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Learning Bitcoin

Bitcoin Wallets

To start off with bitcoin, you'll need to download a bitcoin wallet. There's loads to choose from and they're available for smartphones, tablets or PC’s.

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

Download CoinCorners Wallet:

Sending Bitcoins

You can use bitcoin just like traditional money to pay your friends, or pay for goods and services. To do this, you just need to enter a bitcoin wallet address (a unique string of letters and numbers), or scan a wallet's QR code, enter the amount and hit send!

  • 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 Network

The bitcoin network connects every bitcoin user’s device (known as network nodes) together, meaning they can send bitcoin between each other no matter where they are in the world, without the need for a central bank or authority! All they need is an internet connection and a bitcoin wallet.

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

Bitcoin Miners

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All transactions that are made at a similar time are grouped together, to form a ‘block’ of transactions. When a block is created bitcoin miners perform mathematical equations on transactions and other relevant information to make sure they are valid and above board. These blocks are added to the network roughly every 10 minutes

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

Verifying Blocks

Once the block is added to the network, all transactions in that block are given one confirmation. The bitcoin network is a known for its security and most bitcoin wallets require more than one confirmation. Each time another block is added your transaction gets another confirmation, most wallets generally accept six confirmations as secure, meaning it usually takes roughly an hour for a bitcoin transfer to become spendable.

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

Transaction Complete

Once your transaction has enough confirmations, the bitcoin become avaliable - or 'spendable', meaning they can now be spent elsewhere... and remember you could be half way around the world and it would take the same amount of time. Now compare that to traditional banking services!

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