Cryptocurrency Q&A
What happens when you send someone money through Bitcoin?
What happens when you send someone money through Bitcoin?
Tommaso
Tue Oct 01 2024
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7 answers
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When you send someone money through Bitcoin, what exactly happens behind the scenes? Do you need to provide any personal information to the recipient? How does the transaction get verified and recorded on the blockchain? Is there a fee involved in sending Bitcoin, and if so, how is it determined? Also, how secure is the transaction process, and what measures are in place to prevent fraud or theft? Finally, how long does it typically take for a Bitcoin transaction to be completed and confirmed?
7 answers
henry_taylor_architect
Thu Oct 03 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency users. Among these services is the ability to create and execute transactions on the Bitcoin network.
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SkylitEnchantment
Thu Oct 03 2024
Firstly, the sender's address, which is essentially their public key, is included in the transaction. This address serves as a unique identifier for the sender, allowing the network to verify the authenticity of the transaction's origin.
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Maria
Thu Oct 03 2024
Secondly, the recipient's address, also known as their public key, is specified. This ensures that the Bitcoins are sent to the correct destination and can only be accessed by the intended receiver.
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Eleonora
Thu Oct 03 2024
The amount of Bitcoin to be sent is another critical element of the transaction. It specifies the exact quantity of Bitcoin that is being transferred from the sender's wallet to the recipient's wallet.
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HallyuHeroLegend
Thu Oct 03 2024
The process of creating a Bitcoin transaction is a fundamental aspect of using cryptocurrency. When a user decides to send Bitcoins, they initiate a transaction from their digital wallet.
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