How does the change in a Bitcoin transaction work?
When you send bitcoins to another user, the process involves several steps, including payments verification, block creation and mining. In this article, we will deepen how the change works during a Bitcoin transaction.
Change: The amount paid for services or goods
The most fundamental concept of Bitcoin is the idea of »change.» The change refers to the amount paid by services or goods in Bitcoin, instead of directly receiving bitcoins as payment. This means that when you send bitcoins to someone, you can use those bitcoins to pay services, goods or other transactions.
The Bitcoin network: a key player in payments verification
In order for the change to work, a network of computers (miners) is necessary to verify the transaction and create a new block. These miners use complex algorithms and powerful computers to solve mathematical problems that validate the transaction. Once verified, the block is added to the block chain, which is a larger book that records all Bitcoin transactions.
The process of sending bitcoins
When you want to send bitcoins to someone, this is what happens:
- Create a transaction:
Start a transaction specifying the sender’s address, the address of the recipient, the quantity and other details.
- Obtain a «script» for transaction: The transaction compiles in a script (a set of instructions) that describes how to use the bitcoins involved in the transaction.
- Send the transaction to the miners: You send the transaction package (including the script, the hash of the network and other information) to the Bitcoin network.
- Miners verify the transaction: Miners collect and verify the transaction package. They verify invalid or duplicate transactions and ensure that the transaction is valid according to the bitcoin protocol.
- Create a new block: If the transaction is verified, the miners create a new block and add it to the block chain.
Bitcoin’s wallet: change of change
Bitcoin wallets are software programs that store bitcoins on their device. When you send bitcoins to someone who uses change, you can transfer those bitcoins to your own wallet. From there, they can spend them for goods or services, as well as receive regular payment.
Conclusion
In conclusion, the change is the amount paid for services or goods in Bitcoin, and works through a complex process that implies the verification of payments in the Bitcoin network. The miners verify the transactions, create new blocks and are added to the block chain, while the wallets contain the bitcoins that represent the change. This ensures that anyone who receives a regular payment from another person has access to those bitcoins.
Remember, change is just one aspect of Bitcoin ecosystem. The full range of characteristics and possibilities is expected for this innovative digital currency.