Cryptocurrency transaction confirmation process
Here i would like to talk about Cryptocurrency transaction confirmation process.
A cryptocurrency like BTC consists of a network of peers. Every peer has a record of the complete history of all transactions and balance of every account.
A transaction is a file that says, “nkm gives A Bitcoin to Ali “ and is signed by nkm‘s private key. It‘s basic public key cryptography. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology.
The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.
We can say that cryptocurrencies are all about confirmation.
As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.
Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain.
For this job, the miners get rewarded with a token of the cryptocurrency, for example with BTC.
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