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How is BITCOIN Sent and Received

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 th...
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BITCOIN - Layman Terms

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 ...
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Blockchain Layman Terms

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 ev...
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