What is a Transaction?

Transaction

Transaction is the sending of cryptocurrency from one address to another.

In Bitcoin, it is a signed data structure that represents a transfer of value, and includes TxIn (payment source) and TxOut (payment destination).

In a Bitcoin transaction, all transactions are chained together, from the past to the present to the future, so it is impossible to send fake Bitcoins that should not exist.

For example, the flow of a Bitcoin transaction is as follows

  1. Bitcoin (BTC) transactions are approved by mining.
  2. Mining is done by miners, who verify that the transaction is not fraudulent and can be trusted.
  3. Validated (approved) transactions are incorporated into the blockchain.

The increase in the number of transactions will congest the network traffic and lead to delays in remittance.

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