Blockchain Transactions Explained
Transaction (TX) is an exchange of cryptocurrencies on the blockchain.
What is transaction?
Every transaction is captured in distributed ledger technology. Cryptography is the process by which transaction data and the ledger are encrypted. Cryptocurrency transactions are decentralized, which means that unlike fiat money, no central bank or authority regulates or controls the transaction.
Transaction participants interact with each other using cryptocurrencies. The participant who conducts the transaction transfers funds from a public address to another account. A private key is required for the transaction to be successful.
Those who add transaction blocks are usually called miners or validators. The timing of a transaction being written to the blockchain can vary depending on the network used and the amount of commission paid for the transaction. The transaction can happen instantly or it can take up to several minutes. In the case of extremely high traffic, the transaction may take several hours to complete. In case of doubt that the transaction was successful, the status of the transaction in the distributed ledger can be checked using the sent coin block explorer.