How do transactions work in cryptocurrency?


As Blockchain technology’s popularity increases, millions of people around the world are keen to know about it. Blockchain is a new concept which sets the financial market on fire. Blockchain is an independent decentralized system of central bank or government. This system is extremely safe, transparent and immutable.

So, that’s how it works:

If I try to send my cryptocurrency to you, I will actually publish my intent and scan nodes on the whole bitcoin network to verify that I have that certain amount of bitcoin that I would like to send to, and I have not performed this transaction with other parties before. And once this information is verified, my transaction will be included in a “block” that will be attached to the previous block–and hence the term “blockchain.” Transactions could not be undone or removed and replaced with, because it would mean redoing all the blocks that followed.

This transaction is then published if one wants to send cryptocurrency to another individual or business. Additional systems can then scan the Bitcoin network and validate your own digital currency and continue to send it to another person or business. The transaction is then added to the block and attached to the preliminary block after the information has been confirmed. This creates a block chain, known as “Blockchain.” The transaction could not be manipulated or removed as soon as the transaction is completed.

Source from Coindesk

Bitcoins are now easier to buy on your phone or computer and you can buy them in a variety of fast methods. However, for now, it is still the number one cryptocurrency in the market. You’ll need a bitcoin wallet before you buy bitcoins, though. Somewhere to access them.

What’s Bitcoin Wallet? It is mainly a private and public key, which allowing bitcoins to be sent or received.

And that’s how things on MX Global Exchange will work: