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Understanding the Bitcoin Transaction Process: Devices, Stakeholders, and Ethical Concerns

This article explores the intricacies of the Bitcoin transaction process, highlighting the flow from transaction placement to blockchain confirmation. It examines various devices involved, including smartphones, digital applications, and personal computers. Stakeholder advantages, such as ease of access and issues related to money supply regulation, are discussed in detail. Furthermore, ethical concerns regarding integrity, reliability, and security are analyzed to provide a comprehensive understanding of the Bitcoin ecosystem and its implications for users and the economy.

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Understanding the Bitcoin Transaction Process: Devices, Stakeholders, and Ethical Concerns

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  1. Business and EmploymentEFT Tim Hanewich

  2. Flowchart

  3. Process • Transaction placed • Block Chain Confirmation • Private Key Signature • Transfer Bitcoin

  4. Device #1 – Smartphone (input) http://phoneappsmag.wordpress.com/2011/12/20/tips-and-tools-for-a-sparkling-clean-smartphone/

  5. Device #2 – Digital Application (Processing) http://crunchmodo.com/top-20-best-smartphone-you-can-buy/

  6. Device #3 – Block Chain (Processing) http://www.zazzle.com/bitcoin_key_chain-146265307377718216

  7. Device #4 – Private Key http://n2liquid.wordpress.com/2013/03/09/redeeming-of-a-casascius-coin-aka-physical-bitcoin/

  8. Device #5 – Personal Computer http://warside24.com/?p=471

  9. Software Image http://warside24.com/?p=471

  10. Software Explanation • Convenient • Easy • Portable • Reliable http://warside24.com/?p=471

  11. Stakeholder Advantage – Ease of Access for Users http://www.bitterwallet.com/104-year-old-twitter-woman-just-a-pawn-in-a-pr-game/11881

  12. Stakeholder Advantage – Chance of Disaster for Users http://www.bitterwallet.com/104-year-old-twitter-woman-just-a-pawn-in-a-pr-game/11881

  13. Stakeholder Advantage #2 – Money Supply Regulation http://www.frontpagemag.com/2014/dgreenfield/obamas-appeasement-leads-to-war/

  14. Stakeholder Advantage #2 – Counterfiet Possibilities http://www.frontpagemag.com/2014/dgreenfield/obamas-appeasement-leads-to-war/

  15. Ethical Concern #1 Picture - Integrity http://davetutin.com/my-feelings-about-romney-in-a-nutshell/

  16. Ethical Concern #1 - Integrity • Hackers of the Bitcoin? • Who has access? http://davetutin.com/my-feelings-about-romney-in-a-nutshell/

  17. Ethical Concern #2 Picture - Reliability http://commons.wikimedia.org/wiki/File:Reliability_and_validity.svg

  18. Ethical Concern #2 - Reliability • How well will the Bitcoin function in the economy? • Possible Issues http://commons.wikimedia.org/wiki/File:Reliability_and_validity.svg

  19. Ethical Concern #3 Picture -Security http://ww2.cfo.com/technology/2013/11/finding-cyber-security-weak-spots/

  20. Ethical Concern #3 Picture -Security • Currency Protection • Confidence in currency http://ww2.cfo.com/technology/2013/11/finding-cyber-security-weak-spots/

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