 07:41:00 AM

1.In the transaction, when the receiver receives Bitcoin and how the receiver knows that he/she receives Bitcoin

Transaction are submitted to the Bitcoin network and are then included in the a block in the blockchain by miners. The first block that contains the transaction results in the transaction having 1 confirmation. Each subsequent block mined after than is another transaction.

The receiver of bitcoins in a transaction (and everyone else) will know about it once the first confirmation is there. For reasons that are probably beyond the scope here, it is recommended to wait for 6 confirmations before considering the transaction "final".

If the person wanted to, he could even probe the network and know once the (unconfirmed) transaction hit.

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2. What will happen if there are no Minors in the network.

Bitcoin will die.

venkata

newbie

Activity: 6

Merit: 0

Hi,

I have few questions regarding Bitcoin transactions.
Could someone clarify in details

1.In the transaction, when the receiver receives Bitcoin and how the receiver knows that he/she receives Bitcoin

2. What will happen if there are no Minors in the network.

Thanks & Regards
Venkat

Topic: How the reciver Knows that he/she received Bitcoins (Read 744 times)