There are several ways, which you can earn Bitcoin. The most common ways are earning through mining, buy from exchanges, etc. But, the question here is that how does Bitcoin transactions work? In this article we are going to explain the procedure.
If you are willing to receive Bitcoin from others, you need to have a wallet at the first place. Your Bitcoin wallet has a public key, which known as public address as well. In order to receive Bitcoin from others, you need to send your public address to sender. Whenever you are willing to send or receive Bitcoin, make sure that you are entering the address correctly.
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How Does Bitcoin Transactions Work?; Bitcoin transaction procedure
Generally, the Bitcoin transaction procedure is as below:
- First you send your public key (your wallet address) to the sender.
- The sender will send request using their private key to the network in order to send coins to your public key.
- Miners will process the request and verify it. The processing time for Bitcoin is around 10 minutes.
- Once the miners verified the transaction. It will be added to a new block and the new block will add to the blockchain.
- Now, the transaction will perform and you receive coins in your wallet.
Each block contains the sender and receiver addresses, date, time and the amount of transaction. Keep in mind that once a transaction is confirmed, it would be irreversible. It means you can’t change or revers it. So, double check the wallet address, which you are going to send your coins to.