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How do Bitcoin Transactions Work - WazirX

If you are a beginner in the crypto world and you have no idea that how do bitcoin transaction work. Check this presentation on Bitcoin that will help you understand how bitcoin transactions work. Checkout the India's most successful cryptocurrency exchange at: https://wazirx.com/

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How do Bitcoin Transactions Work - WazirX

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  1. MMTC PAMP How do Bitcoin Transactions Work? Making Gold the next big purchase or investment

  2. Process Behind Bitcoin Transactions • Imagine sending one Bitcoin from one wallet to another, each transaction has an input, output(where it’s going), and the amount of BTC being transferred. • The aforementioned information is what is being stored in each block of the blockchain. Safe to say that each Bitcoin holds a recorded history of where it has been. • The transaction inputs and outputs are very similar to the concept of the BTC wallet- it has both public and private keys.  • The public key allows you to have received the Bitcoin, and the private key allows you to send the Bitcoin.

  3. How Long Do Bitcoin Transactions Take? • Usually, the entire process takes about 10 minutes, sometimes longer and that is completely based on how busy the network is.  • Each block on the blockchain is capable of holding 1MB of data, so once the block is filled with verified transactions, a new transaction will take place but will be put under a “waiting list” and will be incorporated into the next block.

  4. Let us Talk About Bitcoin Transaction Fees • You might have heard about the Bitcoin transaction fee. In case you haven’t, a fee is charged every time you make a transaction and the amount is used to pay the miners. • Usually, it is a small fraction of what you are sending, and it is determined by either the sender or the network you are using.  • Moreover, the more fees you pay, the higher the miners will prioritise your transaction.

  5. Buy from the best Cryptocurrency exchange in India • Now that you know how the transaction works, go for a Bitcoin exchange in India that is the most trusted. • For instance, WazirX. It is used by millions of people and they even have implemented two-factor authentication as an extra verification method before letting its users access the exchange platform.  • Armoury offers multi-signature transactions which means it requires another user’s permission before you can make a transaction through the wallet. • All in all, it is the safest and easy to use cryptocurrency exchange.

  6. MMTC PAMP Thank you Making Gold the next big purchase or investment

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