Transactions with bitcoins

Moderator: kyletorpey

Transactions with bitcoins

by chetan » Thu Apr 17, 2014 10:36 am

How do bitcoin transactions work?
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Joined: Thu Apr 17, 2014 5:24 am

Re: Transactions with bitcoins

by kyletorpey » Sat May 24, 2014 12:11 am

When you send bitcoins to someone else, you are really just making a change to the global Bitcoin transaction ledger. At any one point in time, there is a Bitcoin ledger that says who owns which bitcoins. The only way to move bitcoins from one account to another is to sign a message with a private key that's directly tied to the public Bitcoin address. In reality, you are not sending bitcoins from one computer to another when you make a Bitcoin transaction. All you are doing is making an alteration to the Bitcoin ledger that is distributed to many different computers around the world.
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