Bitcoin transactions

How bitcoin transactions work:

You need a bitcoin address and private key to transfer bitcoin. A bitcoin address consists of 34 numbers and letters and is also known as a public key. The private key consists of 64 numbers and letters. Unlike the public key which can be seen by anyone, the private key must be kept secret and safe. All bitcoin transactions are public on the bitcoin ledger also known as the blockchain.

Time it takes for bitcoin transactions:

The time it takes for a bitcoin transaction to go through depends on the bitcoin mining process. Each bitcoin transaction is verified by miners. It takes approximately 10 minutes for each block to be mined.

Companies that accept bitcoin as payment:

Bitcoin is the leading cryptocurrency in the world. As a result, many large and small companies have created opportunities for shoppers to use their bitcoin to their products online for example. It is expected that even more companies will start accepting bitcoin as payment for their goods as the trend is quickly growing. However, many companies still doubt bitcoin and cryptocurrency in general as a form of payment due to the absence of government backing and lack of regulation. Although most companies do not accept bitcoin, many do. Below is a list of some of the companies who accept bitcoin:

KFC Canada
Virgin galactic
Lionsgate Films
T-Mobile Poland

Share this

Leave a comment

Your email address will not be published. Required fields are marked *