Bitcoin is a peer-to-peer payment system introduced as open source software in 2009. The digital currency created and used in the system is also called bitcoin and is alternatively referred to as a virtual currency, electronic money, or crypto currency.
Bitcoin is a consensus network that enables a new payment system and completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Bitcoin transactions are sent from and to electronic bitcoin wallets, and are digitally signed for security. Everyone on the network knows about a transaction, and the history of a transaction can be traced back to the point where the bitcoins were produced.
Selling bitcoin isn't quite as straightforward as buying bitcoin, but fortunately CoinDesk is here to help. This guide will give you all the information you need to cash out your digital currency.
Bitcoin transactions are sent from and to electronic bitcoin wallets, and are digitally signed for security. Everyone on the network knows about a transaction, and the history of a transaction can be traced back to the point where the bitcoins were produced.
Selling bitcoin isn't quite as straightforward as buying bitcoin, but fortunately CoinDesk is here to help. This guide will give you all the information you need to cash out your digital currency.
An introduction to bit coins and bit coin miningAnirudh Kadevari
Bit coins a buzz word today it is the digital currency that is one of the most convenient method of modern electronic payment system this presentation gives an overview of what bit coins are and how are they mined and certain hardware trends to mine bit coins..
Bit Coins are one most disruptive technologies in recent times with an impact that may ultimately be as big as the internet. Bitcoin uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of bitcoins is carried out collectively within a network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and anyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is a virtual currency and the Bitcoin user experience will be very important for widespread adoption and use. In my talk I am going to talk about the evolution of currency, crypto currencies and Bit Coins. I will also discuss Bitcoin experiences and the Bitcoin platform eco-system, Bit Coin facts, and the possible future of Bit Coins.
Bitcoin is a cryptocurrency and a virtual type of money. It’s really like having an online version of money or cash.
You can use Bitcoin to purchase products and services and more and more vendors are accepting Bitcoin as a form of payment these days.
Now is a very good time to take an interest in Bitcoin and invest in it. It has been going strong for 10 years and its popularity has soared.
In order to make the best returns on Bitcoin investments you need to understand what it really is and how it works.
With this step by step guide:
you will learn how to avoid scams in cryptocurrency
you will learn how work the blockchain technolog
you will be able to keep your bitcoins safe in the best wallets
you will know the best way to obtain bitcoins and the best investment strategies
you will learn the advice you need to follow to make a good return on your investment
Bitcoin is a peer-to-peer electronic cash system and the first truly decentralized network for sending and receiving value over the Internet. This presentation gets into the details of the technology and answers common questions related to the bitcoin, how it works.
Confused by some of the terms used on CoinDesk? Here you will find a complete bitcoin 101 that will help you to understand digital currency by explaining commonly used terms and their meanings.
Invest in bitcoins , and cryptocurrency at buyUcoin - India's best crypto tra...PrathamJaisz
What is Polkadot ?
Polkadot (DOT) Token is considered as a next-generation blockchain network that aims of connecting all the other cryptocurrency networks into one and creating one unified network. The network was designed to create as a means to return control back to the individual user from internet monopolies. Other than providing the same abilities that previous blockchain platforms offered, Polkadot (DOT) token also provides its users with additional advantages.
What Benefit of Polkadot (DOT) Token?
Blockchain giants like Bitcoin and Ethereum, even after upgrading their networks, are not able to find a permanent solution to the issue of scalability. Almost every blockchain platform, especially Bitcoin, suffers from scalability issues that in turn result in the increment of its transaction fees and throughput time of the platform. The Polkadot platforms solve the issue of scalability with its multi-network blockchain. Since there are a number of networks connected with the Polkadot (DOT) token platform, this eliminates the creation of a bottleneck that occurs while processing transactions. Polkadot (DOT) token processes multiple transactions at once by processing them in multiple parallel networks. This ensures that the scalability grows along with the development and growth of the platform as a whole. The Polkadot token is governed by its community as they hold transparent stakes in the future of the platform. This ensures that the platform is governed according to the will of the users and does not have to rely on a centralized authority for its governance who might use questionable data practices. The DOT token platform also provides users with inter-network and cross-chain communication, hence allowing newer and more creative innovations that would allow users to transfer information from one chain to another.
buyUCoin– India’s most secured cryptotrading platform!
