Cryptocurrency Q&A
How does Bitcoin transfer work?
How does Bitcoin transfer work?
Lorenzo
Fri Jul 05 2024
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7 answers
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Could you please elaborate on the mechanics of a Bitcoin transfer? I'm curious to understand the underlying processes and technologies that facilitate this digital currency exchange. Specifically, how does the transaction get initiated? What role do public and private keys play? How is the transaction verified and recorded on the blockchain? I'm also interested in knowing about the speed of the transfer and any associated costs. Your insights into this fascinating topic would be greatly appreciated.
7 answers
noah_stokes_photographer
Sun Jul 07 2024
During the process of transferring Bitcoin from a wallet, a crucial step is authorizing a transaction.
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Ilaria
Sun Jul 07 2024
This transaction serves to deduct the specified amount from the sender's wallet balance.
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Alessandro
Sun Jul 07 2024
Concurrently, the amount is credited to the receiving address's balance.
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noah_wright_author
Sun Jul 07 2024
Miners play a pivotal role in this process, as they verify the authenticity and validity of the transaction.
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GangnamGlitter
Sat Jul 06 2024
Their role ensures that the transaction is secure and adheres to the blockchain's protocols.
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