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04/25/2022

How crypto transactions work?

Cryptocurrency is becoming insanely popular every day. You can pay with it in restaurants, coffee shops, gas stations and more. "Crypto is the future" - we can firmly say to everyone, because fast payments and transfers, an ability to choose any existing tokens, mine them and earn millions - this is just the beginning of amazing opportunities! Besides, each of you can easily purchase crypto, or receive it from someone, which is the essence of transactions. The transaction mechanism is not so simple at first glance, so we will tell you all its details.

How does it work?

When people transfer assets to each other, this is called a transaction. Let’s consider a simple situation: you give a designated amount of crypto to your friend. This transaction is conducted in 5 steps:

  • First step
    Entering of your friend address and the amount of crypto you want to send
  • Verification (mining)
    When the transaction is initiated, it has to be verified. This may take some time depending on the cryptocurrency. Every transaction has to be confirmed by its network. This is actually done by powerful computers, which are called “nodes” and this process is called crypto mining.
  • Adding to Blockchain
    Transaction after verification will be added to the last block in the Blockchain - a shared, immutable ledger, recording transactions and tracking assets with no physical information (documents). It has an irrefutable confirmation of the existence of this information and the history of operations with it.
  • Closing the deal
    The block is added to the blockchain and anyone with a copy of it (every computer on the network) will get an updated version with the new block.
  • Transaction is completed
    At that point, you will see forwarded crypto in your wallet and be able to spend it. This completes the transaction between your friend and you.

Transfer Security

The technology that runs the virtual currency is highly protected, because of 4 aspects:

  • Blocks invariability - every block is an important part of the sequence and it cannot be changed. If there is any change, the hash sum would alter and the block would longer be valid.
  • Cryptography - using unique private keys.
  • Decentralization - hacking into one part of this system cannot affect other parts.
  • Consensus - verifying that a transaction has taken place. Most consensus models run on protocols that include proof-of-work, proof-of-stake, etc.

Proof-of-Work

Mining and, in general, existence of crypto is linked with mathematics. Miners solve complex mathematical problems, form a new block, and confirm transactions. The mathematical problem can only be solved by trial and error and the odds of solving are about 1 in 5.9 trillion! If the miner managed to solve the problem, a new block is formed - it contains the next set of transactions, and they are considered confirmed. Proof-of-work blockchains are secured and verified by virtual miners. The most famous cryptocurrency, which uses Proof-of-Work is Bitcoin. 

Proof-of-Stake

Proof of stake is a consensus algorithm requires miners to stake coins in order to validate transactions. Those miners(validators) who have a larger stake or have been staking longer have an advantage. It’s convenient and does not require mining. Validators lock up set amounts of cryptocurrency in a smart contract on the blockchain. In exchange, they get a chance to validate new transactions and earn a reward. This provides more security to the process since there is no incentive to cheat or steal coins.

Transaction details and tracking

The speed and price of transactions depends on the selected network and blockchain. Logically, a faster transfer requires a higher fee. In any case, it is much better than regular bank transfers!

All transaction information can be easily accessed anywhere across the globe. Depending on the currency of a transaction, you will have to check the respective blockchain. For example, if you have transferred some BTC, check the status of that transaction in the Bitcoin blockchain. 

Each transaction is assigned its own transaction ID (TXID). If you need to check whether a transaction has already been processed, its transaction ID will help you find all the necessary transfer details. All available transfer data include: 

  • Amount of cryptocurrency sent
  • Sender’s and receiver’s address
  • Date of transfer

Here are the most popular explorers which you can use to check transactions. 
Bitcoin - blockchain.com/explorer
Ethereum - etherscan.io
Litecoin - insight.litecore.io
XRP - bithomp.com/explorer
Bitcoin Cash - explorer.bitcoin.com/bch
BNB chain - https://bscscan.com/

Easy transactions on BetFury

Are you looking for a platform with easy transactions, contracts and a huge variety of networks? Then go to BetFury - a cool crypto gaming platform that combines lots of technical features and amazing entertainment. 
We have made our platform as convenient as possible for each user. The window with deposits and withdrawals, addresses and transfers - all in one place. Sit back, click once and enjoy. 


Networks on BetFury

At the moment, BetFury has over 50 currencies and 10 networks: ERC-20, BNB Chain, TRC-20, Polygon, Cardano, Solana, Stellar, Avalanche, Fantom, Polygon.
However, some currencies run on more than one network. This makes transactions more comfortable, while you can choose the most suitable one for you. 

⚠️ Be attentive! Choose the correct network while sending funds not to lose your money. 

Check the transaction history

You can check and track the transactions' status on the platform. Go to Account -> Transactions, and find all the operations of your account. Thanks to a convenient filter, you can select the period and type of transaction. 


Address Book

Make withdrawals of your crypto fast and seamless. Add your third-party addresses to the Address book. Switch between them and choose the one that suits you. To use the Address Book, open your Wallet, choose a network, fill in the Wallet Name and Wallet Address. The new address is successfully added to the Address book. 

 


 Thus, the transaction mechanism is simple. Understanding how everything works, you seem to open a new world of technology and can become a rich owner of cryptocurrencies! BetFury is undoubtedly one of the best platforms for this, for getting started with crypto, playing games at the same time and sharing your victories with friends. Select any networks and tokens to transfer, because like Betfurian sportsmen of crypto say - it needs to be faster, cheaper, cooler!