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How Does Bitcoin Work? - The Balance
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Bitcoin for Beginners
Bitcoin for Beginners is a subreddit for new users to ask Bitcoin related questions. **Do not respond to strangers direct messaging you, as over 99% of these people are Scammers.** This subreddit allows open discussion where peer review occurs. /BitcoinBeginners is not for posting new websites, memes, faucets, affiliate links, news, concern trolling, blog articles, or promoting altcoins and ICOs. **Bitcoin related Questions only** No url shorteners (auto spam)
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Haven't waited on a Bitcoin transaction to confirm in a long time...
Sending some of my Bitcoin to an exchange today from cold storage. I initiated the transaction over 2 hours ago, and it still has at least another hour before it is estimated to be confirmed! I had no idea it was really this bad. Wow, what a shame! BTC is what I remember being Bitcoin. Just wanted to say keep up the good work. As more and more people have this eye opening experience, more and more will leave to better cryptocurrencies. Edit: Ended up taking just under 4 hours to confirm.
Hours of searching online hasn't yielded much wisdom, so I'm turning to the interwebs for wisdom! I am the co-executor of my father's estate, and am the one handling the financial matters. For the most part, things have been pretty straightforward, but the sale of his property in rural western Virginia has a complication that has brought me here. We are hoping to sell without going through a realtor, especially as the property is an odd one and is in a close-knit community where multiple local folks approached us quickly with interest. The best proposal we have heard informally so far is a cash offer from a neighbor. However, that neighbor is highly interested in transacting the deal in cryptocurrency (BTC or USDC). The two of us who are the co-executors and sole beneficiaries of the estate very much want for neither us nor the estate to be holding crypto -- not that we're opposed to it, just that neither of us have the bandwidth for that sort of complication in our lives right now. I've just begin reading about selling by owner, and I know we'd need to work with a title company to close the transaction. How could I even go about identifying a title company that would work with a transaction involving crypto? What questions should I be asking and what should I be wary of? Is there anywhere I can turn to read and learn more about this sort of thing? Thanks in advance.
Hi everyone. I did purchase bitcoins from the national bitcoin atm and i did say it was done and i got a receipt for it . But upon checking my wallet . The coins didn't show up. What can i do guys . I even checked on blockexplorer.com and it shows up all zero .please any advice will be greatful
The only thing holding Bitcoin back in the USA is how it gets taxed by the IRS. It hampers the velocity of Bitcoin transactions throughout the economy. If we ever want Bitcoin to hit escape velocity, these taxes must be reformed.
Bitcoin hasn’t hit that “of course we accept Bitcoin” level in the economy and it never will if it continues to be taxed in this way. Capital gains taxes and the IRS demanding tax payment in USD are the achilles heel of Bitcoin. But Bitcoin is a completely new thing. It should not be taxed like simple property or a collectible. If you want to see an explosion of sustainable economic growth in the economy, then the taxation of Bitcoin must be reformed. They can even charge the capital gains if I trade my Bitcoin for USD for all they want. But if I’m trying to buy my groceries or a house with bitcoin, then the capital gains tax need not apply.... or can be greatly reduced.
I don't mean in terms of privacy, which all my web searches seem to assume. But rather, if I set up a new wallet from an existing seed, how does that wallet know what transactions have sent me Bitcoin, and vice versa?
Trying to understand bitcoin transactions and multiple addresses.
Hello friends. I need your help to understand some things about the bitcoin transactions that confuse me a lot. Particularly I generated an address from my Ledger Nano X and I removed 0,104 BTC from an exchange and now comes the difficult part. When I typed the receiving address ( from Nano X ) to the blockchain explorer is appearing the following image where in the left there is a list of 7 addresses which I think that belongs to the exchange and in the right side there are 100 addresses and only one of them is the address that I generated with my Nano X. I cannot understand why there are 7 addresses and why the 6 of them are the same ? I removed only 0,1 BTC, why the exchange did not use just one address ? and the most confusing why there are 100 addresses on the other side? I generated just one. Also, the small globes with the red (spent) and green (unspent) color, what do they symbolize? Sorry for the long post and thank you in advance for your time. https://www.blockchain.com/btc/address/3Qii5Vhx5mrXJ1YDqYQNBjTjiQmcBGm13o
If you're a country that taxes bitcoin transactions you are going to get left the fuck behind while the rest of the world advances so fast it will make you look poverty stricken by comparison.
