Part 2: moving bitcoin
Lessons 5 to 8: addresses, fees, blocks and mining.
Lessons 5 to 8
05 address
Addresses
Where a payment goes, why a wallet makes a new address each time and how to check one before you send.
06 fee
Fees
What you pay to have a payment included in a block, and why the fee depends on how busy the network is, not on the amount.
07 block
Blocks
A page of payments added about every ten minutes, and why waiting for a few more pages makes a payment final.
08 mining
Mining
How computers compete to add the next block, what that costs in electricity and why it keeps the record honest.
Try at home
- Look up a recent block on a public block explorer and count its payments
- Compare the fee of a busy evening with a quiet Sunday morning
Next evening class: Tue 21 Oct, 18:30, Springfield library (sample).
Questions are the point of the course
Bring yours to an evening class in Springfield library. Seats are limited to twenty so everyone gets an answer.