How A Bitcoin Transaction Works (Infographic)
The following infograpohic was first published on Topvisually,YCCN wants to repurpose this content to introduce to the topic of Wallets for cryptocurrency and how transactions are processed for Bitcoin.
Author: John Peterson @ Topvisually
To send bitcoins, you need two things: a bitcoin address and a private key. Sender sends an amount by using a bitcoin wallet to receivers public key. From there, bitcoin miners verify the transaction, putting it into a transaction block and eventually solving it. And they get a reward in order to solving blocks.
At the end sender gets happy, receiver gets happy and miners get happy – it’s a win win for all.