When bitcoin is used in nano payments where people are completing a transaction for each second they use a service in real time, streaming music for a couple of hours would create 10,000 capital gains tax events that all need to be recorded logged and filed to the IRS, each one with an attached detailed analysis of the bitcoin price when you acquired it, disposed of it, and that spread for tax purposes. Listening to music alone would accumulate to 3 million individual capital gains tax events a year. Then there's machine to machine payments. Do software agents and bots that own bitcoin get taxed on each of the 100,000 lightning network transactions they propagate every single day? What the actual fuck... This is the literal equivalent of trying to tax and require strict record keeping of every single letter within every single email and message sent over the internet. How stupid are these people.. Countries that currently have no capital gains taxes like Singapore, Dubai, Monaco, Switzerland, Malaysia, New Zealand, all allow completely unfettered frictionless use of digital currencies like bitcoin, and they will benefit tremendously with digital finance exploding in their countries making them the new financial hubs of the new digital world. Meanwhile countries that continue to tax every single crypto transaction will stagnate and get left behind during this digital finance wave of the future. London and New York being the center of the old world of finance have draconian licences and immense tax record keeping burdens that strangle and suffocate the use of digital finance in their jurisdictions. They might be the center of the old financial world but they are going to be the absolute backwater of the new digital financial world the way they are going. I'm moving to a country that doesn't tax crypto. Not so I can save money, but so I can live in a city that actually has a future in the new digital economy and isn't going to stagnate into self-inflicted poverty.
Collection of fee estimating tools (for saving on fees when sending a bitcoin transaction)
Here are some resources that can help you estimate fees when sending a bitcoin transaction, so you don't end up overpaying unnecessarily. Keep in mind that in order to take advantage of this, you need a proper bitcoin wallet which allows for custom fee setting. A selection of such wallets you can find here or here. The order here is roughly from advanced to easy. 1) https://jochen-hoenicke.de/queue/#0,24h Here you can see a visualization of how many unconfirmed transactions are currently on the network, as well as how many were there in the past. Each coloured layer represents a different fee amount. F.ex the deep blue (lowest layer) are the 1sat/byte transactions, slightly brighter level above are the 2sat/byte transactions and so on. The most interesting graph is the third one, which shows you the size of the current mempool in MB and the amount of transactions with different fee levels, which would compete with your transaction if you were to send it right now. This should help you estimating how high you need to set the fee (in sat/byte) in order to have it confirmed "soon". But this also should help you to see that even the 1sat/byte transactions get confirmed very regularly, especially on weekends and in the night periods, and that the spikes in the mempool are always temporary. For that you can switch to higher timeframes in the upper right corner, f.ex here is a 30 days view: https://jochen-hoenicke.de/queue/#0,30d. You clearly can see that the mempool is cyclical and you can set a very low fee if you are not in hurry. 2) https://mempool.space This is also an overview of the current mempool status, although less visual than the previous one. It shows you some important stats, like the mempool size, some basic stats of the recent blocks (tx fees, size etc). Most importantly, it makes a projection of how large you need to set your fees in sat/byte if you want your transaction to be included in the next block, or within the next two/three/four blocks. You can see this projection in the left upper corner (the blocks coloured in brown). 3) https://whatthefee.io This is a simple estimate tool. It shows you the likelihood (in %) of a particular fee size (in sat/byte) to be confirmed within a particular timeframe (measured in hours). It is very simple to use, but the disadvantage is that it shows you estimates only for the next 24 hours. You probably will still overpay by this method, if your transaction is less time sensitive than that. 4) https://twitter.com/CoreFeeHelper This is a very simple bot that tweets out fees projections every hour or so. It tells you how you need to set the fees in order to be confirmed within 1hou6hours/12hours/1day/3days/1week. Very simple to use. Hopefully one of these tools will help you save fees for your next bitcoin transaction. Or at least help you understand that even with a very low fee setting your transaction will be confirmed sooner or later. Furthermore, I hope it makes you understand how important it is to use a wallet that allows you to set your own fees.
As of Bitcoin Core 0.9.2, P2SH transactions can contain any valid redeemScript, making the P2SH standard much more flexible and allowing for experimentation with many novel and complex types of transactions. The most common use of P2SH is the standard multisig pubkey script, ... The most popular and trusted block explorer and crypto transaction search engine. Bitcoin transactions are broadcast between peers in a serialized byte format, called raw format. It is this form of a transaction which is SHA256(SHA256()) hashed to create the TXID and, ultimately, the merkle root of a block containing the transaction—making the transaction format part of the consensus rules. Bitcoin transactions are more complex behind the scenes than you might think. You rarely send an amount of bitcoin in one go. Instead, your bitcoin wallet and the bitcoin network have to go through a set of steps to ensure that the right amount of electronic money gets to the recipient. View All Transactions. Buy, Swap and Store Crypto. Buying crypto like Bitcoin and Ether is as easy as verifying your identity, adding a payment and clicking "Buy". Sign up for our Wallet today. Create Wallet. Trade Crypto at the Exchange.
How Bitcoin Works in 5 Minutes (Technical) - YouTube
A look at how a transaction is constructed This video is part of a larger online course, "From Barter to Bitcoin: Society, Technology and the Future of Money... Bitcoins are a commonly-used currency among cyber criminals for exchanging goods and services and receiving payments from ransomware. While cryptocurrency cl... A short introduction to how Bitcoin Works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most excitin... Timelapse from http://bitcointicker.co/transactions/ taken over a period of 1 hour showing the distribution of transactions and mined blocks, based on their ... In this quick video, we do our best to explain the mechanics of a single Bitcoin transaction in 5 minutes or less. We explain things like addresses, wallet a...