Archive - December 27, 2019

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Know about working of bitcoins

Know about working of bitcoins

When you are new to bitcoins or when you are interested to step in bitcoins world, then one question that is surrounded by confusion is “how does bitcoin work?” Here is a short answer for this most confusing question in these recent times.

No one will let their legs inside an extremely new topic which they are unaware of it before. You have to know some of the technical details that are involved in bitcoins. The first thing that you have to do is installing a digital wallet in your device such as personal computer or mobile phone. When you have first downloaded it, then you are provided with your first bitcoin address which is also known as public address and you have to offer this address to the people with whom you are transacting bitocins.

 The entire bitcoin network is relied on a public ledger called blockchain which keeps record of all the transactions that are made by all bitcoin users around the world. When you send or receive to or from other users, then this process is called transaction. There is a key called private key which can act as a signature which is needed to be entered in order to make a transaction. You should not share this seed with anyone so that you can prevent your transaction from being altered by anyone. When you make a transaction, it will be completed within a few minutes since there is no intermediate system and when a transaction is made, a new block in created in the ledger.

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