What is the process of a bitcoin transaction?

3 answers

• May 10, 2022 · 3 years ago
  Sure! Here's a simplified explanation of how a bitcoin transaction works: 1. Sender initiates the transaction by creating a digital signature using their private key. 2. The transaction is broadcasted to the bitcoin network, where it is picked up by miners. 3. Miners verify the transaction by confirming that the sender has sufficient funds and that the transaction adheres to the network's rules. 4. Once verified, the transaction is added to a block along with other transactions. 5. Miners compete to solve a complex mathematical puzzle to add the block to the blockchain. 6. The first miner to solve the puzzle adds the block to the blockchain, making the transaction permanent. 7. The transaction is now confirmed, and the recipient can access the received bitcoins. Please note that this is a simplified explanation, and the actual process involves more technical details.
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• May 10, 2022 · 3 years ago
  Yo! Wanna know how a bitcoin transaction goes down? Here's the lowdown: 1. The sender signs the transaction with their private key. 2. The transaction gets broadcasted to the bitcoin network, and miners jump in the game. 3. Miners check if the sender has enough funds and if the transaction follows the rules. 4. If everything checks out, the transaction gets added to a block with other transactions. 5. Miners compete to solve a math puzzle to add the block to the blockchain. 6. The first miner to solve it adds the block, and boom, the transaction is permanent. 7. The recipient gets their bitcoins, and it's all good in the hood. Keep in mind, this is just a simplified version. The real deal is more complex, but you get the idea, right?
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• May 10, 2022 · 3 years ago
  The process of a bitcoin transaction involves several steps. First, the sender creates a digital signature using their private key. This signature ensures the authenticity and integrity of the transaction. Next, the transaction is broadcasted to the bitcoin network, where it is validated by miners. Miners verify that the sender has enough funds and that the transaction adheres to the network's rules. Once the transaction is verified, it is added to a block along with other transactions. Miners then compete to solve a mathematical puzzle, and the first miner to solve it adds the block to the blockchain. This makes the transaction permanent and irreversible. Finally, the recipient can access the received bitcoins. It's important to note that this process may take some time, especially during periods of high network activity.
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