How do Bitcoin works ?

How do Bitcoin works

http://techglamour.com/what-is-bitcoin-and-how-does-bitcoin-work/

Bitcoin is a kind of self-contained virtual currency. We can assume that bitcoin is like a money in digital. We can use it to trade and purchase goods and service online. Unlike real money, bitcoin does not need intermediaries like bank. It proceeds through the system called BLOCKCHAIN.

Transaction

When there is no regulator bitcoin need fraud protection. Under Bitcoin policy, every transaction we made are public. For example, account A sent 0.8912 bitcoin to account B When this transaction occur everyone can realize it. Then, when we collect all the transactions that account A has been made and do the algebra we will get the balance of account A. Finally, we can compare the information we get with other to make sure that what we get it is correct. This way allows the receivers to check the sender’s transaction that has been occurred in the past and verify that his/her account has enough money before confirming the transaction.

Blockchain

http://techatlast.com/how-blockchain-technology-works/

Bitcoin has no bank or intermediary. All transactions are recorded in the system called ‘block chain’. The block chain is a shared public ledger on which the entire Bitcoin network relies. Each block will be recorded by one of the user in every 10 minutes (on average) and will contains all the transaction that occurred in that 10 minutes. When we connect all the block we will get a recorded of transactions and that is why it is called block chain.

Miner

http://bitcoinfees.com/

The recorder will be selected through ‘cryptography’. The challengers will have to find the secret numeral code by trial and error. The first challenger who can find that code will have the rights to be the block recorder. The reason that we call these challengers ‘The miner’ because we assume that the secret code is like a diamond and finding the code is like digging a diamond. The main point is that the recorder will get number of Bitcoins for compensation and that is the reason why many people want to be the recorder.

How does Bitcoin work? Retrieved from https://bitcoin.org/en/how-it-works

Blockchain คืออะไร? อธิบายแบบละเอียด แต่เข้าใจง่าย(มั้ง). (2016, December 21). Retrieved from https://nuuneoi.com/blog/blog.php?read_id=900

9arm. (2017, April 13). Bitcoin แบบขอสั้นๆ (Part2). Retrieved from https://www.youtube.com/watch?v=zTRsOahi4MQ&t=408s