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Message: electrical service ac.com.au
- Bitcoin is a protocol, it is not owned by anyone, it is simply developed and let loose on the world.
- Bitcoin relies on a trust less network, which means that nobody is required to trust anyone else in this network.
- All bitcoin transactions can be viewed on the blockchain.
- All bitcoin transactions are final, no refunds possible (unless there’s a fork, but that’s very rare)
- You do not own X bitcoins, you own an address that everyone on the network agrees upon has X bitcoins
- All bitcoin transactions from the past few minutes get put into what’s called a “block” and it has a math problem attached to it, which when being solved by a “miner”, gives (currently) 25 bitcoins. This is how bitcoins get generated.
- When a block is found, the transactions contained in there are final unless another miner finds another block, in which case the clients agree to use the longest branch they receive.
- Because these “forks” happen all the time and sometimes even span 2-3 blocks before the whole network decides on a longest chain, it is advised to wait 6 blocks before you are very very sure you got your money.
- When you as a business want to be able to accept bitcoin as payment, the only thing you need is an app that makes QR-codes that contain a request of X bitcoins to your address.
- Knowing that your clients could ask a refund months after payment from their credit card company, bitcoin is better at this, as it is usually instant.
More answers can be found on the FAQ