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π§΅1/10 Interested in #Bitcoin transactions but not sure how they work? I've got you covered!
π° Let's dive into the details of Bitcoin transactions, resources for further reading, and tips to make the most of your Bitcoin experience. #bitcoin
π° Let's dive into the details of Bitcoin transactions, resources for further reading, and tips to make the most of your Bitcoin experience. #bitcoin
π2/10 First things first, what is a Bitcoin transaction? It's the transfer of value between Bitcoin wallets, which gets recorded on the blockchain.
Learn more about the basics in this Bitcoin whitepaper by Satoshi Nakamoto: bitcoin.org/bitcoin.pdf
Learn more about the basics in this Bitcoin whitepaper by Satoshi Nakamoto: bitcoin.org/bitcoin.pdf
π3/10 Each wallet has a private key, which is used to sign transactions, proving they come from the owner. The signature prevents the transaction from being altered after it's issued.
More on private keys & wallet security here: coindesk.com/learn/bitcoin-β¦
More on private keys & wallet security here: coindesk.com/learn/bitcoin-β¦
π4/10 When you send a transaction, it goes to the Bitcoin network, where miners confirm it by including it in a block. This process is called "mining" & helps maintain the security & decentralization of the network.
Explore mining in-depth here: investopedia.com/terms/b/bitcoiβ¦
Explore mining in-depth here: investopedia.com/terms/b/bitcoiβ¦
β‘οΈ5/10 #Bitcoin transactions can take anywhere from a few minutes to a few hours, depending on the network congestion & the fee you're willing to pay.
Use a Bitcoin fee estimator like bitcoinfees.earn.com to find the optimal transaction fee.
Use a Bitcoin fee estimator like bitcoinfees.earn.com to find the optimal transaction fee.
π6/10 Want faster transactions?
Check out the #LightningNetwork, a second-layer solution that allows for instant, low-cost transactions.
Read this overview to understand how it works: lightning.engineering/overview
Check out the #LightningNetwork, a second-layer solution that allows for instant, low-cost transactions.
Read this overview to understand how it works: lightning.engineering/overview
π7/10 Use a Bitcoin block explorer like blockchain.com/explorer to track the status of your transaction, check the balance of a wallet, or explore the latest blocks & transactions on the #blockchain.
π‘οΈ8/10 Security is essential! Use a hardware wallet like Trezor or Ledger for long-term storage of Bitcoin.
Don't forget to backup your seed phrase. Learn how to choose the right wallet here: buybitcoinworldwide.com/wallets/
Don't forget to backup your seed phrase. Learn how to choose the right wallet here: buybitcoinworldwide.com/wallets/
πΈ9/10 If you're new to #crypto, start with a small transaction to get familiar with the process. As you become more comfortable, consider dollar-cost averaging (DCA) to invest consistently over time.
More on DCA: coinbase.com/learn/market-uβ¦
More on DCA: coinbase.com/learn/market-uβ¦
π 10/10 That's a wrap! As more people are attracted to the ecosystem by Ordinals its worth recapping, lots of questions about Transactions because of the current congestion.
1. Follow me @OrdinalLabs
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1. Follow me @OrdinalLabs
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