Suppose you want to send a Bitcoin to someone, what should the process be involved in it? The intention to send bitcoin is published, the nodes scan the bitcoin network, and the validation is performed. The scenario is as follows -
You have a Bitcoin This is not sent to anyone.
After confirming this information, the transaction is included in a block, which in turn is linked to another block. That's why the name blockchain is used in it. Transactions cannot be undone or changed. All other blocks can be disturbed because of this.
Some more complications
Sometimes the bitcoin wallet does not contain a bitcoin. Have the bitcoin address many times. All transaction registrations are with this address. The address - is a long string of 34 letters. It is called a public key that everyone can see. Each public key/address has a respective "private key" that has 64 letters and numbers. This must be kept safe. These 2 keys are related to each other, but we can not in any way distinguish the 2 keys.
Every transaction issued from your bitcoin address must be associated with and signed by the private key. Both the private key and the transaction information are required. How many bitcoins are sent and in which account all this information is stored.
Because of this information, a digital signature is created and sent for validation. This transaction is then validated, it is confirmed that I own a bitcoin, and the transfer is made to you.
Using the signature and the public key that everyone knows? If the signature is made using the private key corresponding to the public key, the program validates the transaction even if the private key is not known.
The network ensures that bitcoin is not previously used by checking the address history. As you know the address is no more than the public key.
Even more complicated:
When your transaction validation takes place, it is included in one block along with other blocks.
We need to discuss what a hash is; a hash is produced by a hash function. It is a mathematical equation that converts any amount of text or data into a string of 64 characters. Each time we enter the dataset via the hash function, we get the same string of 64 characters. But even if there is a small change in it, we receive a completely different set of 64-bit data string. This way we can know if something has changed and so a blockchain can confirm if the data has changed.
This is what makes Bitcoin impossible to manipulate or change, there is very little chance of it being played.
You can invest in Bitcoin by visiting the Trade Zone to know the options through which it can be done.
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