Quote from: wheatstone on March 19, 2014, 07:03:40 PM

Quote from: venkata on March 19, 2014, 03:22:44 PM

1. What are the systems the BitCoin Network contains and who are managing those systems.

The preferred spelling is bitcoin, with Bitcoin being used to refer to the protocol or network (but not the actual value). BitCoin is not used.

The Bitcoin network is a decentralized, fully peer-to-peer network. That means anyone can run a Bitcoin server and function as a node in the network. Nodes relay transactions.

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2. I think any body can work as a Minor if he/she uses a PC/Laptop to add a transacation in a Block.
If no minor is doing this mining work, will the receives still receives his Bitcoin ( if a sender sends ).
Can you explain how the receiver can receive the BitCoins.

Yes, anyone can mine. In the early days, any computer was sufficient to mine a block. These days, However, powerful, specialized equipment is recommended.

The total mining power is insane, so the issue of "no one mining" is not relevant. Since the function of mining is to process transactions, Bitcoin wouldn't work if no one was mining. So, no, the receiver would never get his bitcoins.

I would recommend reading up on the "blockchain". That concept is fundamental to understanding how Bitcoin works.

Very roughly, a person doesn't actually "receive" bitcoins. Everything is recorded in the blockchain. When someone says they have some bitcoins, what they actually have is the cryptographic (private) key that allows them to transfer bitcoins associated with a specific public key (address).

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3. How the sender and receiver knows the transactions are Confirmed. Will they get any information.

The wallet software handles this, although anyone with knowledge of the transaction could look it up on the blockchain (e.g. using blockchain.info).

I would recommend reading up on the "blockchain". That concept is fundamental to understanding how Bitcoin works.

Very roughly, a person doesn't actually "receive" bitcoins. Everything is recorded in the blockchain. When someone says they have some bitcoins, what they actually have is the cryptographic (private) key that allows them to transfer bitcoins associated with a specific public key (address).