![]() ![]() ![]() Conceptually, these wallets are similar to the traditional ones in which we carry notes, coins and credit cards. All transactions are announced to all of the network users, a process called broadcasting.Ī transaction is a transfer of value between Bitcoin wallets. In fact, what travels on the network are bitcoin transactions. They also cannot be downloaded, because they are not files. Unlike traditional paper currencies, which are printed by central banks, bitcoins cannot be printed: they exist only electronically. If you already know the BitTorrent network, which is also a peer-to-peer network, but used to share files, probably you are going to understand the Bitcoin network more easily. For this reason, it is called a peer-to-peer (P2P) currency. The Bitcoin currency depends only on the user network itself to exist. The Bitcoin Project aims to develop a decentralized currency, which is not controlled by governments or banks, is not dependent on a kind of central authority to be reliable, nor is it affected by political events. The paper that introduced the concept of Bitcoin, available for reading here. Out of curiosity, Satoshi Nakamoto is a pseudonym, nobody knowns if he is actually a person or a group of people. I recommend that you read the entire how-to just to learn how Bitcoin and Electrum work and then use them according to your real needs.īitcoin was created in 2008 by Satoshi Nakamoto, who wrote a paper explaining how the currency works. If that’s what you’re looking for, I recommend looking for other contents.ĭue to the high volatility of the Bitcoin price, if you follow the steps in this tutorial all at once, you may gain or lose money, be aware of that. I advance that it’s not the objective of this tutorial to teach you how to do that. There are people who make money speculating in Bitcoin, buying or selling it as it appreciates or depreciates. in the third part, you will see how to transfer bitcoins from your wallet to an exchange and sell them.įor future reference, here I use the Linux Kamarada distribution version 15.2, released on Sep 11, 2020, and the Electrum Bitcoin wallet version 4.1.2, released on Apr 8, 2021.in the second part, you will see how to buy bitcoins on an exchange and transfer them to your wallet.in this first part, I’ll try to briefly explain a little bit about Bitcoin, then you are going to see how to install a Bitcoin wallet on your computer and set it up.In this tutorial, you are going to learn how to transact bitcoins using the Electrum Bitcoin wallet. There are also projects that accept donations in bitcoins (e.g Wikipedia). There are a growing number of stores and services accepting Bitcoin all over the world (e.g. Released as a free and open-source software in 2009, Bitcoin has mainly been used for speculation, but it also has been adopted as a protection against government-backed currencies devaluation. There are no physical, touchable bitcoins. Bitcoin is a digital currency that only exists electronically. ![]()
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