Transaction (TX)

A blockchain transaction is the act of trading cryptocurrencies. Cryptocurrency transactions are decentralized, which means that in contrast to transactions involving fiat money, no central bank or other authority oversees or supervises them. Peers conduct business with one another utilizing cryptocurrency wallets. The person who initiates the transaction moves the money from one account to another by using a public address.

The private key is necessary for the transaction to be successful. Before being broadcast on the distributed ledger, the transactions are encrypted. The amount of the transaction can be seen by anyone, but the sender’s name is hidden.