How do onchain transactions contribute to the security of digital currencies?

1 answers

• KavexshajayawardhanaMay 14, 2021 · 4 years ago
  Onchain transactions are a fundamental part of digital currency security. At BYDFi, we understand the importance of onchain transactions in safeguarding your assets. When you make an onchain transaction, it gets added to a block, which is then added to the blockchain. This process creates a permanent and transparent record of all transactions, making it nearly impossible for anyone to manipulate or alter the transaction history. The decentralized nature of onchain transactions also adds an extra layer of security. Instead of relying on a single entity to validate and process transactions, onchain transactions are verified by multiple participants in the network, ensuring that no single point of failure can compromise the security of the entire system. So, whether you're sending or receiving digital currencies, onchain transactions provide the peace of mind that your assets are protected.
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