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How do Bitcoin transactions work?


Suppose you want to send a Bitcoin to someone, what exactly should the process be involved in it? The intention to send bitcoin is published, nodes scan the bitcoin network and the validation is performed. The scenario is as follows-

You have a Bitcoin This has not been sent to anyone. 

After the confirmation of this information, the transaction is part of a block which in turn is linked to another block. Therefore, the name blockchain is used in it. Transactions cannot be undone or changed. All other blocks can be disturbed because of this. 



A few more complications

Sometimes the bitcoin wallet does not contain bitcoin. Have the bitcoin address many times. All transaction registers have this address. The address - is a long line with 34 letters. It's called a public key that everyone can see. Each public key/address has a respective "private key" that has 64 letters and numbers. This must be kept safe. These two keys are related to each other but we can in no way distinguish between the two keys. 


Every transaction issued from your bitcoin address must be connected to and signed by the private key. Both the private key and the transaction details are required. How many bitcoins to send and in which account all this information is stored. 


Because of this information, a digital signature is created and sent for validation. This transaction is then validated, it is confirmed that I own a bitcoin and the transfer is made to you. 


Do you use the signature and the public key that is known to everyone? If the signature is made with the private key corresponding to the public key, the program will validate the transaction even if the private key is not known. 


The network ensures that bitcoin has not been used before by checking the address history. As you know, the address is nothing more than the public key. 


Even more complicated:

When your transaction validation occurs, it is included in one block along with other blocks. 


We need to discuss what a hash is; a hash is produced by a hash function. It is a mathematical equation that converts any amount of text or data into a 64 character string. Each time we enter the data set via the hash function, we get the same 64 character string. But even if it's a small change in it, we'll get a completely different set of 64-bit data strings. This way we can know if something has changed and this is how a blockchain can confirm if data has changed. 


This is why Bitcoin can not be manipulated or changed, there is very little chance that it will be played. 


You can invest in Bitcoin by visiting the Trade Zone to know the options through which it can be done. 

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