Let us examine the steps involved in the working of a bitcoin account:
The first step is to install a Bitcoin Wallet App on your computer or mobile device. The Bitcoin Wallet is simply a free, open-source software program that will generate your first Bitcoin address.
The second step is to verify your account by submitting your PAN card details, Bank details, others if necessary. Once verified, you must deposit some amount in your Bitcoin wallet in order to purchase bitcoins. Thus, you can buy bitcoins either through your credit card, a bank account or with cash, depending upon the terms and conditions of the Bitcoin Wallet App. Your bitcoins will be transferred directly to your Bitcoin account.
Now your Bitcoin address has been created and you have acquired Bitcoins, so you can use these purchased bitcoins to send and receive payments directly to a buyer/seller or company/firm who accepts bitcoin, without the need of an intermediary such as a bank or credit card company etc.
The company/firm will share with you their Bitcoin address/QR Code to which you can send your Bitcoin payment. You direct the payment to that address thereby completing the transaction.
There is a complete record of all transactions on the bitcoin network and everyone can view it. All Bitcoin transactions are included in a shared public transaction log known as the “Blockchain”.
So now we know the whole process of bitcoin functioning and how Bitcoins can be used for making all sorts of real transactions.
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