If you didn’t pay attention to the last posts then you’ve gotten another chance at understanding the Bitcoin transaction.
Let’s say you want to purchase some product with Bitcoins. When you surf the product page you will be given a QR code to scan. The reason a QR code is given is that the addresses to which you have to send are rather long and have jumbled letters so the possibility of entering the wrong address
is very much there. This is why the entire process has been simplified with the use of QR codes. Once you scan the QR code into your wallet software, the QR code is analysed to give you the address and cost of the item along with the label column where you can see the particulars of the transaction. If
you’re into shady transactions then all you will see is the address and the amount, labels are optional. Once you hit “send”
in your client, the details are patched to
the nearest node of the Bitcoin network, this is then multicast till the address to which you want to send the money is located.
Let’s say you want to purchase some product with Bitcoins. When you surf the product page you will be given a QR code to scan. The reason a QR code is given is that the addresses to which you have to send are rather long and have jumbled letters so the possibility of entering the wrong address
is very much there. This is why the entire process has been simplified with the use of QR codes. Once you scan the QR code into your wallet software, the QR code is analysed to give you the address and cost of the item along with the label column where you can see the particulars of the transaction. If
you’re into shady transactions then all you will see is the address and the amount, labels are optional. Once you hit “send”
in your client, the details are patched to
the nearest node of the Bitcoin network, this is then multicast till the address to which you want to send the money is located.
and what kind of network it is situated in. High-privacy networks like Tor take a much longer time for transactions to reach their final destination. Moreover, there is often a transaction fee which the sender has to pay for which is minimal. All transactions can be easily tracked in the Bitcoin ecosystem. Each Bitcoin that has ever been generated can be tracked right down to the current owner. Which is why scamming the system is very difficult but scamming people is quite easy. The decimal trick is the easiest, Bitcoin
transactions take place in numbers that have 8 decimals. So by shifting the decimal point scammers make quite the buck, so all clients now have an exchange index which shows the actual value in dollars at the moment so any foul play with the decimal pops up instantly.
