Bitcoin transaction is a transfer, receiving or bill payment with BTC. Because the coins themselves are electronic records of a special kind, a transaction looks like a signed data section, transmitted into a blockchain system and remaining in its blocks in the form of records, all previous transactions being registered in the net and the indicated number of digital coins transferred to a Bitcoin Address.
The entrance into a blockchain system for fulfilling a transaction is possible only after having created a Script. It contains ScriptSig – an electronic signature, which is made according to a certain algorithm, and an open key ScriptPubKey. Such a key is a property of a person initiating a transaction. It confirms that this user’s account contains the amount necessary for the transfer.
The digital signature ScriptSig is compulsory, as it’s required for removing the money blockage in the depth of the blockchain.
In the net transactions go without enciphering. Any of them can be tracked on special sites:
– Blockchain
– Chain
– Blockchair
– Blockcypher
They will be very helpful when finding out some technical details of a transaction or having to confirm a payment.
The received transactions are checked with nodes and get transmitted further on. The task of miners is to realize the mechanism of consensus support. Mining results in another block with a new transaction information appearing in the net. The following transaction cycle is the owner’s decision to use his coins.
If there is a big deal underway, it’s advisable not to hurry to complete the transaction, but to wait for a few additional blocks to emerge in the blockchain, each of them will be the confirmation of your transaction. Six confirmations will take about an hour. This will display in your electronic wallet.
An unconfirmed transfer will be rejected and the coins will return to the electronic wallet when a reverse Bitcoin transaction has been performed.
To make a transfer in a blockchain net, a user’s got to have a Bitcoin wallet of your own, which will become his personal address.
For fulfilling a transaction a user should indicate:
– the sender’s address
– the amount of the currency to be transferred
– the recipient’s address
During payment operations the mode of participants’ anonymity is maintained in the Bitcoin net. But the transaction itself doesn’t contain any secret information, that’s why transactions can be performed using WI-FI, Bluetooth, NFC, Chirp, barcodes.
The Bitcoin blockchain system is of a peer-to-peer type, i.e. all its members obey the same rules and fulfill the same functions. Such nets are called decentralized nets. That’s why transactions in them are anonymous. The creed of Swapagain exchanger is to extend this privacy furthermore. That’s why any exchange you make through this service also remains strictly confidential.
The size of a transaction varies from 300 to 400 bytes. To prevent DDoS attacks on the net while retransmissions of multiple minimal transactions the Bitcoin transaction limit of 15 000 bytes a second has been established.
First of all, the cryptocurrency transaction speed will depend on block volume and the number of them generated by the net per a certain period of time. But nowadays this speed is changing all the time influenced by the following factors:
Bitcoin transaction speed is 78 minutes. This poses problems for users. The net commissions are growing. Litecoin performs a transaction in 30 minutes. Ethereum has achieved a 6-minute transfer of digital assets. Among the classical time-tested cryptocurrencies and blockchains the fastest transaction is that of Ripple – 4 seconds. The new generation cryptocurrencies have a much higher speed: Nano and Stellar can boast of a 5-second transaction. But even amidst those there is a leader – the fastest transaction cryptocurrency, where mere 1,5 seconds is required to transfer its coins, and that’s EOS.
Cryptocurrency transaction speed comparison at this stage can be considered as the victory of Visa. This banking system today is going ahead of blockchain transfers in its transaction speed. But it’s taken it years since 1958 to reach its speed values. Blockchain hasn’t had such an experience yet, that’s why it can be expected to leave the banking system behind in transfer speed soon.
Exchanging Bitcoin in Swapagain.com exchanger can prove to be much faster. Here you won’t have to pay an additional transaction commission, and this with a 100% degree of deal anonymity. The company has a huge experience in cryptocurrency market work. After more than 3 years of functioning the company has obtained many permanent clients.