Introduction
When you make transactions through bitcoins, you should know that you are dealing with digital money. The bitcoins are not traceable and tangible like the dollars and other currencies. After you have made your transactions, the only thing that you will have is the records of transactions to different addresses. Another thing that you can be able to see or be accessed to is the balances. Therefore, you can be able to see your balance as it increases and decreases. All the transactions that are done through the bitcoins and any other platform such as bitcoin code are being stored in the blockchain.
How does the bitcoin transaction work?
Let’s say that you want to buy a product or even service. What you do is send your private key to the seller. Which is always a private sequence of numbers as well as letters. The key contains the transactions of the bitcoins, the amount that you have paid as well as the address of the seller’s digital wallet. The seller will then use the key and scans it using a smartphone or even a laptop to make sure that it is coded. As the transactions are being authorized, it will be broadcasted on all the networks and participants that are always known as nodes. The transaction will also reflect on your ledger as well. After the transaction is over, it will take like ten minutes for the confirmation. The confirmation of the transaction is always conducted and transacted through a technical process known as bitcoin mining. The mining process is the one that gives the authorization for the business services or product to be given to the buyer or not. It all depends if the mining was a success or not.