Invest in bitcoins , Ethereum, ripple and many such cryptocurrencies at one go with buyUcoin - India's most trusted and secured trading platform. JOIN the 350+k traders community and start investing now!!
Login to buyUcoin for more information!
https://www.buyucoin.com/buy-bitcoin-india
https://www.buyucoin.com/ethereum-price-india-eth-inr
https://www.buyucoin.com/chainlink-token-price-india-link-inr
https://www.buyucoin.com/buy-polkadot-token-india
Bitcoin is expanding rapidly as an acceptable form of payment and there is a good reason why. Tired of the status quo and the government's propensity to overspend and to use currency printing as a solution to financial troubles, people are turning to a currency that does not devalue and is not in direct control of any one government.
Fiscal responsibility and responsibility has ended up under the microscope, especially in the last few years as governments and central banks have done all that they could to shore up and maintain the current financial structure. Citizens aren't as dumb as governments think though. They see what is going on and how there is increasing instability in the currency markets. Currency erosion and dropping consumer confidence has opened the door for a currency revolution and how the world transacts business.
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
Easy-to-understand illustration of the system.
Bitcoin is a virtual currency that can be used on the Internet.
From the name of virtual currency, I'm a little worried, "Isn't the money disappearing in some way?"
An introduction to bit coins and bit coin miningAnirudh Kadevari
Bit coins a buzz word today it is the digital currency that is one of the most convenient method of modern electronic payment system this presentation gives an overview of what bit coins are and how are they mined and certain hardware trends to mine bit coins..
Bit Coins are one most disruptive technologies in recent times with an impact that may ultimately be as big as the internet. Bitcoin uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of bitcoins is carried out collectively within a network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and anyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is a virtual currency and the Bitcoin user experience will be very important for widespread adoption and use. In my talk I am going to talk about the evolution of currency, crypto currencies and Bit Coins. I will also discuss Bitcoin experiences and the Bitcoin platform eco-system, Bit Coin facts, and the possible future of Bit Coins.
Bitcoin is a cryptocurrency and a virtual type of money. It’s really like having an online version of money or cash.
You can use Bitcoin to purchase products and services and more and more vendors are accepting Bitcoin as a form of payment these days.
Now is a very good time to take an interest in Bitcoin and invest in it. It has been going strong for 10 years and its popularity has soared.
In order to make the best returns on Bitcoin investments you need to understand what it really is and how it works.
With this step by step guide:
you will learn how to avoid scams in cryptocurrency
you will learn how work the blockchain technolog
you will be able to keep your bitcoins safe in the best wallets
you will know the best way to obtain bitcoins and the best investment strategies
you will learn the advice you need to follow to make a good return on your investment
Bitcoin is a peer-to-peer electronic cash system and the first truly decentralized network for sending and receiving value over the Internet. This presentation gets into the details of the technology and answers common questions related to the bitcoin, how it works.
Confused by some of the terms used on CoinDesk? Here you will find a complete bitcoin 101 that will help you to understand digital currency by explaining commonly used terms and their meanings.
Invest in bitcoins , and cryptocurrency at buyUcoin - India's best crypto tra...PrathamJaisz
What is Polkadot ?
Polkadot (DOT) Token is considered as a next-generation blockchain network that aims of connecting all the other cryptocurrency networks into one and creating one unified network. The network was designed to create as a means to return control back to the individual user from internet monopolies. Other than providing the same abilities that previous blockchain platforms offered, Polkadot (DOT) token also provides its users with additional advantages.
What Benefit of Polkadot (DOT) Token?
