Cryptocurrency Transactions Explained

A Simple Transaction

  1. You open up your digital wallet, plug in an amount of Bitcoin, and input the receiving party’s public key (that long combination of letters, numbers, and characters); transaction initiated.
  2. The blockchain verifies your public key so it can store the transaction information on the blockchain.
  3. The blockchain network takes your public key and verifies that you do, in fact, own the amount of cryptocurrency you’re trying to send.
  4. The network checks itself to determine if it has previously promised this attempted transaction to someone else. After the details are verified, the blockchain network then stores the transaction information.
  5. Within a couple of hours, the recipient will see the new balance on his account, and the balance will be deducted from your account; transaction completed.

The Intricacies of the Network

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The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.

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The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.

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