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Crypto News A quick explanation!!! How does Bitcoin work?

 How does Bitcoin work?

This is a question often surrounded by confusion, so here's a quick explanation!




Basic for a new user

As a new user, you can start with Bitcoin without understanding the technical details. Once you install a bitcoin wallet on your computer or mobile phone, it will create your first bitcoin address and you can create more whenever you need. You can reveal your address to your friends so they can pay you or vice versa. In fact, similar to how email works, bitcoin addresses should only be used once.


Balance - Block Chain

Blockchain is a shared public ledger on which the entire Bitcoin network relies. All guaranteed transaction block chains are included. This allows Bitcoin wallets to calculate their spendable balances so that new transactions can be verified to ensure that they are actually owned by the consumer. Block chain integrity and chronological order are applied through cryptography.





Transactions - Private key

A transaction is a transfer of value between a Bitcoin wallet and a blockchain. Bitcoin wallets hold confidential information called a private key or seed, which is used to sign transactions, providing mathematical proof that they came from the owner of the wallet. Once the signature is issued, it prevents anyone from changing the transaction. All transactions are transmitted over the network and usually begin to be confirmed within 10-20 minutes, which is called mining.



Processing - Mining

Mining is a distributed consensus system used to ensure that pending transactions are included in the blockchain. It implements a chronological order in the blockchain, maintains the neutrality of the network and allows different computers to adapt to the state of the system. To be sure, transactions must be packed in a block that fits with very strict cryptographic rules that will be verified by the network. These rules prevent the previous blocks from being modified because doing so will cancel all subsequent blocks. Mining also creates the equivalent of a competitive lottery that prevents anyone from continuously adding new blocks to the blockchain. Thus, no group or individual can control what is included in the blockchain or replace parts of the blockchain to recoup their own costs.


There are some things you need to know About Bitcoin

How to secure your Bitcoin or Crypto Wallet ?



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