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Cryptocurrencies are becoming increasingly popular against the background of stable exchange rate growth. Therefore, more and more people are trying to buy different types. But since these varieties differ from the usual paper money, transactions with them are carried out according to a slightly different principle. After reading this article for a few minutes, you can find out all the necessary information about the crypto currency, how to use Bitcoins freely, make transactions with them so that payments are processed as quickly as possible, and how the commission is calculated if you decide to sell Bitcoin or pay for some services.

How do Bitcoin transactions work?

Today, almost everyone understands how transactions are made via the Internet using the usual fiat money available on a bank card account. Even if additional services are used for payments, for example, PayPal.

With Bitcoin and other cryptocurrencies, the situation is somewhat different. Firstly, because it is impossible to buy Bitcoin like ordinary money, because they are presented exclusively in electronic form on various exchanges and markets and do not have a real paper or coin analogue. That is, the entire amount of electronic money available to you is located exclusively in crypto-wallets. Accordingly, transactions are always just a transfer of a certain amount from one wallet to another. To ensure a high level of security in such payments and to ensure the confidentiality of each owner of a crypto wallet, powerful tools are used — unique encryption algorithms, private keys.

An important nuance inherent in all digital currencies and transactions with them, without exception, is that all transactions are non-refundable. That is, if you specified an incorrect amount or the recipient’s wallet, you will not be able to cancel the payment. At the same time, in fact, there is still the technical possibility of tracking the entire chain of transactions with a particular Bitcoin until the moment of its extraction.

Any new user can exchange cryptocurrencies, even if he does not delve into the technical nuances of how exactly this happens. To do this, you need to create a wallet in the cryptocurrency system, which will generate a Bitcoin address. Transactions with cryptocurrency can take place at this address. The Bitcoin network is based on a collective register, respectively, when a transaction is confirmed, each new chain is added to the block. The integrity and chronology of the transaction order of the block chain is ensured by a reliable cryptography system.

If you need to exchange cryptocurrencies for cash, you can use special exchangers for this. About the service Exnode.ru you can exchange not only Bitcoins, but also other digital cryptocurrencies (ether, litecoin). Everything happens as quickly, reliably and safely as possible, if it is really a proven resource. In addition, such services can be used for other purposes. For example, to track at what rate of cryptocurrencies you can take other cryptocurrencies or fiat currencies in a certain period of time.

 

How long does a Bitcoin transaction take?

The essence of the payment process itself is quite simple:

to make a transfer, you need to know the recipient’s wallet address and specify it when making a transaction in the system;

in order to receive a certain amount on your wallet, you need to tell the person sending you money the address of your wallet in the Bitcoin system.

We are talking about public data, not private keys. The latter in no case can not be reported to third parties under any pretext, otherwise all your money will be lost in the system. Scammers very often use this to appropriate one or another digital wallet and take possession of money. You can send the address in the form of a QR code or a sequence of letters and numbers of 34 characters.

The private key is required for authorization in the system, as well as for confirmation (sealing, delivery, signing) of the transaction in the blockchain.

After you have applied for a payment, regardless of whether you are buying or selling cryptocurrencies, specialists (miners) check the address keys. After confirmation, the transaction is sent to the Bitcoin network.

But there is one nuance again. Miners do not check individual transactions, but blocks. Accordingly, your cryptocurrency transaction can be divided into different blocks, and the timing of the cryptocurrency transaction depends on this. Moreover, the block is not checked until it is fully assembled. Its size, according to current standards, is equal to 1 megabyte. According to the protocol, checking a block takes an average of about 10 minutes. But the time it takes to assemble a complete block is often the reason why verifying transactions can take longer than expected. Theoretically, it is planned to increase the volume of each block in the future, but to date this has not yet been implemented, everything remains in the usual standards.

 

Bitcoin Transfer Fee
The commission for Bitcoin is a separate moment. It is not fixed, as in more usual banking operations. At the same time, the minimum value is 0.0001 Bitcoins. And we have already mentioned above that there is a concept of a dynamic commission. Several factors in the complex determine how quickly the data will be checked and your application will be processed. Therefore, you can use special services, including to track the optimal commission threshold and the speed of payment processing.

Therefore, the exchange of cryptocurrencies may take different times and different fees may be charged for payments. If you need to make a cryptocurrency transaction as soon as possible, you can manually increase the commission amount. In this way, you can interest miners to consider your application a priority, since this amount will be used to pay for their services. If time allows you to wait, you can agree to the standard conditions and wait for the result of the data verification.