13 May '13, 11pm

How a Bitcoin Transaction Actually Works

How a Bitcoin Transaction Actually Works

How a Bitcoin Transaction Actually Works At this point, you probably have a working understanding of what bitcoins are (at the very least your handle of bitcoins is like how you can kinda, sorta explain why the sky is blue to a kid). But how does an actual transaction with bitcoins work? That's a bit more complicated. It's not exactly pulling crumpled cash out your pocket and dropping it off at the bodega counter for a soda now is it? There are a lot of steps in a bitcoin transactions that involves wallets, addresses, verification, cryptography, a whole lotta computer brain power and a bunch of other terms you don't always equate to spending moolah. Here's how it works (and you should click Expand to get all the nitty gritty): S [ZeroHedge ]

Full article: http://gizmodo.com/how-a-bitcoin-transaction-actually-wor...

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