HOW DOES BITCOIN WORK?

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Bitcoin Wallets

Bitcoin Wallets


  • Bitcoins are held in digital 'wallets'
  • Wallets free & avaliable for connected devices
  • Use them to send/receive, buy/sell bitcoin
Get Bitcoin Wallet
Bitcoin Wallets

Transaction Complete


  • Bitcoin now spendable elsewhere
  • Transaction fees the same to send bitcoin anywhere in the world
Bitcoin Wallets

Sending Bitcoins


  • Use wallets to pay friends, or for goods and services
  • Send bitcoin by entering bitcoin address or scanning QR code
  • Bitcoin becomes avaliable in payee wallet once transaction confirmed
Bitcoin Wallets

Verifying Blocks


  • Block containing the transaction is added to the blockchain, meaning it has one confirmation
  • Typically most wallets require 6 confirmations before bitcoins become spendable
Bitcoin Wallets

The Bitcoin Network


  • Bitcoin users all connected together
  • Bitcoins sendable worldwide
  • No central bank or authority
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Bitcoin Wallets

Bitcoin 'Blocks'


  • Transactions grouped together in a 'block'
  • Block is verified using crypography
  • New block added to network every 10 minutes
Buy Bitcoin

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Learning Bitcoin