How do Bitcoin Transactions Work?

[Brian Goldman]

How do Bitcoin Transactions Work?

[stompix]

Google is your friend:
https://bitcoin.org/en/how-it-works
https://en.bitcoin.it/wiki/Transaction

[WillowEvul]

It's like you send it and the receiver receives it!  Oh, yes, you don't have to go to a bank, or to a company (building or software) to do that! I don't think you need more details about that! 

[GeviraBrooks]

So here it how it works:
1)You create your own bitcoin wallet and deposit all your money there;
2) Then you friend is asking to send it to him, cause he has a great business idea;
3)You transfer all your bitcoins to your friend;
4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

[BrewMaster]

4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

you seriously have to start either using bitcoin or at least reading some stuff so that you can understand how wrong you are before transferring that "misinformation" to others.

there are two kinds of addresses currently available. the legacy versions which are Base58 encoded, such as the one you see in my profile. go ahead and "misspell" it and try to make a payment, see what happens... if you are using a proper wallet (which any wallet that has not been created yesterday is) then it will reject it.

the other kind is the new version for SegWit called Bech32 which is a base 32 encoded string with error detection in it! if you "misspell" that, the wallet will reject it and will probably even tell you where the error happened.

[batang_bitcoin]

4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

Copy and pasting bitcoin address in the clipboard isn't going to lead you to this mistake not unless your computer is infected with that malware that is changing copied bitcoin address to the hackers wallet address. But if the computer is healthy, this is rarely happening.

[raypinch]

4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

Copy and pasting bitcoin address in the clipboard isn't going to lead you to this mistake not unless your computer is infected with that malware that is changing copied bitcoin address to the hackers wallet address. But if the computer is healthy, this is rarely happening.

I think this was more of joke and does not matter whether it happens rarely or not Sometimes people send to wrong wallets ))

[batang_bitcoin]

4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

Copy and pasting bitcoin address in the clipboard isn't going to lead you to this mistake not unless your computer is infected with that malware that is changing copied bitcoin address to the hackers wallet address. But if the computer is healthy, this is rarely happening.

I think this was more of joke and does not matter whether it happens rarely or not Sometimes people send to wrong wallets ))

I don't find him joking with his #4 and #5 list. The rarity of this incident is only happening when you are infected, I mean your computer just like what I stated above. For the sake of all unique wallets, there's only 0.001% chance that someone will send to a wrong wallet address unless he do it purposely.

[stompix]

4) Your friend does not receive it, because misspelled something in wallet Nr
5) You are in deep sh..t cause you sent money to unknown person and you cannot recover it back.

you seriously have to start either using bitcoin or at least reading some stuff so that you can understand how wrong you are before transferring that "misinformation" to others.

there are two kinds of addresses currently available. the legacy versions which are Base58 encoded, such as the one you see in my profile. go ahead and "misspell" it and try to make a payment, see what happens... if you are using a proper wallet (which any wallet that has not been created yesterday is) then it will reject it.

the other kind is the new version for SegWit called Bech32 which is a base 32 encoded string with error detection in it! if you "misspell" that, the wallet will reject it and will probably even tell you where the error happened.

Hehe,

He probably thinks addresses are just like RL addresses where if you type the wrong street number your neighbor gets the package.

This is a more detailed explanation for his chances:

All bitcoin wallets/clients check if addresses are valid.
Bitcoin addresses are the PubKeyHash encoded in Base58 with a version value and a checksum. The checksum is the leftmost 32 bits of a double hash of the PubKeyHash. The format of the address is often referred to as Base58Checked in technical documents.

Since the checksum is 32 bits the probability of entering an incorrect address that will still decode to an incorrect but valid PubKeyHash is roughly 1 in 4.3 billion. So, on average, 4,294,967,295 out of 4,294,967,296 times a typo will produce an address that is incorrect AND invalid. When decoded the PubKeyHash will not produce the proper checksum, the error will be detected by the client/wallet, and the transaction won't be created.

[Shannon98]

Bitcoin Core (BTC) was created to function as peer-to-peer electronic cash. Bitcoin Core transactions are messages, like email, which are digitally signed using cryptography and sent to the entire Bitcoin Network for verification. Transactions are public and can be found on the digital ledger known as the blockchain. The history of each and every BTC transaction leads back to the point where the bitcoins were first produced.

[AdolfinWolf]

Bitcoin Core (BTC) was created to function as peer-to-peer electronic cash. Bitcoin Core transactions are messages, like email, which are digitally signed using cryptography and sent to the entire Bitcoin Network for verification. Transactions are public and can be found on the digital ledger known as the blockchain. The history of each and every BTC transaction leads back to the point where the bitcoins were first produced.

The way you said "Bitcoin Core" (BTC) instantly made it obvious that this was/is a copy paste from the Bitcoin Cash shillmasters..

Bitcoin Core (BTC) was created to function as peer-to-peer electronic cash. ... Bitcoin Core transactions are messages, like email, which are digitally ... Transactions are public and can be found on the digital ledger known ...

https://www.bitcoin.com/info/how-bitcoin-transactions-work

i am also have same dought ...anyone please give the full information ...
how do bitcoin transactions work ??

Google is your friend:
https://bitcoin.org/en/how-it-works
https://en.bitcoin.it/wiki/Transaction

How about you read some of the links posted above?   If you were really interested in "the full information" you probably would've googled before asking.. Ah well..

[NeuroticFish]

Copy and pasting bitcoin address in the clipboard isn't going to lead you to this mistake not unless your computer is infected with that malware that is changing copied bitcoin address to the hackers wallet address. But if the computer is healthy, this is rarely happening.

When you copy/paste you can cross-check a couple of chars at start, in the middle and at the end. It's a good strategy to stay on the safe side, just in case.

The way you said "Bitcoin Core" (BTC) instantly made it obvious that this was/is a copy paste from the Bitcoin Cash shillmasters..

And you just advertised their website.