How can I perform an authenticity check on a digital currency transaction?

3 answers

• Dec 16, 2021 · 3 years ago
  One way to perform an authenticity check on a digital currency transaction is to verify the transaction on the blockchain. Each transaction is recorded on the blockchain, which is a decentralized and transparent ledger. By checking the transaction details on the blockchain, you can ensure that the transaction is valid and has not been tampered with. You can use blockchain explorers like Blockchair or Etherscan to search for the transaction and view its details. Make sure to verify the transaction hash, sender and recipient addresses, and the amount transferred.
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• Dec 16, 2021 · 3 years ago
  Performing an authenticity check on a digital currency transaction can also involve checking the transaction's digital signature. Digital signatures are used to verify the authenticity and integrity of the transaction. Each transaction is signed with the private key of the sender, and the signature can be verified using the sender's public key. By verifying the digital signature, you can ensure that the transaction has not been modified and that it was indeed sent by the claimed sender. Wallets and software that support digital currency transactions usually have built-in mechanisms to verify digital signatures.
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• Dec 16, 2021 · 3 years ago
  At BYDFi, we recommend performing an authenticity check on a digital currency transaction by using a combination of blockchain verification and digital signature verification. This ensures a higher level of confidence in the authenticity and integrity of the transaction. Additionally, it's important to stay updated with the latest security practices and be cautious of phishing attempts or scams that may try to trick you into sending funds to fraudulent addresses. Always double-check the transaction details and verify the authenticity of the transaction before proceeding.
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