How does that long string of characters called a transaction hash (TxID) come about?
This is how I understand it: proof of work works because hash results can’t be predicted in advance. The only way to find a hash that meets the difficulty requirement is to keep trying again and again.
Common Bitcoin P2PKH and P2WPKH addresses are created by applying SHA-256 to the public key, then RIPEMD-160, resulting in a 160-bit public key hash.
My rule of thumb: don’t confuse transaction hashes with private keys. Transaction hashes can be made public; private keys and seed phrases must never be shared with anyone.
$BTC Mining essentially involves repeatedly calculating SHA-256 hashes to find a result that meets the difficulty requirement. Current price: 82778.
#BTC
This is how I understand it: proof of work works because hash results can’t be predicted in advance. The only way to find a hash that meets the difficulty requirement is to keep trying again and again.
Common Bitcoin P2PKH and P2WPKH addresses are created by applying SHA-256 to the public key, then RIPEMD-160, resulting in a 160-bit public key hash.
My rule of thumb: don’t confuse transaction hashes with private keys. Transaction hashes can be made public; private keys and seed phrases must never be shared with anyone.
$BTC Mining essentially involves repeatedly calculating SHA-256 hashes to find a result that meets the difficulty requirement. Current price: 82778.
#BTC