Mindblown: a blog about philosophy.
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Bitcoin’s history at your fingertips
As you become more familiar with how Bitcoin transactions work, it can help make the abstract functions of mining, confirmations and the movement of value become more tangible. It can also put the history of Bitcoin at your fingertips. A cross-section of a tree trunk includes rings that not only show the tree’s age, but…
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The anatomy of a bitcoin transaction
Hopefully you are a bit clearer about the logic and terminology of Bitcoin transactions, but to really get to grips with them let’s look at the anatomy of a bitcoin transaction. We’re using a random example from 2016: Time/Date – This transaction occurred at 17:41 17th June 2016 Status – Whether the transaction is Confirmed (Green) or…
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Understanding Bitcoin transaction flow
Before we dig into the specifics of a bitcoin transaction it is worth explaining a little bit about the logic of Bitcoin transactions, and try to draw analogies to something you should be familiar with, banking transactions. Your bank account has a running Balance, which is the aggregate of Debits and Credits, it shows you…
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How to access information within a bitcoin transaction
Block explorers offer the best way to access information within cryptocurrency transactions. Think of them like Google or Firefox but instead of providing results for websites, block explorers are used to browse crypto transactions, stored within a blockchain (you can learn more about that process from our article about bitcoin mining). Blockchain.com launched their block explorer in…
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Empowering Financial Freedom
The transparency of crypto transactions brings a completely new level of empowerment to individual users. If you want to send money internationally using existing payment methods – such as Western Union, Monegram or your domestic bank – not only will it will be costly and likely take days, you’ll have very limited visibility on the…
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Exploring Transactions
What you’ll learn The transparency of cryptocurrency How to access the information within a transaction The anatomy of a Bitcoin transaction – bit by bit What this information can tell us An essential aspect of cryptocurrency’s value proposition is transparency. All Bitcoin transactions, for example, are public, traceable, and permanently stored on a public ledger…
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Selling for another crypto & withdrawing
Selling a cryptocurrency, like bitcoin, doesn’t necessarily mean exchanging it for fiat money. Exchanges will also allow you to exchange one cryptocurrency for another. We’ll explain that scenario then the process for withdrawing cryptocurrency which we’ve already introduced when explaining how to send and receive crypto (earlier in this section). Given the huge array of…
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Selling Cryptocurrency for fiat & withdrawing
Having highlighted the important considerations in advance we can now simply focus on the steps for selling cryptocurrency for fiat and withdrawing the balance. We’re going to use selling bitcoin for euro as our example i.e BTC/EUR and assume that you want to sell at the current price – aka a Market Order. We explore…
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Tax Implications
It may come as something of a shock, but in most countries the profit you make from buying and selling crypto is a taxable event. In the early days of crypto it was possible to fly below the tax radar, as authorities hadn’t quite worked out how to treat the nascent industry. Not so now. …
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One-Way On Ramps
The fastest crypto on-ramp is using a credit/debit card because it combines the payment and purchase aspects into one familiar process. The problem is that the fastest route in, isn’t necessarily the fastest route out. Most Exchanges impose restrictions around withdrawing funds back to cards.. This shouldn’t necessarily stop you from choosing that route to…
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