Monday, June 10, 2019
How do Bitcoin transactions work:
Bitcoin transactions work through a decentralized network of computers using blockchain technology. Here is a step-by-step explanation of how a typical Bitcoin transaction works:
1. Initiating the Transaction:
- Sender: A Bitcoin transaction begins when someone initiates a transfer of Bitcoins. This person is the sender and wants to send Bitcoins to another party.
- Receiver: The sender specifies the recipient's Bitcoin address, which is a unique alphanumeric string derived from their public key.
2. Creating a Transaction:
- Input: The sender's wallet uses the sender's private key to sign the transaction input, confirming that they are the rightful owner of the Bitcoins they want to send.
- Output: The transaction specifies the recipient's public address as the output along with the number of Bitcoins to be transferred.
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3. Broadcasting the Transaction:
- The signed transaction is broadcast to the Bitcoin network, where it is picked up by nodes (computers) on the network.
4. Verification and Mining:
- Nodes Verification: Nodes verify the transaction's validity, ensuring that the sender has enough Bitcoins to send and the transaction is properly signed.
- Mining: Valid transactions are bundled into a block by miners. Miners use computational power to solve complex mathematical puzzles, and the first one to solve it gets the right to add the block to the blockchain. This process is known as mining.
- Consensus: Other nodes in the network validate the mined block, and if a consensus is reached, the block becomes part of the blockchain.
5. Adding to the Blockchain:
- Once the block is added to the blockchain, the transaction is confirmed. It is now irreversible and becomes a permanent part of the public ledger.
- Confirmation: For added security, it is recommended to wait for multiple confirmations (blocks added after the block containing the transaction) before considering the transaction fully confirmed. Each additional confirmation makes it exponentially more difficult to reverse the transaction.
6. Updating Wallets:
- Both the sender's and receiver's wallets are updated. The sender's wallet deducts the amount sent from the balance, and the receiver's wallet adds the received Bitcoins to their balance.
Bitcoin transactions are secure, transparent, and irreversible due to the cryptographic techniques and consensus mechanisms used in the blockchain network. They are recorded publicly in the blockchain, ensuring that all transactions can be verified by anyone, providing a high level of transparency and trust in the system.