Crypto currency is not controlled by any banks of governments and it is not recognized as legal currency in many countries. Private parties are able to use bitcoin for transactions if agreed. Investors can purchase and trading on exchange sites.
There are more than thousands crypto currencies of which some has very little volume of transactions. Some of important crypto currency include Bitcoin, Ethereum, Litecoin, cardano etc. Most of the Crypto currency is not inked to an asset but some are stable linked to as asset like US dollar.
Many countries have legalized Crypto currency like Morocco, Nigeria, Namibia, United States etc. China is also developing a cryptocurrency called digital Yuan, so called central bank digital currency that aims to replace some of the cash in circulation.
Transactions via Cryptocurrency
Transactions are sent between peers using software called crypto currency wallets. The person creating the transaction uses the wallet software to transfer balances from one account to another. To transfer funds, password or code associated with the account is needed.
Transaction made between peers is encrypted and then broadcast to the crypto currency’s network and queued up to be added to the public ledger. Transactions are then recorded on the public ledger via a process called mining. All users of a given crypto currency have access to the ledger if they choose to access it.
The transaction amounts are public by who has sent the transaction is encrypted. Each
transaction leads back to a unique set of keys. Whoever owns a set of keys, own the amount of crypto currency associated with those keys. Many transactions are added to a ledger at once. These blocks of transactions are added sequentially.
Steps to verify Cryptocurrency transaction
The following are the steps to verify transaction done via cryptocurrency
Step 1: Note your transaction ID:
After sending crypto currency from one wallet to another wallet, One receives a
transaction ID. This transaction id represents a unique ‘fingerprint” of transaction and allows transaction to be tracked. One should Make sure to save the transaction id.
Step 2: Input Transaction ID into the Block chain:
Different crypto currency has their own block chain, which can be accessed from as website. For Bitcoin, one can track at https://blockchain.info/. Enter Transaction ID into the search field of the website and they can know the details of transactions. If one forgot to
copy or save Transaction ID, he can search by using exchange or wallet address.
Step 3: Check the status of transaction details:
All the details regarding transaction will show after entering the transaction id. One can verify the details of transaction and check its status.