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1  Other / Beginners & Help / Is this roughly how Bitcoin works? on: February 19, 2015, 05:44:44 PM
Trying to make better sense of what the whole Bitcoin thing is.  Correct me if Im getting something wrong...

I understand it can be used as payment with the biggest attraction (especially to businesses) is much lower fees than what credit card companies charge.  Pretty much do transactions like you might do with Paypal, seems pretty straight forward

As for making money, you provide your computer to process transactions.  When someone is sending someone else bitcoins, a computer somewhere in the world randomly is chosen to process that transaction.  If your computer is chosen, that fee that is paid on that transaction comes to you since your computer processed the transaction.  And of course, the more computers you have or the faster your computer is, the better chance you have at your computer being selected to do the transaction.

So, do I have it right???
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