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Author Topic: Blockchain and BTC transaction works- This is how i know.  (Read 110 times)
udayantha11 (OP)
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2023 would most likely be as bearish as 2022


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December 04, 2022, 04:35:06 AM
 #1

Dear all

These days i am researching about blockchain techknowlodgy and BTC transactions.

AS per my knowledge

How BTC blockchain Works(mining)


IF a transaction happen first come to the Mem Pool , then after Broadcast to the other nods on the BTC network. After the validation it goes to candidate block. Then miners run the SHA256 HASH algo to find the Nonce. The more hashpower will win the nouce number.  Thats called mining. Noramlly on a block consist of Block height , Nounce ,Data ,previous Hash and Current hash.After Nounce number calculated Block is mined then put the block right after the current block.

Data includes (Sender ,Receiver , Amount)


How BTC transaction works

Sender Encrypt transaction with private key (sha256) then Decrypt with public key (receiver)




we all need universal power and cyclist of Everything
-2023 would most likely be as bearish as 2022-
=BTC will make it, but might be a long winter=

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pooya87
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December 04, 2022, 07:13:59 AM
Merited by hosseinimr93 (2)
 #2

IF a transaction happen first come to the Mem Pool , then after Broadcast to the other nods on the BTC network.
You send your transaction to other nodes and they relay it to more nodes, each node (including the node run by the miner or the mining pool) has its own mempool.

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Then miners run the SHA256 HASH algo to find the Nonce.
That is not the best definition because miner doesn't only find a nonce, they find a hash of a header of a block they created that is lower than or equal to the target.

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The more hashpower will win the nouce number.
More hashpower gives a bigger chance of finding the block but doesn't guarantee it.

Quote
Thats called mining. Noramlly on a block consist of Block height , Nounce ,Data ,previous Hash and Current hash.
A block contains a header that has version, previous block hash, merkle root, time, target (4 byte), nonce. In other words there is no height or "data" in it.
The block itself contains at least one transaction which is called coinbase and in the signature script of that transaction there has to be a data pushed to the stack that is the block height.

Quote
Sender Encrypt transaction with private key (sha256) then Decrypt with public key (receiver)
There is no encryption/decryption in Bitcoin protocol.
We have digital signatures and hashes. When spending an output once usually has to provide a digital signature using ECDSA or ECSDSA (for Taproot).

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