MINING ALGORITHM - TRANSACTION FEE - BITCOIN TRANSACTION - CONFIRMATION -

megan.brown (48)in #money • 6 years ago


MINING ALGORITHM	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}
TRANSACTION FEE	this is a successful act of where the transaction has hashed and added to the blockchain.^{Source + Source}
BITCOIN TRANSACTION	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
CONFIRMATION	as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.^{Source + Source}


MINING ALGORITHM	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}
TRANSACTION FEE	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
BITCOIN TRANSACTION	as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.^{Source + Source}
CONFIRMATION	this is a successful act of where the transaction has hashed and added to the blockchain.^{Source + Source}

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