Steps of a Bitcoin Transaction

While a Bitcoin transaction may seem complicated, the process is actually quite quick and simple. The first step of a Bitcoin transaction begins when the person who wants to send Bitcoin inputs the address of the recipient and the amount they want to send into their wallet software. Then, the sender will input their private key (a special code that allows a Bitcoin transaction to be conducted) after they have verified that the recipient address and Bitcoin amount is correct. Once this has been accomplished, the transaction is included in the next block by a miner. After this, the transaction is verified by all of the nodes (users) in the network and the Bitcoin transaction will finally make its way to the user’s wallet, which typically only takes a matter of minutes.