How Does One Process a Blockchain Transaction?
Transactions on the Blockchain are done using Cryptocurrencies, for now, know that it is a “Digital Currency.” If you are looking to process a transaction on the Blockchain Network using a particular Cryptocurrency i.e. Bitcoin, Ethereum, Litecoin, Ripple or investible shares like Satos, then you will need to clear yourself on Three simple things as a Beginner (What, When and How of a Transaction)
To get started, you need to first have a Cryptowallet and then get Cryptocurrency for your transactions. Getting a Cryptowallet should be informed by some consciousness to security as this is paramount to ensuring your personal funds safety. Satowallet offers a wide range of security features and highlights more on about 70+ Cryptocurrency you can get to know about to get started.
What is a Transaction?
A transaction on the Blockchain is a transfer of value between two or more parties in exchange for a service. The beauty of the Blockchain Network is that one can process long-distance transactions at low-cost fees and at the simplest instance without long paper works. This helps to improve business trade and exchanges.
Transactions on the Blockchain should have the corresponding usage. For instance, before sending a Cryptocurrency to a Wallet Address, ensure that the Receiver`s Wallet provider supports receipt of that Cryptocurrency, that way your funds do not get lost. Some Cryptowallets our there support at least 2 to 7, however, with Bigger Exchanges and service providers, one can be sure to get a Cryptowallet that supports a large number of Cryptocurrencies. For instance, Satowallet Supports over 70+ Cryptocurrencies.
When Can One Make a Blockchain Transaction?
Transactions on the Blockchain can occur at any given time of the day. The other great thing about transactions on the Blockchain is that it gives autonomous spending capability to individuals who can initiate and decide when, and what a transaction process should be like.
Did you know: you can decide how much you want to spend on a particular transaction as processing fees on the Blockchain? Well, while this is good, always check the warning on how competitive your rate is. Never go ahead to send a Payment whose value is less than the Processing Fee.
Once you have a Wallet of your choice handy, you merely need to register and begin trading. Every Wallet Service provider allocates a Unique Wallet Address to every User that allows them to receive payment to their Wallet (Never get is mixed). At intervals, you might notice these Address change but do not be bothered by it, it is still yours.
You do not need to memorize it. Cryptowallet Apps have easy quick copy functions that you can just click to copy your Wallet Address and send to the Sender if you are expecting payment.
How Can One Make a Transaction on the Blockchain?
To begin doing this, you must have a Wallet as stated earlier. A Cryptowallet can easily be gotten from your Android Play store, iOS App Store or Windows Store (PC Only). Once you have this done, your next point of call will be how to get started making Transactions. You will need to buy a Cryptocurrency. For those looking out to start understanding it, you will come to learn that most Cryptowallet providers run Affiliate Programs where individuals signed up with then, refer new Users and get rewarded for it. This is if you are unsure of whether you should buy with your own money.