Latest Bitcoin Transactions
Frequently Asked Questions
What is a Bitcoin transaction?
A Bitcoin transaction is a transfer of digital currency from one user to another. It includes data about the inputs (where the coins came from), the outputs (who they are sent to), and a digital signature confirming the right to dispose of the funds.
Can Bitcoin transactions be sped up?
Yes, you can specify a higher commission to speed up the transaction. Miners prioritize the transactions with a higher commission in the blocks, as it is their reward.
What is a Bitcoin address?
A Bitcoin address is a string of characters that can be compared to an account number. It is used to receive funds and is created from a public key using hashing (usually in Base58Check format).
What is a transaction confirmation?
Confirmation is the inclusion of a transaction in a block. The more blocks that are created after that (i.e. more confirmations), the higher the guarantee that the transaction will not be cancelled or replaced.
What is a transaction hash and where can I find it?
A transaction hash is a unique identifier created from the transaction contents using the SHA-256 algorithm. It can be found in a blockchain explorer by entering the sender or recipient address.
What affects the size of a Bitcoin transaction?
The size depends on the number of inputs and outputs. The more 'coins' (UTXO) are combined into one transaction or the more recipients, the 'heavier' it is and the more expensive the commission.
How are Bitcoin transactions recorded in the blockchain?
Once created and digitally signed, the transaction is sent across the network. Miners include it in a block, and once the block is found, it becomes part of the blockchain. From that point on, the transaction is considered confirmed.
How long does a Bitcoin transaction take?
Confirmation time depends on network load and the size of the commission. On average, transactions are confirmed within 10-60 minutes. With a low commission, the wait can take hours or even a day.
What determines the speed of a Bitcoin transaction?
The speed depends on the commission offered by the sender, as well as the current network load. The higher the commission, the faster the transaction will be selected by miners for inclusion in the block.
What is a transaction fee?
The fee is a charge that the sender adds to the transaction. It goes to the miner as a reward for including the transaction in the block. The size of the fee affects the processing priority.
What is an unconfirmed transaction?
An unconfirmed transaction is one that has not yet been included in any block. It can sit in the mempool (waiting buffer) for anywhere from a few seconds to a few hours.
The main components of a Bitcoin transaction?
A transaction consists of inputs, outputs, amount, digital signature, and addresses. It also includes technical fields such as version, locktime, etc.
What are public and private keys in Bitcoin transactions?
The public key is used to create an address and receive funds. The private key is the secret that is used to sign transactions. It gives full access to the Bitcoin at the corresponding address.