For instance, Both Alice and Bob use a crypto wallet to make transactions.
A wallet is specialized software that calculates the balance of the user by
keeping track of all incoming and outgoing payments.
A wallet also calculates the transaction fee that a user
needs to pay to the miners of the network to confirm a transaction. Once Bob clicks ‘send’ in his wallet, the transaction gets
propagated across the network. Within seconds most of the network knows about
this transaction and Alice sees a new pending transaction. Soon a miner adds
the transaction to the blockchain by mining a new coin block which includes the
transaction. Once enough new blocks are added to the ledger after Bob’s
transaction has been confirmed in a block, Alice will see in her wallet that
the transaction is confirmed. It means that by now it is recorded to the
blockchain and it cannot be reversed.
- What is a cryptocurrency wallet?
A cryptocurrency wallet is a software that allows you to
store your private and public keys. It interacts with the blockchain to enable
you to send and receive cryptocurrencies. If you want to use Byteconnect (BYC
coin) or any other cryptocurrencies, you will need to have a cryptocurrency
wallet.
Visit: https://byteconnect.io/
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| Crypto Transaction |
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