Blockchain for Real World Applications

4 Transactions in Bitcoin Blockchain

Cryptocurrencies are digital tokens or currencies transacted on a blockchain, such as Bitcoin, Ethereum, or Litecoin, which can be used to purchase assets, goods, and services, just like cash. However, cryptocurrencies use blockchain to achieve the benefits of a public ledger as well as an advanced cryptographic security system so that online transactions are always chronicled and secure.

Cryptocurrencies can be used digitally to pay for everything from ordinary goods to real estate. Goods can be bought or transferred digitally using a digital wallet or trading platform. Blockchain creates an undisputed, timestamped, and secure track by recording buyer-sellers and transactions in a public ledger.

At present, there are over 18,000 cryptocurrencies in the world with a total market cap of approximately US$ 3.2 trillion. These currencies have gained incredible popularity over the years, with the result that today one Bitcoin is worth US$ 45,410.50.

4.1 Coinbase Transactions

All transactions that occur on a cryptocurrency network are not necessarily a consequence of payment between two people. Some of these transactions are somewhat different. The first transaction in the blockchain took place in Bitcoin. It was a special transaction that allocated reward transactions for miners inside the first block of the blockchain, called the “genesis block.” These reward transactions are typically given to miners as an incentive or reward for their work. ...