Blockchain giants like Bitcoin and Ethereum, even after upgrading their networks, are not able to find a permanent solution to the issue of scalability. Almost every blockchain platform, especially Bitcoin, suffers from scalability issues that in turn result in the increment of its transaction fees and throughput time of the platform. The Polkadot platforms solve the issue of scalability with its multi-network blockchain. Since there are a number of networks connected with the Polkadot (DOT) token platform, this eliminates the creation of a bottleneck that occurs while processing transactions. Polkadot (DOT) token processes multiple transactions at once by processing them in multiple parallel networks. This ensures that the scalability grows along with the development and growth of the platform as a whole. The Polkadot token is governed by its community as they hold transparent stakes in the future of the platform. This ensures that the platform is governed according to the will of the users and does not have to rely on a centralized authority for its governance who might use questionable data practices. The DOT token platform also provides users with inter-network and cross-chain communication, hence allowing newer and more creative innovations that would allow users to transfer information from one chain to another.
buyUCoin– India’s most secured cryptotrading platform!
Invest in bitcoins , Ethereum, ripple and many such cryptocurrencies at one go with buyUcoin - India's most trusted and secured trading platform. JOIN the 350+k traders community and start investing now!!
Login to buyUcoin for more information!
https://www.buyucoin.com/buy-bitcoin-india
https://www.buyucoin.com/ethereum-price-india-eth-inr
https://www.buyucoin.com/chainlink-token-price-india-link-inr
https://www.buyucoin.com/buy-polkadot-token-india
Bitcoin is expanding rapidly as an acceptable form of payment and there is a good reason why. Tired of the status quo and the government's propensity to overspend and to use currency printing as a solution to financial troubles, people are turning to a currency that does not devalue and is not in direct control of any one government.
Fiscal responsibility and responsibility has ended up under the microscope, especially in the last few years as governments and central banks have done all that they could to shore up and maintain the current financial structure. Citizens aren't as dumb as governments think though. They see what is going on and how there is increasing instability in the currency markets. Currency erosion and dropping consumer confidence has opened the door for a currency revolution and how the world transacts business.
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
Easy-to-understand illustration of the system.
Bitcoin is a virtual currency that can be used on the Internet.
From the name of virtual currency, I'm a little worried, "Isn't the money disappearing in some way?"
Dennis | Yamato is a serial entrepreneur with a track record of success. He is the founder of a profitable ecommerce platform which he sold in 2013. Since entering the blockchain space, he has co-founded two mining businesses which are still operational today. He is an early adopter of blockchain tech and has several years experience as an investor and trader of cryptocurrencies. Dennis | Yamato has a degree in Business Management and is a Certified Blockchain Expert.
This presentation provide the brief knowledge of Bitcoin. Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency.
All you ever needed to know on bitcoin and blockchainMarco Hauff
Basic introduction into the world of Bitcoin and Blockchain. Handy for everyone that needs to attend a birthday party and wants to join a conversation on this topic. A must for the financial / technology professional.
This guide is all about explaining Bitcoin and cryptocurrencies in simple terms. Here's what it covers:
Bitcoin is a type of digital money, and cryptocurrency is a digital currency. A few years ago, people didn't know much about these terms, and some thought they were just a passing trend.
Prosigns: Transforming Business with Tailored Technology SolutionsProsigns
Unlocking Business Potential: Tailored Technology Solutions by Prosigns
Discover how Prosigns, a leading technology solutions provider, partners with businesses to drive innovation and success. Our presentation showcases our comprehensive range of services, including custom software development, web and mobile app development, AI & ML solutions, blockchain integration, DevOps services, and Microsoft Dynamics 365 support.
Custom Software Development: Prosigns specializes in creating bespoke software solutions that cater to your unique business needs. Our team of experts works closely with you to understand your requirements and deliver tailor-made software that enhances efficiency and drives growth.
Web and Mobile App Development: From responsive websites to intuitive mobile applications, Prosigns develops cutting-edge solutions that engage users and deliver seamless experiences across devices.
AI & ML Solutions: Harnessing the power of Artificial Intelligence and Machine Learning, Prosigns provides smart solutions that automate processes, provide valuable insights, and drive informed decision-making.
Blockchain Integration: Prosigns offers comprehensive blockchain solutions, including development, integration, and consulting services, enabling businesses to leverage blockchain technology for enhanced security, transparency, and efficiency.
