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Author Topic: What is a Bitcoin transaction?A detailed explanation of bitcoin trading process  (Read 437 times)

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Offline crystalJonesTopic starter

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What is a Bitcoin transaction?A detailed explanation of bitcoin trading process --IXX Exchange


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Q: What is a Bitcoin transaction?


A: Bitcoin transactions are transfers from one bitcoin wallet to another, and each transaction is digitally signed to ensure security.Once a transaction occurs, it is open to all, and the history of each transaction can ultimately be traced back to the point at which the corresponding Bitcoin was first dug up.It's a good idea to hold bitcoins and wait for them to appreciate, but if everyone trades without them, bitcoin has no real meaning.


Q: How is Bitcoin traded?


A: Bitcoin transactions are the most important part of the Bitcoin system.The bitcoin system is designed to ensure that any other part of the system can be created, propagated through the Bitcoin network, verified, and eventually added to the global ledger of bitcoin transactions (the Bitcoin blockchain).The essence of Bitcoin transactions is data structures that contain information about the value transfer of participants in bitcoin transactions.The Bitcoin blockchain is the global master ledger of double-entry bookkeeping, where every bitcoin transaction is a public record.Bitcoin transactions are irreversible. Any Bitcoin transaction is irrevocable and can only be returned by the payee.This means you need to pay attention to dealing with individuals and organizations that you know and trust or have established credibility with.Bitcoin is not anonymous, and protecting your privacy while using it takes some effort.All bitcoin transactions are publicly and permanently stored on the network, meaning anyone can view balances and transaction records at any Bitcoin address.However, unless identity information is disclosed during the purchase or otherwise, the real identity behind the bitcoin address is kept secret.
This is one reason to suggest that a Bitcoin address be used only once.Always remember that it is your responsibility to develop good habits to protect your privacy.


Q: The bitcoin transaction process


A: Once A Bitcoin transaction is sent to any node connected to the Bitcoin network, the transaction will be verified by that node.If the transaction is verified to be valid, the node will propagate the transaction to other nodes connected by the node;At the same time, the originator of the transaction receives a return message indicating that the transaction is valid and accepted.If the transaction is verified to be invalid, the node rejects the transaction and at the same time returns to the originator a message indicating that the transaction was rejected.The Bitcoin network is a point-to-point network, which means that each Bitcoin node is connected to a number of other Bitcoin nodes (which are discovered during the start-point-to-point protocol).The entire bitcoin network forms a loosely connected "web" with no fixed topology or structure of any kind -- making all the nodes equal in status.Information about bitcoin transactions, including transactions and blocks, is propagated from each node to the others it connects to.A transaction that has just been authenticated and passed to any node in the bitcoin network is sent to three or four adjacent nodes, each of which in turn sends the transaction to three or four adjacent nodes.In a matter of seconds, a valid transaction travels through the network like an exponentially spreading wave until it reaches all the nodes connected to the network.


Q: Types of bitcoin trading platforms and types of transactions


A: The types of bitcoin trading platforms are mainly divided into exchange trading and over-the-counter trading.Type of Bitcoin trading platform - Exchange tradingThe exchange is like a fruit store, where the seller puts the fruit for sale without knowing who bought it.The buyer didn't know who the seller was when they bought it.But unlike fruit shops, the exchange does not set prices, with buyers and sellers each setting the desired price.When the prices of both sides match, the exchange will automatically complete the transaction.Type of Bitcoin Trading Platform - Over-the-counter (OTC)


OTC transactions are also called OTC transactions, and some trading platforms are also called C2C transactions.The exchange does not participate in the trading process, but merely provides a platform where the buyer needs to select a certain seller to complete the transaction.It's ok to bargain in the process.


In addition can also be divided into legal tender transactions & currency transactions


Types of Bitcoin transactions - Legal tender transactions


Legal tender transactions are transactions in which bitcoin (or other digital assets) can be bought with currencies issued by countries such as China, The US dollar and the euro.Bitcoin transactions are conversions between index currencies that do not require legal tender.For domestic policy reasons, if you want to buy bitcoin or other digital assets in yuan, only over-the-counter transactions can be done at the moment.


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Offline samjose8122

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Nice Informative article,
Sam Jose is a skilled cryptocurrency exchange developer, experienced in providing custom binance clone script and popular exchange clone development solutions with easily expandable and latest options.

Offline robertsmark

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Informational.

If anyone wants to Learn about crypto, crypto trading, and trading signals visit My Crypto Paradise

Offline mlawson71

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Thank you for that very detailed explanation!


 

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