Explain about bitcoin and how it works.
Basic for new users (Bitcoin).
As a new user, you can start using Bitcoin without having to understand the technical details. After installing the Bitcoin wallet on a computer or cellphone, it will automatically create the first Bitcoin address and can make more bitcoin addresses again whenever you need them. You can share your Bitcoin address with your friends so they can pay you or vice versa. Very similar to how email works, except that Bitcoin addresses should only be used once.
Block-chain.
A block chain is a record of public transactions on which the Bitcoin network rests. All confirmed transactions are stored in a block chain. Thus, the Bitcoin wallet can calculate the remaining money that can be spent and new transactions can be verified to ensure that it is owned by the user. Chain-block integrity and chronological order are applied using cryptography.
private key transaction.
A transaction is a transfer of value between the BITCOIN swallow that is entered into a chain-block. The Bitcoin Wallet stores a portion of confidential data called a private key or seed, which is used to sign a transaction, providing mathematical proof that it really came from the wallet owner. Signatures also prevent transactions from being changed by anyone after they are issued. All transactions are broadcast into the network and usually will begin to be confirmed within 10-20 minutes, through a process called mining.
mining process.
Mining is a distributed consensus system used to confirm queues of transactions by putting them in a block-chain. This process confirms the chronological order of the chain-block, protects network neutrality, and allows other computers to agree on the state of the system. To be confirmed, transactions must be arranged in a block that complies with strict cryptographic rules and will be verified by the network. The rule is to prevent manipulation of the previous block because it makes all subsequent block sequences invalid. Mining is also like a competitive lottery in preventing each individual to easily add new blocks in a row to the chain-block. Thus, no individual or group can control what is entered into the chain-block or replace a portion of the chain-block to roll back their transaction.
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This post has received a 28.58 % upvote from @boomerang.
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see transfers between those accounts and to booster, boomerang, joeparys, etc
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