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Transactions Procedures of Cryptocurrency
Industry MilkywayBlogs 13-Dec-2021 Comments (6) 31

Transactions Procedures of Cryptocurrency

Since cryptocurrency is not like normal currency. So there is a huge difference in the transaction method. In the case of a transaction, peer to peer is done. In other words, there will be no third party, but there is a little trouble. And now I will discuss that transaction method. Stay tuned.

Crypto-Wallet

A wallet is simply a bag of money. However, as cryptocurrency has no real form, you will not find anything like a real wallet. It can be called an e-wallet. The wallet is used for cryptocurrency transactions.

In this case, the sender of the cryptocurrency or bitcoin must also have an account. And whoever receives it must have a wallet. The security of this wallet is much higher. Because everyone has a different encrypted address. This is how money can be sent in the first method.

Blockchain

When you send a cryptocurrency from one address to another, it will be recorded in an encrypted ledger.

And this method is basically what we call a blockchain. Because of the blockchain process, you can see all this information with your own eyes from any angle. And that’s why bitcoin or cryptocurrency transactions are so secure. Hope you understand.

Mining

The things that are recorded in the blockchain or the transaction information that is recorded are monitored through mining. Through mining, one verifies the legitimacy of that lending. Whatever makes this system more secure.

And as a result of mining, there is no chance of any kind of fraud. And the biggest thing here is that the identities of both parties are kept secret. This means that there is no chance that this information will be leaked to who you are or who you are sending it to.

The transaction method of cryptocurrency is done in these three steps. And the thing about cryptocurrency transactions in these three steps is that your information is as secure on the one hand as your transactions on the other.

Does Cryptocurrency Have Any Value At All?

It’s very natural for a question to come to your mind right now, and that question is, “Since cryptocurrency has no physical form, it doesn’t seem to have any value at all.”

Yes, you can imagine that Bitcoin has no value. But the real thing is, it’s not at all. This statement of yours would have been true in 2010. When a dollar could be found for 1200 bitcoins. But now the situation is reversed.

Are you wondering if a bitcoin is worth  1,200? But leaving your idea behind, now the price of Bitcoin has gone up to several thousand. According to a recent report it is priced at around 60,000 USD dollars. So imagine if you had bought a bitcoin in 2010, how much money would you own today?

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