DevOps Services: Prosigns' DevOps services streamline development and operations processes, ensuring faster and more reliable software delivery through automation and continuous integration.
Microsoft Dynamics 365 Support: Prosigns provides comprehensive support and maintenance services for Microsoft Dynamics 365, ensuring your system is always up-to-date, secure, and running smoothly.
Learn how our collaborative approach and dedication to excellence help businesses achieve their goals and stay ahead in today's digital landscape. From concept to deployment, Prosigns is your trusted partner for transforming ideas into reality and unlocking the full potential of your business.
Join us on a journey of innovation and growth. Let's partner for success with Prosigns.
In the ever-evolving landscape of technology, enterprise software development is undergoing a significant transformation. Traditional coding methods are being challenged by innovative no-code solutions, which promise to streamline and democratize the software development process.
This shift is particularly impactful for enterprises, which require robust, scalable, and efficient software to manage their operations. In this article, we will explore the various facets of enterprise software development with no-code solutions, examining their benefits, challenges, and the future potential they hold.
Essentials of Automations: The Art of Triggers and Actions in FMESafe Software
In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
We’ll kick things off by showcasing the most commonly used event-based triggers, introducing you to various automation workflows like manual triggers, schedules, directory watchers, and more. Plus, see how these elements play out in real scenarios.
Whether you’re tweaking your current setup or building from the ground up, this session will arm you with the tools and insights needed to transform your FME usage into a powerhouse of productivity. Join us to discover effective strategies that simplify complex processes, enhancing your productivity and transforming your data management practices with FME. Let’s turn complexity into clarity and make your workspaces work wonders!
Launch Your Streaming Platforms in MinutesRoshan Dwivedi
The claim of launching a streaming platform in minutes might be a bit of an exaggeration, but there are services that can significantly streamline the process. Here's a breakdown:
Pros of Speedy Streaming Platform Launch Services:
No coding required: These services often use drag-and-drop interfaces or pre-built templates, eliminating the need for programming knowledge.
Faster setup: Compared to building from scratch, these platforms can get you up and running much quicker.
All-in-one solutions: Many services offer features like content management systems (CMS), video players, and monetization tools, reducing the need for multiple integrations.
Things to Consider:
Limited customization: These platforms may offer less flexibility in design and functionality compared to custom-built solutions.
Scalability: As your audience grows, you might need to upgrade to a more robust platform or encounter limitations with the "quick launch" option.
Features: Carefully evaluate which features are included and if they meet your specific needs (e.g., live streaming, subscription options).
Examples of Services for Launching Streaming Platforms:
Muvi [muvi com]
Uscreen [usencreen tv]
Alternatives to Consider:
Existing Streaming platforms: Platforms like YouTube or Twitch might be suitable for basic streaming needs, though monetization options might be limited.
Custom Development: While more time-consuming, custom development offers the most control and flexibility for your platform.
Overall, launching a streaming platform in minutes might not be entirely realistic, but these services can significantly speed up the process compared to building from scratch. Carefully consider your needs and budget when choosing the best option for you.
Code reviews are vital for ensuring good code quality. They serve as one of our last lines of defense against bugs and subpar code reaching production.
Yet, they often turn into annoying tasks riddled with frustration, hostility, unclear feedback and lack of standards. How can we improve this crucial process?
In this session we will cover:
- The Art of Effective Code Reviews
- Streamlining the Review Process
- Elevating Reviews with Automated Tools
By the end of this presentation, you'll have the knowledge on how to organize and improve your code review proces
Unleash Unlimited Potential with One-Time Purchase
BoxLang is more than just a language; it's a community. By choosing a Visionary License, you're not just investing in your success, you're actively contributing to the ongoing development and support of BoxLang.
Utilocate offers a comprehensive solution for locate ticket management by automating and streamlining the entire process. By integrating with Geospatial Information Systems (GIS), it provides accurate mapping and visualization of utility locations, enhancing decision-making and reducing the risk of errors. The system's advanced data analytics tools help identify trends, predict potential issues, and optimize resource allocation, making the locate ticket management process smarter and more efficient. Additionally, automated ticket management ensures consistency and reduces human error, while real-time notifications keep all relevant personnel informed and ready to respond promptly.
