Using one of the applications or websites above, Joe determines the price of bitcoin to be approximately $100 US dollars per bitcoin. At that rate he should give Alice 0.10 bitcoin, also known as 100 millibits, in return for the $10 US dollars she gave him.
Using one of the applications or websites above, Joe determines the price of bitcoin to be approximately $100 US dollars per bitcoin. At that rate he should give Alice 0.10 bitcoin, also known as 100 milliBits, in return for the $10 US dollars she gave him.
Once Joe has established a fair exchange price, he opens his mobile wallet application and selects to "send" bitcoin. He is presented with a screen requesting two inputs:
@ -61,7 +61,7 @@ A description for the payment: "Purchase at Bob's Cafe"
Unlike a QR code that simply contains a destination bitcoin address, a "payment request" is a QR encoded URL that contains a destination address, a payment amount and a generic description such as "Bob's Cafe". This allows a bitcoin wallet application to pre-fill the information to send the payment while showing a human-readable description to the user. See <<payment request URL>>, for more details. You can scan the QR code above with a bitcoin wallet application to see what Alice would see.
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Bob says "That's one-dollar-fifty, or fifteen millibits".
Bob says "That's one-dollar-fifty, or fifteen milliBits".
Alice uses her smartphone to scan the barcode on display. Her smartphone shows a payment of +0.0150 BTC+ to +Bob's Cafe+ and she selects +Send+ to authorize the payment. Within a few seconds (about the same time as a credit card authorization), Bob would see the transaction on the register, completing the transaction.
Now, we can use this address to send a small amount of bitcoin to our bitcoind wallet from an external wallet (assuming you have some bitcoin in an exchange, web wallet or other bitcoind wallet held elsewhere). For this example, we will send 50 millibits (0.050 bitcoin) to the address returned above.
Now, we can use this address to send a small amount of bitcoin to our bitcoind wallet from an external wallet (assuming you have some bitcoin in an exchange, web wallet or other bitcoind wallet held elsewhere). For this example, we will send 50 milliBits (0.050 bitcoin) to the address returned above.
We can now query the bitcoind client for the amount received by this address, and specify how many confirmations are required before an amount is counted in that balance. For this example, we will specify zero confirmations. A few seconds after sending the bitcoin from another wallet, we will see it reflected in the wallet. We use +getreceivedbyaddress+ with the address and the number of confirmations set to zero (0):
The transaction decode shows all the components of this transaction, including the transaction inputs and outputs. In this case we see that the transaction that credited our new address with 50 millibits used one input and generated two outputs. The input to this transaction was the output from a previously confirmed transaction (shown as the vin txid starting with +d3c7+ above). The two outputs correspond to the 50 millibit credit and an output with change back to the sender.
The transaction decode shows all the components of this transaction, including the transaction inputs and outputs. In this case we see that the transaction that credited our new address with 50 milliBits used one input and generated two outputs. The input to this transaction was the output from a previously confirmed transaction (shown as the vin txid starting with +d3c7+ above). The two outputs correspond to the 50 millibit credit and an output with change back to the sender.
We can further explore the blockchain by examining the previous transaction referenced by its txid in this transaction using the same commands (eg. +gettransaction+). Jumping from transaction to transaction we can follow a chain of transactions back as the coins are transmitted from owner address to owner address.
The block contains 367 transactions and as you see above, the 18th transaction listed (+9ca8f9...+) is the txid of the one crediting 50 millibits to our address. The +height+ entry tells us this is the 286384th block in the blockchain.
The block contains 367 transactions and as you see above, the 18th transaction listed (+9ca8f9...+) is the txid of the one crediting 50 milliBits to our address. The +height+ entry tells us this is the 286384th block in the blockchain.
We can also retrieve a block by its block height using the +getblockhash+ command, which takes the block height as the parameter and returns the block hash for that block:
Minh T. Nguyen
10 years ago
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