How does a bitcoin transaction work?

3 answers

• Mar 08, 2022 · 3 years ago
  Sure! When a bitcoin transaction occurs, it goes through a series of steps. First, the sender creates a transaction by specifying the recipient's address and the amount of bitcoin to be sent. Then, the transaction is broadcasted to the network, where it awaits confirmation. Miners then validate the transaction by solving complex mathematical problems, and once confirmed, the transaction is added to a block. This block is then added to the blockchain, which is a public ledger that records all bitcoin transactions. Finally, the recipient can access their bitcoin by using their private key to unlock the transaction.
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• Mar 08, 2022 · 3 years ago
  A bitcoin transaction is like sending an email. You have a sender, a recipient, and a message (in this case, the amount of bitcoin). The sender creates the transaction, which is like composing the email. The transaction is then sent to the network, just like sending the email. Miners act as the postmen, validating the transaction and adding it to a block. Once the block is added to the blockchain, it's like the email being delivered and stored in the recipient's inbox. The recipient can then access their bitcoin by using their private key, which is like entering a password to read the email.
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• Mar 08, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, explains that a bitcoin transaction involves several steps. First, the sender creates a transaction by specifying the recipient's address and the amount of bitcoin to be sent. The transaction is then broadcasted to the network, where miners validate it. Once confirmed, the transaction is added to a block, which is added to the blockchain. The recipient can then access their bitcoin using their private key. This process ensures the security and transparency of bitcoin transactions.
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