how are bitcoins/mined blocks divided up and transfered by satoshis ?
i dont get it. how can the ledger keep track of who owns fractions of a block ?
isn't the ledger a chain of whole btc blocks??
i searched all over for an explanation but no one can give me one.
pic unrelated
Other urls found in this thread:
bitbonkers.com
dailyblockchain.github.io
blocks.wizb.it
bitlisten.com
bitcoin.interaqt.nl
blockchain.info
en.bitcoin.it
en.wikipedia.org
twitter.com
Who is this boner condoner?
A block is a list of transactions, not a bitcoin
A tranny
damn I thought the underwear said 'hello kikey' for a second
but dont miners mine for a block??
how can peices of a bitcoin be stored in a paper wallet for example?
so no one knows? lol
ok...
To mine a block is to find through bruteforce a solution to a complicated maths problem, which creates a block of transactions and links it to the previous blocks of the blockchain. When you find the solution to the problem you are rewarded with some bitcoins, 12.5 currently.
A wallet is basically a set of 3 numbers: the public key, the private key, and the balance (maybe some other stuff I don't know the specifics). The balance is just a number that has 8 decimals, so there is no issue whatsoever with holding a balance that isn't a whole number
doesn't explain how fractions are shared on the ledger.
sorry i know im not the brightest bulb but someone has to understand this stuff ...
or do the bitcoins themselves not change owner ship ?like if u download the whole block chian.
does it say who has they coins or where there are.
pizza coins for example... how do those broken up coins get traced? do you understand what im asking ?
i know its weird
Basically you have a fundamental misunderstanding of what a block is, a block is not a bitcoin
The ledger is a chain of blocks of transactions, not of bitcoins
To mine is to create a block of transactions. With the creation of a block comes a reward in bitcoins.
To own bitcoins is not to own blocks, blocks and bitcoins aren't the same thing.
It does explain how fractions are shared, because the amount of BTC in a wallet is determined by the number of BTC associated with it in the ledger. That number doesn't have to be an integer
but what transactions ?
isn't it a brand new block?
the transactions that are in limbo waiting to be confirmed by mined blocks.
Wow OP! Who is she??
When you issue a transaction it ends up in a pool of unconfirmed transactions, from which miners pick transactions. Again I'm not sure about the specifics but I believe the picked transactions are involved in the calculation that creates a new block. Basically once a new block is created, the picked transactions are already there. There is no such thing as mining an empty block. When a block is created it is already filled with transactions
>she
Newfag
>Falling for this b8
Bitcoin is a distributed ledger. The ledger consists of a series of blocks. Each block requires a certain amount of computational work to be added to the series (the chain). The clients choose the ledger with the series of blocks that contains the most computational work. This way, transaction history is secure because it is (usually- for a network with a large enough chain like Bitcoin) impossible for an attacker to amass enough computing power to create a chain longer than the longest fork to rewrite transactions.
Block rewards are not divided up. A block is mined by a single miner, and as a reward a fixed amount is given to the miner which found the block.
>i dont get it. how can the ledger keep track of who owns fractions of a block ?
Each block contains a list of transactions.
how many trannys go in the block?
what if there aren't enough to fill it up(hypothetically) ?
do u have a picture of a block as an example?
bitbonkers.com
da fuq is this supposed 2 be
so how many trannys does a block take before it is full?
how does it decide when to go to a new block??/
how much btc for this gf
>bitlisten.com
i really just meant to see one on paper or in computer code how it really is desu.....
a block is a list of transactions. here's how fractions work on the ledger:
>A sends 0.221231 BTC to B
>C sends 3 BTC to D
>E sends 5.2313123 BTC to F
thats how you can have fractions, thats all a block is, record of transactions.
BUT HOW MANY TRANSACTION GO ON A BLOCK!?!?
does it have to equal up to a certain amount of btc
or a certian number of transactions?!?!
can blocks be different size transactions?
whats the limit???
just click a tranny to see the details. there are plenty of technical diagrams for devs and other interested parties if that is what you are looking for. blockchain.info
>sorry I know I'm not the brightest bulb but
No, you're not. Blocks have literally nothing to do with the size of the transactions they're used to process. For bitcoin, a block is a set of transactions that are processed together within each (approximately) ten minutes.
Each transaction that occurs within that ten minute window is (ideally) processed within that block. That is the only relation between blocks and transactions. A single block could process one transaction, it could process thousands.
The reason the bitcoin ledger tracks btc down to the eighth sig fig is simply because it was designed that way. The original developer decided that .00000001 btc was the smallest transaction size he wanted to make a possibility in his blockchain, and so it was.
your understanding of blockchain is a bit off, you're not dumb, it's just your foundational understanding is wrong and its confusing you.
I suggest just forgetting what you know and start again using a wiki page or something.
>BUT HOW MANY TRANSACTION GO ON A BLOCK!?!?
does it have to equal up to a certain amount of btc
or a certian number of transactions?!?!
Certain number of transactions until it reaches 1mb (the whole segwit thing is about this, the miners want double the limit, 2mb)
>can blocks be different size transactions?
yes, transactions will differ in size but by a very tiny amount, almost neglible, remember that transactions are just "Address1 sent x to Address2, signature"
>there is no such thing as mining an empty block
Yes there is. There's nothing in the code that says each mined block has to have "x" number of transactions, where x is nonzero. The purpose of block rewards is to generate new coins; this happens regardless of if the number of transactions processed by the block, to incentive mining even if the network is not being heavily utilised.
so if i buy a buttcoin... what am i actually buying?
a space on the block?
a bunch of transactions ?
bro. stop what you're doing. don't buy any cryptocurrency without a basic understanding at least. Read. Read at least a short simplified article on how this works. Its not complicated. Blockchain is actually a very simple and ingenious idea.
Just google 'What is bitcoin?' and you're bound to get a nice informative article that explains all the questions you already asked on this thread.
>Your question
You're buying an actual bitcoin that gets saved to your wallet (your balance anyway). The proof that you bought the coin is in the blockchain, a previous block confirms you received that bitcoin (or a fraction of it).
>The purpose of block rewards is to generate new >coins
where do the coins go?
to the miners.
how could satoshi convince so many people to use the coins at first to make them even worth anything. ive never seen a commercial for bitcoin or anything? it seems fishy!
sorry
yes, to the miners. 50 coins for every block at first, gets halved every 210,000 blocks. we're now at 12.5 btc per block.
>how could satoshi convince so many people to use the coins at first to make them even worth anything. ive never seen a commercial for bitcoin or anything?
... no one had to convince anyone. Satoshi provided the means and the tech for a payment method without relying on trust (i.e. your bank).
He created the client and the mining reward. After that, it was all people, people chose to spend it, price drove up as demand drove up, price went down as demand went down. Economics 101 really.
this is just silly at this point but for the sake of anyone actually learning something from this thread: en.wikipedia.org
>The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[12]
>Jan 2009 – Mar 2010 No exchanges or market, users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.[137][138]
...
to whichever miner actually solves the problem. Mining is pretty much a race of luck (with more computing power you "speed up your luck").
So if you had 2000 people mining to find the next block, only the computer which found the block will get the reward. That's why mining pools were created, people 'pooled' their resources together to find blocks, if the mining pool finds the block, the pool divides the reward equally among everyone on the pool based on how much computing power they provided.
