Bitcoin Free

Bitcoin Free
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  • Thank You Alice, got 0.004 BTC
  • Internet
  • 2nd hash value: 000543
  • If 3rd node computed different hash value it will be ignored, majority wins
  • 1st hash value: 000543
  • 3rd hash value: 000123
  • The reward will half every 210,000 blocks, initially it was 50 BTC per block. It keeps reducing as more and more blocks are computed
  • The hash value computed is also called a Block
  • Bitcoin network will reward the node which first computes a verified block
  • Reward
  • The Node with highest computing power finds block first mostly
  • This reward is used to build more computing power to improve Blockchain(Bitcoin) network
  • If Bitcoin network is out of new Bitcoins which happens after 21 million BTC. Then user needs to pay fees to the node that does transaction. The fees will also be in the form of Bitcoin.
  • ?
  • Alice sends 0.004 BTC to Bob message is broadcasted to Blockchain network.
  • Hi Alice, Can you please transfer me 1000 Rupees for an urgent expense
  • Blockain network - Network of computers registered as miners
  • Sure Can I transfer it as Bitcoin?
  • I am sending 1000 rupees equivalent Bitcoins (0.004 BTC today) to you from my wallet ID "xyz789"
  • Miner - It is a computer with the software and hardware to solve a math problem and gets paid for it.
  • Miners get paid in the form of Bitcoin when they solve a math problem
  • The First node to find the hash value will be validated by other nodes hash value in network
  • Yes that would be even more better. I will text you my Bitcoin Wallet Id "abc123"
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