Part 8: What’s in a bitcoin transaction?
When you are going to send bitcoin to someone, you need to get an address from them. You will also need to know how much to send. Lastly, you will need to decide how quickly you want your transaction confirmed. Each wallet will then do the work to pass your transaction on to all the […]
Read MorePart 7: What are wallets?
The catch phrase “what’s in your wallet?” applies here. All wallets, men’s or women’s, do the same thing. They hold your paper money so that you can organize it, hold your credit cards, nicely displays your driver’s license, and miscellaneous places to store other pieces of paper. Unlike the wallet in your pocket, a bitcoin […]
Read MorePart 6: What are bitcoin transactions?
Transaction is a very general word to describe the recording of data into a bitcoin block. Just like registering your car, specific things related to the transaction are required. Bitcoin transactions have a similar set of specific things that are both required and optional to include. To do a bitcoin transaction, you need an address […]
Read MorePart 5: How are blocks created?
Today you can buy a computer that is specifically designed for creating bitcoin blocks. Similar to home computers where you shop for them based on their features and speed. The same is true for bitcoin; computers from 2018 are still running today along with all the newer models with much faster speeds. Hashrate is the […]
Read MorePart 4: What is the blockchain?
Think of bitcoin as a type of accounting software that keeps track of one type of transaction. Those transactions need to be stored all over the world. To allow for computers around the world to keep up to date with other computers, the data is stored in “blocks” and transmitted to all the other bitcoin […]
Read MorePart 3: How many bitcoins are there?
Every ten minutes 3.125 new bitcoins are added to the supply. The amount is determined by a schedule that started with 50 new bitcoins every ten minutes. Every four years, the amount is cut in half. Year New coins every 10 minutes Total Supply 2009 50 0 2012 25 10,500,000 2016 12.5 15,750,000 2020 6.25 […]
Read MorePart 2: Bitcoin basics
As an investor in bitcoin, you are buying a set amount of bitcoin for a specific dollar price. It’s similar to investing $10,000 into a major stock at $100 per share, you will be purchasing 100 shares. If the brokerage allows for fractional shares, you could buy smaller portions of shares. If you invest that […]
Read MorePart 1: What is bitcoin for you?
The price of bitcoin is what attracts most people to learning about it, but it’s important to consider what your personal financial situation is and how you are considering investing time and money into bitcoin. You probably fall into one of these categories: As you learn more about bitcoin you may progress down that list. […]
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