Cryptocurrency Q&A
What does it mean if a bitcoin transaction is verified?
What does it mean if a bitcoin transaction is verified?
CryptoAce
Wed Jul 10 2024
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6 answers
1573
Could you elaborate on the significance of a Bitcoin transaction being verified? I understand that the blockchain network is the backbone of Bitcoin, but what specifically happens when a transaction is verified? Does it mean that the funds have been successfully transferred? Or does it simply indicate that the transaction details have been validated and will be included in the next block? How does this process ensure the integrity and security of the Bitcoin network? And how long does it typically take for a transaction to be verified?
6 answers
SakuraBlooming
Fri Jul 12 2024
Before a transaction is considered valid, it must undergo a process known as confirmation on the blockchain.
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JejuJoyfulHeartSoulMate
Fri Jul 12 2024
Confirmation signifies that the transaction has been reviewed and verified by the network's consensus mechanism.
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Eleonora
Fri Jul 12 2024
Once a transaction is confirmed, it is permanently recorded in a block, which then becomes a part of the blockchain.
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Elena
Fri Jul 12 2024
The blockchain serves as a decentralized ledger, tracking and maintaining all legitimate transactions in chronological order.
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MysticStorm
Fri Jul 12 2024
Cryptocurrency transactions, including Bitcoin, rely heavily on the blockchain for their authenticity.
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