How do Bitcoin transactions work?

About Bitcoin

How do Bitcoin transactions work?

Bitcoin transactions enable you to send currency from one online wallet to another. It starts with the payee and the payer exchanging a private key, which is a randomly generated number.

The transaction then goes through a number of confirmations, from 0 to 5. The most common number of confirmations is 1. More confirmations are recommended when you are sending a larger number of Bitcoins.

Each confirmation takes approximately 10 minutes to complete in the blockchain/Bitcoin network. Once it’s completed, a transaction can be viewed by anyone in the blockchain, though no sensitive information is revealed.

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How do Bitcoin transactions work?