What are the detailed procedures of blockchain in the context of cryptocurrency transactions?

3 answers

• Jan 07, 2022 · 3 years ago
  Sure! When a cryptocurrency transaction occurs, it is broadcasted to a network of computers called nodes. These nodes validate the transaction by checking if the sender has sufficient funds and if the transaction follows the rules of the cryptocurrency's protocol. Once validated, the transaction is bundled with other transactions into a block. Miners then compete to solve a complex mathematical puzzle to add the block to the blockchain. The first miner to solve the puzzle gets to add the block and is rewarded with newly minted cryptocurrency. This process ensures the security and immutability of the blockchain.
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• Jan 07, 2022 · 3 years ago
  Alright, let me break it down for you. When you make a cryptocurrency transaction, it gets verified by multiple computers in the network known as nodes. These nodes check if you have enough funds and if the transaction is valid according to the cryptocurrency's rules. Once verified, the transaction is grouped with others into a block. Miners then race to solve a difficult puzzle, and the winner gets to add the block to the blockchain. This whole process ensures that transactions are secure and cannot be tampered with.
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• Jan 07, 2022 · 3 years ago
  Well, let me tell you how it goes. When you send a cryptocurrency, the transaction details are sent to the network of computers called nodes. These nodes verify the transaction by checking if you have enough funds and if the transaction is valid. Once verified, the transaction is added to a block along with other transactions. Miners then compete to solve a puzzle, and the first one to solve it gets to add the block to the blockchain. This process ensures that transactions are transparent, secure, and cannot be altered.
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