Author

Topic: New to cryptocurrencies, how does blockchain work and what does it do? (Read 484 times)

newbie
Activity: 34
Merit: 0
Thanks all for reply, why did my text got edited and says "[Suspicious link removed]"
Did I post a link? I don't think it was intended if I did so, been upp all night so was tired Tongue
member
Activity: 81
Merit: 10
When getting cryptocurrency wallets, you have to download blockchains, my question is what is it used for?
Is it okay to put your coins in the wallet before the [Suspicious link removed]pleted?
It's probably seems like a stupid question but I'm completely new on this market.

there are plenty tl;dr videos on youtube that are far more entertaining then reading blocks of text on the forums
full member
Activity: 192
Merit: 100
When getting cryptocurrency wallets, you have to download blockchains, my question is what is it used for?
Is it okay to put your coins in the wallet before the [Suspicious link removed]pleted?
It's probably seems like a stupid question but I'm completely new on this market.

Read this on how to get started!
http://alunacrypto.blogspot.sg/2016/03/bitcoin-altcoins-trading-complete-guide-cryptocurrency-tutorial-trading-strategy-fundamental-analysis-technical-analysis.html?m=1
legendary
Activity: 2730
Merit: 1288
When getting cryptocurrency wallets, you have to download blockchains, my question is what is it used for?
Is it okay to put your coins in the wallet before the [Suspicious link removed]pleted?
It's probably seems like a stupid question but I'm completely new on this market.

You posted on wrong part of forum.

Blockchain is used to store all past transactions that happened from 2009. That is needed not only as a place to look what was transacted in past but also to check if bitcoin in your wallet are legit. Since they were crated and then transacted in past. Without blockchain, your wallet and any other wallet where you plan to send coins, would not know if you are sending them real or made up coins.


And yes you can send coins into wallet before clockhain is synchronized. But is not so wise specially if you are doing it for the first time. Because you should try to send tiny amounts first to learn and prevent losing something valuable, since Bitcoin transactions cannot be reversed.
sr. member
Activity: 668
Merit: 257
Nextgen Financial Ecosystem
Hi, check out threads here: https://bitcointalk.org/index.php?board=39.0 there is a lot of info for newcomers.
newbie
Activity: 34
Merit: 0
When getting cryptocurrency wallets, you have to download blockchains, my question is what is it used for?
Is it okay to put your coins in the wallet before the [Suspicious link removed]pleted?
It's probably seems like a stupid question but I'm completely new on this market.
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