We often write that if you exchange bitcoins for other currencies, we will transfer funds after we receive the first confirmation.
Today we want to stop on this topic and tell you more about how bitcoins are sent, what these “confirmations” mean, and why we wait for them. Let’s go!
1. When you pay something from your bitcoin wallet (like currency exchange with us) – all information about this payment is written into blocks, which are connected in the unbreakable chain – blockchain.
2. Each block consists of two parts: a header with hash codes of all transactions put into it, and a body with a list of all transactions.
3. to check a transaction, it must be validated in the blockchain. To do this, it is validated by the miners.
4. After the miners calculate one block that proves the transaction’s validity, it is included in the blockchain. Only after that can the money be sent to the recipient.
If the transaction was not validated – the transaction is considered unconfirmed, and the money is returned to the sender.
As bitcoin is an electronic coin, it is necessary to control that the same cash was not spent twice. That is what this system is for.
As soon as we get confirmation – information that funds are sent to us – we make payment of your money to your specified details.
