Introduction to blockchain: how to use blockchain for money transfer transactions?

In life we all have our bank accounts and money transfers are done between bank accounts. Similarly, digital currency transfer is the process of moving bitcoins from one bitcoin address to another. Then, if you want to transfer money to someone else, you need to enter your bitcoin address, the recipient's address, the amount of the transfer, and the amount of the fee in the bitcoin trading platform, bitcoin wallet, or bitcoin client. After the payment is confirmed, the transaction information will be broadcasted across the Bitcoin network, and miners will pack the unrecorded transactions in the Bitcoin network into a block every 10 minutes, which completes a confirmation that the bitcoins have been transferred to the recipient's account, and generally requires six confirmations to ensure that the transaction record cannot be tampered with by anyone before the transfer can be considered truly complete.

We've talked about transfer fees above, so how much does it cost to transfer a bitcoin?

A bitcoin transfer fee is a fee that traders pay to miners to incentivize them to compete in the bookkeeping process and provide enough power to secure the bitcoin network, sometimes called a miner's fee. When a user initiates a transfer on the Bitcoin network, a fee is unavoidable, typically 0.001-0.0015 Bitcoins, and because blocks have a limited capacity to hold transaction records, miners will prioritize packing records with high fees, so a little bit of extra fee can be booked more quickly.

This article is organized and published by Hui Xinyun me, I will continue to update the "Talking about Blockchain" series, which will introduce some of the basics of the blockchain as well as digital currencies, so stay tuned!

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