The system's ability to streamline workflows and automate ticket routing significantly reduces the time taken to process each ticket, making the process faster and more efficient. Mobile access allows field technicians to update ticket information on the go, ensuring that the latest information is always available and accelerating the locate process. Overall, Utilocate not only enhances the efficiency and accuracy of locate ticket management but also improves safety by minimizing the risk of utility damage through precise and timely locates.
Innovating Inference - Remote Triggering of Large Language Models on HPC Clus...Globus
Large Language Models (LLMs) are currently the center of attention in the tech world, particularly for their potential to advance research. In this presentation, we'll explore a straightforward and effective method for quickly initiating inference runs on supercomputers using the vLLM tool with Globus Compute, specifically on the Polaris system at ALCF. We'll begin by briefly discussing the popularity and applications of LLMs in various fields. Following this, we will introduce the vLLM tool, and explain how it integrates with Globus Compute to efficiently manage LLM operations on Polaris. Attendees will learn the practical aspects of setting up and remotely triggering LLMs from local machines, focusing on ease of use and efficiency. This talk is ideal for researchers and practitioners looking to leverage the power of LLMs in their work, offering a clear guide to harnessing supercomputing resources for quick and effective LLM inference.
We describe the deployment and use of Globus Compute for remote computation. This content is aimed at researchers who wish to compute on remote resources using a unified programming interface, as well as system administrators who will deploy and operate Globus Compute services on their research computing infrastructure.
Field Employee Tracking System| MiTrack App| Best Employee Tracking Solution|...informapgpstrackings
Keep tabs on your field staff effortlessly with Informap Technology Centre LLC. Real-time tracking, task assignment, and smart features for efficient management. Request a live demo today!
For more details, visit us : https://informapuae.com/field-staff-tracking/
Top Features to Include in Your Winzo Clone App for Business Growth (4).pptxrickgrimesss22
Discover the essential features to incorporate in your Winzo clone app to boost business growth, enhance user engagement, and drive revenue. Learn how to create a compelling gaming experience that stands out in the competitive market.
Climate Science Flows: Enabling Petabyte-Scale Climate Analysis with the Eart...Globus
The Earth System Grid Federation (ESGF) is a global network of data servers that archives and distributes the planet’s largest collection of Earth system model output for thousands of climate and environmental scientists worldwide. Many of these petabyte-scale data archives are located in proximity to large high-performance computing (HPC) or cloud computing resources, but the primary workflow for data users consists of transferring data, and applying computations on a different system. As a part of the ESGF 2.0 US project (funded by the United States Department of Energy Office of Science), we developed pre-defined data workflows, which can be run on-demand, capable of applying many data reduction and data analysis to the large ESGF data archives, transferring only the resultant analysis (ex. visualizations, smaller data files). In this talk, we will showcase a few of these workflows, highlighting how Globus Flows can be used for petabyte-scale climate analysis.
Software Engineering, Software Consulting, Tech Lead, Spring Boot, Spring Cloud, Spring Core, Spring JDBC, Spring Transaction, Spring MVC, OpenShift Cloud Platform, Kafka, REST, SOAP, LLD & HLD.
Custom Healthcare Software for Managing Chronic Conditions and Remote Patient...Mind IT Systems
Healthcare providers often struggle with the complexities of chronic conditions and remote patient monitoring, as each patient requires personalized care and ongoing monitoring. Off-the-shelf solutions may not meet these diverse needs, leading to inefficiencies and gaps in care. It’s here, custom healthcare software offers a tailored solution, ensuring improved care and effectiveness.
Cyaniclab : Software Development Agency Portfolio.pdfCyanic lab
CyanicLab, an offshore custom software development company based in Sweden,India, Finland, is your go-to partner for startup development and innovative web design solutions. Our expert team specializes in crafting cutting-edge software tailored to meet the unique needs of startups and established enterprises alike. From conceptualization to execution, we offer comprehensive services including web and mobile app development, UI/UX design, and ongoing software maintenance. Ready to elevate your business? Contact CyanicLab today and let us propel your vision to success with our top-notch IT solutions.
