EEVblog Electronics Community Forum
General => General Technical Chat => Topic started by: sony mavica on November 30, 2016, 09:41:24 am
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bitcoin confuses me
there is a site i do surveys on and one of the rewards is bitcoin payment bit4coin.net but i have no idea how to use bitcoin at a all and how would i spend it also what is a Bitcoin wallet address and how do i make one
can somebody help
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The EEVblog shop accepts bitcoin ;D
How you use that site though I don't know.
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Visit bitcoin.org and download a wallet. You can create the addess with it.
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convert it to your normal currency.
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To understand Bitcoin you need to grok two concepts - a digital signature and a hash function.
If that is not your cup of tea, then you would have to make do with analogies.
A bitcoin address is the public part of a "public key cryptography" type key pair.
One who holds the private key can spend the coins.
One who is told the public key (address) can send coins to that key from one of his own.
This is typically abstracted into a wallet - software that automatically handles all your private keys and gives you a balance readout.
To pay, you need to use that software to send coins to an address the seller gave you.
To get paid, you need to provide an address (the wallet software would make one for you) to whomever would pay you.
There are many places that can exchange fiat money to and from Bitcoin, as well as payment processors that would take, say, PayPal and pay to a bitcoin address that you need.
At the time, one Bitcoin (BTC) is worth about US$730, but that tend to vary a bit.
Really, you should start with the FAQ and lists of things at https://bitcoin.org/en/ and read about it.
If you have any specific questions, do ask. :)