Haks Bitcoin World

BLOCKCHAIN What is BlockChain? BlockChain in Plain English? BlockChain for theNewbie BLOCKCHAIN in simple terms is a decentralized,  shared  record book that notes down the details of an entity and makes multiple copies of the same record book consisting of the details of the entities.  The details of the entity are usually  the one who sends the entity, the scale or weight of the entity and the one who receives  the entity.  The record book is called a ledger . Decentralized means no single authority can manipulate the entity. Similar to a dictionary no one can change the meanings of the word ' book ', since all dictionary have a similar definition. Centralized Ledgers like the FRS , wikipedia, etc. have a autocratic authority, its controlled and can be manipulated at will by the central authority and any discrepancy  will pose a problem in the functioning of the whole system. This anomaly is evaded in the BlockChain Technology, hence makin

BITCOIN SENT and RECEIVED  [HoW] (Newbie) What Happens when bitcoin is sent and how is it received?  How does a Bitcoin transaction occur?  What are the processes involved in a BTC transaction? In Simple Terms sending to receiving Bitcoin is composed of 3 parts   Signing: When the sender sends bitcoin the wallet creates a transaction message containing information of the sender and the amount to be sent. This message is encrypted in   the form of a digital signature which is different for different transaction. This message is now encoded in a file and ready for the next step. Broadcasting: The encoded file is now sent to other computers that hold a copy of the block chain, this is know as a node . Each node gets a copy of this file and verifies the file and passed on to other nodes that repeat this process. By this way the bicoin amount is broadcasted in the form of and encoded fi

BITCOIN MINING (Newbie) Bitcoin mining is a process used to secure and validate transaction from the wallet of one user to another. This validation occurs in a decentralized network. The receiver can only receive the bitcoin if the sender transaction is validated. Validation is in the form of mathematical computation which the mining equipment performs and receives some bitcoins fom performing the operation kind of like the service charge as in Money exchange companies. Since its decentralized it goes through many systems in the Blockchain network to verify the transaction, so if one system is hacked the other systems in the Blockchain will verify it, unlike the centralized banking system. Mining can be done by any computational device, but only the devices that have good computational speeds can validate a transaction faster. Mining speed depends on the Hash-rate or Hash-power which varies from system to system.  The Space where mining is done is cal

BITCOIN EXCHANGE  (Newbie) BITCOIN EXCHANGE is place where Bitcoin can be purchased. Basically if the Bitcoin is purchased or sold to obtain or give anything be it fiat money, tangible goods or other services its considered as a Bitcoin Exchange. Bitcoin can be bought or sold using fiat cash, electronic transfer or any tangible element. Bitcoin exchanges operate just like a money exchange company, just that Bitcoin Exchanges are more cryptographic and transactions can be done easily almost any where in the world.  Bitcoin Exchanges provide you with a Wallet where the BTC which you purchase or sell is store. Please bear in mind that these are not you personal wallet but perform same function as a any typical BTC wallet. Its most recommended that your Bitcoins are stored in you own personal wallet.  Which exchange you use is mostly depends on where you reside and which place is more accessible to you, provided they are trust worthy. Well! Ya gotta do you hom

BITCOIN WALLET  (Newbie) BITCOIN WALLET is necessary in-order to obtain bitcoins. A bitcoin wallet can be in the form of mobile device, computer, hardware, bank, full node or the web.  The best option if your new to bitcoins is to use a web based wallet. There are many wallets that can be found here & here . By registering a wallet you will get a bitcoin(BTC) wallet address. This address is used to make any transaction with bitcoin. Thorough the address bitcoin can be sent and received to other bitcoin addresses or can be exchanged for money at specified BITCOIN EXCHANGES.   The companies that accept bitcoins are increasing in numbers. Using your wallet you can buy goods or food from these companies. This wallet can also be used to accept salary or wages that are paid by bitcoins. Some sites give free bitcoins and others sites give bitcoins for marketing their sites. Which ever way bitcoins are earned or spent it will be done through the wallet.

BITCOIN What is BITCOIN? How to get BITCOIN? What are the basic elements of BITCOIN? Money has had many forms, from the early stages of exchange of goods to metal coins to  paper notes to electronic cards. Now we have come to a new era where raw materials are getting scarce, depleting and polluting the environment to tackle these issues money is now emerging in the form of  encrypted electric signals  in short we say BITCOINS . BITCOINS are digital money. Just like your normal money which can be stored in wallet, which can be a desktop, mobile, the web, a hardware or a bank. Its is the first of a kind “decentralized digital currency”. Decentralized in the sense it cannot be controlled by a single entity or a group, for instance the bank. Similar to the internet as no one owns the internet and its decentralized. BITCOINS can be given or taken through exchanges. Bitcoin exchanges sell and buy bitcoins in exchange for money, which can be done by bank transfer