Firstly, you need to acquire bitcoins. Bitcoins are acquired through –
Bitcoin mining: Bitcoin mining is the procedure by which transactions are confirmed and inserted to the public ledger, which is known as the block chain, by this means new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.
Bitcoin Exchange: This is the exchanging of your regular traditional currency to bitcoin from a certified exchange. https://instantexchangers.net is Nigeria’s best known exchange portal.
After acquiring cash in real physical world, you will need to keep your newly acquired cash in a wallet or a bank account, right?
Just like the way your cash and electronic cash work, that’s exactly how the bitcoins in your bitcoin wallet works. A bitcoin wallet like we said in one of our previous post is equivalent of a bank account. It is a software program that allows you perform the same operations you regularly carry out on your bank account. That is, store, receive and send bitcoins. https://jostpay.com is Nigeria’s best known bitcoin wallet operator. Jostpay.com is known for its user-friendliness and security.
On the network, every transaction is known and can be viewed, and the record of every transaction can be traced. That’s to say that on bitcoin transactions everything except the personal identity of the sender and receiver is public.
Bitcoin is a high valued currency. As at the time of this writing, 1 bitcoin = 580.51 USD = 186495.26 NGN. But if you are a speculator, acquiring bitcoins and waiting for the price to go up can be risk. News and other related developments can affect the price positively or negatively, just like every other currency.
Bitcoin Transactions are like this:
When sender sends some bitcoins to receiver, that transaction will come like this:
- An input - This is a record of which bitcoin address was used to send the bitcoins to sender initially.
- An amount - This is the amount of bitcoins that sender is sending to receiver.
- An output - This is the receiver's bitcoin address.
Your transaction must be verified by miners, you sometimes have to wait until they have finished mining. The bitcoin protocol is set so that each block takes roughly 10 minutes to mine.
And that’s the abc on how bitcoin works.
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