May Marketo Masterclass, London MUG May 22 2024.pdfAdele Miller
Can't make Adobe Summit in Vegas? No sweat because the EMEA Marketo Engage Champions are coming to London to share their Summit sessions, insights and more!
This is a MUG with a twist you don't want to miss.
In software engineering, the right architecture is essential for robust, scalable platforms. Wix has undergone a pivotal shift from event sourcing to a CRUD-based model for its microservices. This talk will chart the course of this pivotal journey.
Event sourcing, which records state changes as immutable events, provided robust auditing and "time travel" debugging for Wix Stores' microservices. Despite its benefits, the complexity it introduced in state management slowed development. Wix responded by adopting a simpler, unified CRUD model. This talk will explore the challenges of event sourcing and the advantages of Wix's new "CRUD on steroids" approach, which streamlines API integration and domain event management while preserving data integrity and system resilience.
Participants will gain valuable insights into Wix's strategies for ensuring atomicity in database updates and event production, as well as caching, materialization, and performance optimization techniques within a distributed system.
Join us to discover how Wix has mastered the art of balancing simplicity and extensibility, and learn how the re-adoption of the modest CRUD has turbocharged their development velocity, resilience, and scalability in a high-growth environment.
2. SOME POINTS TO DESCRIBE THE BITCOIN WEBSITE
DEVELOPMENT SERVICES
1. WHAT IS BITCOIN ?
2. BITCOIN CURRENCY CONVESION .
3. HOW DOES BITCOIN WORK ?
4. WHAT DOES A TRANSACTION LOOK LIKE FOR
CURRENCY EXCHANGE ?
==============================================
3. WHAT IS BITCOIN
*Bitcoin development*
Bitcoins are electronic currency, otherwise known as cryptocurrency'.
Bitcoins are a form of digital public money that is created by painstaking
mathematical computations, and policed by millions of computer users called
'miners'.
Bitcoins are, in essence, electricity converted into long strings of code that
have money value.
4. BITCOIN CURRENCY CONVESION
*Bitcoin Currency Conversion*
Bitcoin currency exchanges work in a manner similar to banks. One first
deposits amounts of money in the currencies supported by the exchange, to
his own account in the exchange, uses these balances to trade with other users
of the exchange and then withdraws that money. Unlike over-the-counter
transactions, there is no risk of losing money due to people not fulfilling their
part of the deal, as long as the exchange itself does not commit fraud or
withhold money.
Exchanging is done by placing "buy" or "sell" orders, which the exchange
system software then matches with each other. "Buy" orders are offers to buy
bitcoins in exchange for another currency at a maximum price-per-bitcoin
which is set by the offerer. "Sell" orders are offers to sell bitcoins at a
minimum price-per-bitcoin. If the bid price of a buy order is higher than the
ask price of a sell order, an exchange can be performed and either the bid
order, the sell order or both can be removed from the "order book". Thus, at
any given time, there is a price above which there are no more buy orders and
a slightly higher price below which there are no more sell orders.
5. HOW DOES BITCOIN WORK
*Process of Bitcoin Currency Conversion*
Bitcoins are completely virtual coins designed to be 'self-contained' for their
value, with no need for banks to move and store the money. Once you own
bitcoins, they behave like physical gold coins: they possess value and trade
just as if they were nuggets of gold in your pocket. You can use your bitcoins
to purchase goods and services online, or you can tuck them away and hope
that their value increases over the years.
Bitcoins are traded from one personal 'wallet' to another.A wallet is a small
personal database that you store on your computer drive, on your
smartphone, on your tablet, or somewhere in the cloud.
6. WHAT DOES A TRANSACTION LOOK LIKE
*Transaction of BTC*
If we sends some bitcoins to Bob, that transaction will have three pieces of
information:
An input. This is a record of which bitcoin address was used to send the
bitcoins to us in the first place (we received them from other one).
An amount. This is the amount of bitcoins that we are sending to Bob.
An output. This is Bob’s bitcoin address.
How is it sent?
