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Author: Admin | 2025-04-28
For the transaction. The sender also includes the recipient’s PubKey Script in the transaction. Miners verify the transaction by running the Signature Script with the PubKey Script before adding it to the block. Sending bitcoin involves several key steps to ensure a secure and reliable transaction. Let’s explore the process in detail: 1. Creating a Transaction ID Every bitcoin transaction has a unique identifier called a transaction ID. When a sender initiates a transaction, a new transaction ID is generated to track and identify the transaction throughout the network. 2. Creating a Signature Script Before sending bitcoin, the sender must create a Signature Script. This script includes the necessary data to authorize and validate the transaction. It serves as a cryptographic proof of the sender’s ownership of the bitcoin being transferred. “The Signature Script acts as digital proof of ownership and ensures that only the rightful owner can spend the bitcoin.” 3. Including the PubKey Script In addition to the Signature Script, the sender includes the recipient’s PubKey Script in the transaction. The PubKey Script contains the necessary information to verify the recipient’s ownership of the bitcoin. 4. Transaction Verification by Miners Once the sender creates the transaction with the Signature Script and PubKey Script, it is broadcasted to the network. Miners then verify the transaction by running the Signature Script with the PubKey Script to confirm the authenticity and validity of the transaction. If the verification process is successful, miners add the transaction to a block in the bitcoin blockchain. This image illustrates the process of sending bitcoin, with a focus on the Signature Script and PubKey Script involved in transaction verification. Sending bitcoin involves creating a new transaction ID, generating a Signature Script, including the recipient’s PubKey Script, and verifying the transaction through the mining process. These steps ensure the secure and accurate transfer of bitcoin from the sender to the recipient. Transaction Confirmation and Blockchain Once a transaction is added to a block within the blockchain, it undergoes a crucial process called transaction confirmation. Confirmations represent the number of blocks that have been added on top of the block containing the transaction, ensuring its validity and security. These confirmations play a vital role in establishing trust and reliability within the cryptocurrency network. Typically, a transaction needs around six confirmations before it is considered fully validated. This requirement ensures that the transaction is not vulnerable to any potential attacks or attempt to manipulate the blockchain. During the confirmation process, transaction fees are paid to miners for their role in including the transaction in the blockchain. These fees incentivize miners to prioritize and validate transactions promptly, maintaining the efficiency and integrity of the network. To visualize the concept of
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