How does blokcheyn Bitcoin network

Despite the large amount of information to deal with blokcheynom without a certain specific concepts easy. Consider the example and will understand what is the whole point:

  • Do you have a certain amount of money that you want to send to a friend of the Russian Federation in the United States. If you use a bank, then.

He will remove from you a great commission and the whole procedure takes a lot of time. In order to save time and to pay interest, you can use blokcheyna system.

  • o You create a purse and buy the amount you need to Bitcoins. Your friend also creates a purse, which you later send the amount of Bitcoins. Then you need to understand what the mining and miners.
  • Miners create block, which includes the transaction. The new block is built in a chain of blocks. Used to create the hash of the previous block, a hash of all transactions and variable nonce. These values ​​pass through a certain algorithm, and the output is the hash of the new block. Thus, there is a process of mining.
  • The transaction is confirmed and your friend gets to Bitcoin wallet to the required amount. Bitcoins can be translated into the usual money, exchanged for another cryptocurrency. The main point is that blokcheyn allowed to send money in the short term.

The fee amount can be different – it sets the amount of the transfer originator. A transaction with a minimum commission is slower – as the miners are interested in a large commission, they set up equipment with priority on a large commission. For operations with a minimum fee translated too quickly, the block structure can handle only 10% of extremely profitable transfers.

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