How cryptocurrency transactions is stored in blockchain

[Josemendez]

Blockchain and it's operations is sometimes quite confusing. In this lesson , I will showing how cryptocurrency transactions gets to the blockchain .

1 . Whenever we initiate a transaction , and the transaction authenticated , A block is created. This block represents the transaction.


2. The block is sent to every node on the network( A node is a computer that is connected and supports a cryptocurrency network ), and these nodes validate the transaction


3. The block is thus added to the existing blocks in the blockchain, and the update is distributed over the network. This is normally what happens whenever we are seeing waiting for confirmation. After , this update , the transaction is completed.

This is why blockchain can't easily be hacked because , one needs to hack individual blocks in other to control the blockchain.

 

[Ralphjoe]

This is a wonderful read on the working of Bitcoin, it's very enlightening, my thoughts on the operation of Bitcoin transaction was that the computer just takes their time to confirm the transaction not this very detailed explanation of how the blocks of transactions are created, how they are distributed to the nods i.e the computer that process Bitcoin in several locations.

I used to be so angry with the time taken by the blockchain to confirm transactions, now that I know the reason why and how it's very beneficial to us the user of the wallet, I think I will cut Bitcoin some slack, Bitcoin is definitely one of the most secured coin out there.

 

[Yugocean]

The block representing the transaction also charges different gas fees, (this is the main reason why some are popular and some are unpopular). It also separates the block from the block. All valid nodes support their own blocks, so one crypto cannot be transferred by another crypto block. Confirmation also occurs only when one crypto operates in the blockchain, if the blockchain is split, then does not confirm any transactions in each other's blocks. Blockchain technology is good, this has brought many changes, and we have to be ready to adjust with it.