BITCOIN TRANSACTIONS

in #bitcoin • 7 years ago

I see same questions over and over on reddit, and typing answer every time is boring as hell, so I decided to slowly start building up not only crypto currency, but also general computer/internet/money use guide.
In the end these are just my thoughts and critical feedback is welcome.

BITCOIN TRANSACTIONS

  • many call Bitcoin transactions slow, with average block time of 10 minutes and 4-6 confirmations required (1st confirmation means your transaction is included in a block, and every next block found is extra confirmation)
  • Bitcoin transactions can not be reversed, that makes it good for receiving, but also requires extra caution if you are the one sending BTC
  • every Bitcoin transaction except the newly mined BTC must contain a fee, but you get to decide the amount (don't use wallets that force high fees)
  • while BTC is superior for sending money to different country, buying pizza with it can be costly at current development stage
  • developers are working on ways to increase transactions per second and reduce fees at same time

OTHER IDEAS: https://steemit.com/guide/@ragetester/paper-money-will-die-a-k-a-ultimate-user-guide-page-1

paperdisc.jpeg

#transaction #wallet #money #guide
7 years ago in #bitcoin by
$0.00
    1 vote
    Reply 0

    Coin Marketplace

    STEEM 0.17
    TRX 0.15
    JST 0.028
    BTC 59425.55
    ETH 2345.78
    USDT 1.00
    SBD 2.44