How do bitcoin transactions work To send bitcoins, you need two things: a
bitcoin address and a private key. A bitcoin address isn’t like a bank account;
you don’t need mountains of paperwork and ID to set one up. In fact, they are
generated randomly, and are simply sequences of letters and numbers. The
private key is another sequence of letters and numbers, but unlike your
bitcoin address, this is kept secret.
7. Think of your bitcoin address as a safe deposit box with a glass front.
Everyone knows what is in it, but only the private key can unlock it to take
things out or put things in.
When you want to send bitcoins to your friend, you uses him private key to
sign a message with the input (the source transaction(s) of the coins), amount,
and output then sends them from her bitcoin wallet out to the wider bitcoin
network. From there, bitcoin miners verify the transaction, putting it into a
transaction block and eventually solving it.
Why must I sometimes wait for my transaction to clear?
Because your transaction must be verified by miners, you are sometimes
forced to wait until they have finished mining. The bitcoin protocol is set so
that each block takes roughly 10 minutes to mine. Some merchants may make
you wait until this block has been confirmed, meaning that you may have to
make a cup of coffee and come back again in a short while before you can
download the digital goods or take advantage of the service that you paid for.
On the other hand, some merchants won’t make you wait until the transaction
has been confirmed. They effectively take a chance on you, assuming that you
won’t try and spend the same bitcoins somewhere else before the transaction
confirms. This often happens for low value transactions, where the risk of
fraud isn’t as great.
What if the input and output amounts don’t match?
Because bitcoins exist only as records of transactions, you can end up with
many different transactions tied to a particular bitcoin address. Perhaps Jane
sent Alice two bitcoins, Philip sent her three bitcoins, and Eve sent her a single
bitcoin, all as separate transactions at separate times. These are not
automatically combined in Alice’s wallet to make one file containing six
bitcoins. They simply sit there as different transaction records.
8. When Alice wants to send bitcoins to Bob, her wallet will try to use
transaction records with different amounts that add up to the number of
bitcoins that she wants to send Bob.
The chances are that when Alice wants to send bitcoins to Bob, she won’t have
exactly the right number of bitcoins from other transactions. Perhaps she only
wants to send 1.5 bitcoins to Bob. None of the transactions that she has in her
bitcoin address are for that amount, and none of them add up to that amount
when combined. Alice can’t just split a transaction into smaller amounts. You
can only spend the whole output of a transaction, rather than breaking it up
into smaller amounts.
Instead, she will have to send one of the incoming transactions, and then the
rest of the bitcoins will be returned to her as change.
Alice sends the two bitcoins that she got from Jane to Bob. Jane is the input,
and Bob is the output. But the amount is only 1.5 bitcoins, because that is all
she wants to send. So, her wallet automatically creates two outputs for her
transaction: 1.5 bitcoins to Bob, and 0.5 bitcoins to a new address, which it
created for Alice to hold her change from Bob.
Are there any transaction fees?
Sometimes, but not all the time. Transaction fees are calculated using various
factors. Some wallets let you set transaction fees manually. Any portion of a
transaction that isn’t picked up by the recipient or returned as change is
considered a fee. This then goes to the miner lucky enough to solve the
transaction block as an extra reward.
Right now, many miners process transactions for no fees. As the block reward
for bitcoins decreases, this will be less likely.
One of the frustrating things about transaction fees in the past was that the
calculation of those fees was complex and arcane. It has been the result of
9. several updates to the protocol, and has developed organically. Updates to the
core software handling bitcoin transactions will see it change the way that it
handles transaction fees, instead estimating the lowest fee that will be
accepted.
Can get a receipt?
ReceiptBitcoin wasn’t really meant for receipts. Although there are changes
coming in version 0.9 that will alter the way payments work, making them far
more user-friendly and mature. Payment processors like BitPay also provide
the advanced features that you wouldn’t normally get with a native bitcoin
transaction, such as receipts and order confirmation web pages.
What if I only want to send part of a bitcoin?
Bitcoin transactions are divisible. A satoshi is one millionth of a bitcoin, and it
is possible to send a transaction as small as 5430 satoshis on the bitcoin
network.