đŻ How does a crypto transaction work? (Simple explanation)
When you send cryptos (e.g., Bitcoin to a friend), hereâs what happens behind the scenes:
đč 1. Creation of the transaction
You specify:
how much you want to send
to which address
đĄ (e.g., a sort of IBAN number, but for crypto)
đč 2. Cryptographic signature
Your transaction is signed with your private key đ, similar to a digital signature.
đ It proves that you are indeed the owner of the funds.
đč 3. Propagation in the network
The transaction is sent to a network of nodes (connected computers).
âĄïž They check if you have enough funds and if the signature is valid.
đč 4. Added to a block
Once validated, the transaction is placed in a block with others.
đĄ This block is waiting to be confirmed by the network.
đč 5. Block validation
Depending on the blockchain (Bitcoin, Ethereum, etc.), the block is validated via:
Proof of Work đ§
or Proof of Stake đ§Ÿ
This ensures that the block is legitimate and secure.
đč 6. Added to the blockchain
The block is added to the chain, permanently.
Your transaction becomes immutable (non-modifiable).
đ 7. Transaction confirmed
Your friend receives the funds, the transaction is complete!
âïž It is publicly visible, but no one can modify it.
â
Quick summary:
â You create the transaction
â It is signed
â The network validates it
â It is added to a block
â The block is integrated into the blockchain
â It is irreversible and secure
đ§ Did you know that every transaction is public and traceable?
Do you want to talk about the role of miners or validators next time?