Unfiltered

Dummies Guide To Bitcoin

The simplest of questions can sometimes have the most complicated answers. It’s important to ask questions. If you don’t, you will never know the answers too! We try to bring the best to you. Today, we have some simple questions for you! But, the answers won’t be as easy and simple as it may seem. Are you ready for it?

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How Do The Transactions Exactly Work?

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It’s okay to wonder that! It might be a simple question. But, the answer is a bit more complex than you can imagine. But, its okay! We are going to give you an easy peasy answer and you won’t have to sweat it. From the users end, Bitcoin is so simple to use. It’s based on a software on your computer or an app on your phone. You use the software to receive Bitcoins to your wallet. Every wallet has its own specific encrypted set of letters and numbers linked to your software only. QR codes have made it even easier to pay through BTC to another Bitcoin user, its simpler than ever. All you’ll have to do is scan the QR code and by verifying the amount you wish to transfer the transaction. Oh, so easy!

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It’s all very simple right? But, it isn’t as simple at the heart of the Bitcoin network. The transactions are complex as hell. If you didn’t already know, all transactions publicly shared on the network are on a ledger called the blockchain. It’s the Bitcoin network that everything gets shared upon. The ledger has all the transactions and that’s why the entire system is popular for its transparency. Since, it’s all transparent it gives complete transparency to each transaction and allows any computer to get connected to the network to verify its validity. A digital signature is also linked to each transaction which matches with the sending address. Woah! That’s a lot of information to take in. But, keep hanging in there. You’ve made it so far okay?

The purpose of all of this is to give authenticity to each and every transaction and this is how the network permits all its users to control all their Bitcoins which they can freely send from their own unique Bitcoin address. That’s how the magic happens! That’s all folks! You know how it really works now! Flaunt your knowledge and be proud of yourself!

Is It Hard To Make Bitcoin Payments?

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Well the answer to this simple question is not that hard. It’s simple! So, you can chill out! The good thing is, making a Bitcoin transaction is so much easier than a credit or debit card. YES! It’s true! All you need to have is your wallet and no matter where you are you can make payments as you wish or even request for Bitcoins through the software on your phone, pc or your web wallet. Bitcoin network never goes to sleep! 3 AM? Need to send some BTC to your friend. Go right ahead. No one will stop you!

We have talked about the QR code method above and that’s also another way to make purchases. But, there is also the option of NFC (Near-Field-Communication) which most of the smartphones allow. You simply let your phone make out with another phone!

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Just kidding! All you need to do is press the back of your phone to the back of the buyers or seller phone. Tada! The transaction is complete. So much better than swiping you credit or debit card no?

Do you have more simple questions related to Bitcoin or the blockchain technology? You can send in your questions and we’ll be delighted to answer them for you!

 

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Maira Zaheer

I love to write and channel my feelings into words. I'd like to quote my favorite author and poet. Who has taught me every word matters. “let me live, love, and say it well in good sentences” - Sylvia Plath. I'm here to fill your lives with some crypto-gossip. Email: maira@blockpublisher.com or contact the editor at editor.unfiltered@blockpublisher.com

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