Bitcoin transactions
Bitcoin transactions
What is a Bitcoin transaction?
The data section, which is verified by signature and transmitted over the Bitcoin network is called a bitcoin transaction. Information about transactions with cryptocurrency is stored in the blocks that make up the list of transactions.
The history of the BTC “walk” is a chain consisting of such blocks (blockchain). A separate block contains a heading and a list. The header contains the transaction hash code, its own hash code and the hash code of the previous block.
By sending a transfer, the user initiates a setBonuse to create a unique 16-digit code. Next, the miners find the next block and use the sha-256 algorithm to write transaction information to it.
After the procedure is over, the transfer is considered completed, and the recipient of the money can use them for settlements or transfers to other users.
Bitcoin transactions attract users with their speed and cost, as well as the absence of a correspondent bank and low risk of failures.
What is Bitcoin address?
Your ID to send and receive Bitcoin. This is a 27-34 character long address, which consists of an arbitrary set of Latin letters and numbers. E.g. 14NnUUmUd5FDFJpvKKES1f9T9GinBmv4Lm. For convenience, instead of a long number, you can use a QR code. Bitcoin address is completely anonymous, and when you make a new transaction, a new address is automatically created.
Is it possible to speed up the transaction of bitcoin?
You can increase your transaction priority by setting a higher commission when sending Bitcoin.
What is transaction replay?
This is a cyber attack during which malicious individuals want to intercept and repeat the valid data transmission taking place on the network. Due to the fact that the consumer input is reliable, the security protocol considers the attack as a standard data transfer procedure.
Fraudsters do not even have to decrypt the original messages, because they are transmitted verbatim. The most common attacks occur during cryptocurrency transactions and blockchain registries.
The reason is protocol changes or updates called blockchain hard fork. In the process of hard fork, scammers have the opportunity to conduct a cyberattack against a whole chain of blocks.
A transaction processed by a person using one registry with a wallet valid before the hard fork can be considered valid in a separate area.
As a result, the user who received the transfer of the BTC in one registry is able to repeat the transaction in a separate registry and receive the same number of cryptocurrency units twice.