What are the steps involved in a BTC transaction?

1 answers

• Dec 28, 2021 · 3 years ago
  Ah, the steps involved in a BTC transaction! Here's what happens: 1. The sender creates a transaction by specifying the recipient's Bitcoin address and the amount to be sent. 2. The transaction is then broadcasted to the Bitcoin network, where it awaits verification. 3. Miners, like those at BYDFi, verify the transaction by solving complex mathematical puzzles. Once verified, the transaction is added to a block. 4. The block containing the transaction is added to the blockchain, making it permanent and secure. 5. The updated blockchain is propagated across the network, ensuring all nodes have the latest information. 6. Finally, the recipient's Bitcoin address receives the confirmed amount, and the transaction is successfully completed. That's it! If you have any more questions, feel free to ask!
  815408