How does a transaction get confirmed in the digital currency network?

3 answers

• Feb 19, 2022 · 3 years ago
  When a transaction is initiated in the digital currency network, it is broadcasted to all the nodes in the network. These nodes then validate the transaction by checking if the sender has sufficient funds and if the transaction follows the network's rules. Once the transaction is validated, it is added to a pool of unconfirmed transactions. Miners in the network then compete to solve a complex mathematical puzzle to confirm the transaction. The miner who solves the puzzle first adds the transaction to a block and broadcasts it to the network. Other miners then verify the block and add it to the blockchain, making the transaction confirmed.
  647324
• Feb 19, 2022 · 3 years ago
  Confirming a transaction in the digital currency network is like a race among miners. They compete to solve a puzzle, and the winner gets to confirm the transaction. This process is called mining, and it ensures the security and integrity of the network. Once a transaction is confirmed, it becomes a permanent part of the blockchain and cannot be reversed or tampered with. It's like a digital seal of approval for the transaction.
  432144
• Feb 19, 2022 · 3 years ago
  In the digital currency network, transaction confirmation is a crucial step to prevent double-spending and ensure the integrity of the system. When a transaction is initiated, it goes through a process called consensus, where the network verifies its validity. This process involves multiple nodes in the network reaching an agreement on the validity of the transaction. Once the consensus is reached, the transaction is confirmed and added to the blockchain. This decentralized verification process is what makes digital currencies secure and trustworthy.
  556139