Hello.
It’s been already a week after the launch of Planet Wallet.
We made a video of ‘how to use Planet Wallet’ based on the feedback.
If you are interested, please check the link below.
Come back to the posting,
Let’s check how to make Bitcoin transaction.
If there is someone who wants to know who is the inventor of bitcoin, please refer to the link below.
The founder of Bitcoin, Who is Satoshi Nakamoto?
Hello. I am Seil Jeoung from GBT Protocol.
medium.com
What happened when I send my bitcoin to someone?
Blockchain is distributed ledger technology.
When you send money to someone, my account and the recipient’s account of the transaction will be recorded.
It is the same with blockchain. There will be a record of a transaction when someone transfers their digital assets.
The biggest difference here is that only participants could check the record which is stored in the centralized system from the bank.
On the other hand, Blockchain-based Bitcoin shares all records of transactions to every node.
Of course, every node can check the records which are encrypted.
The list of bitcoin transactions (https://www.blockchain.com)
Each node is the server. Of course, the servers are connected and they synchronize each other’s data.
So, Let’s say I try to send bitcoin to someone.
When I make a transaction, each node starts to calculate to build blocks. We call this ‘mining’.
The process of mining is difficult and long-term work as it has to compare with the output of a specific Hash each time.
The difficulty of the mining is getting harder.
If you want to know more details about the mining, please refer to the link above.
Anyway, then what comes next after you success mining and building blocks.
Will you hide the date because it was hard to get?
Of course not!!
You should let other nodes know about the news and spreading the news.
Other nodes that are calculating for that block should stop and clarify the block which was completed by you.
If there is no problem, then the block is confirmed to be filed.
And again, all nodes start calculating for the next block.
With the process, all nodes in the network synchronize the data and the blocks are connected then the transaction is confirmed.
We call the consensus structure completed by computing power as Proof of Work, PoW.
Have you heard about Mempool?
It simply means the data which are pending for transaction confirmation.
( https://www.blockchain.com )
On the 24th of April, mempool had the highest record. 64,000 transactions are pending.
If you set a low fee then your transaction will be at the end of those lines and it might take a few days to get confirmation.
But it said that this pending can not last forever which means at some point the transactions will be confirmed, unless you did not pay any fee.
So today we had time to see how to make bitcoin transactions.
Very simple!
Thanks for your time reading my posting and see u very soon!
If you did not download Planet Wallet yet, please refer to the link below.
homepage : https://planetwallet.io/
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