The transparency of crypto transactions brings a completely new level of empowerment to individual users. If you want to send money internationally using existing payment methods – such as Western Union, Monegram or your domestic bank – not only will it will be costly and likely take days, you’ll have very limited visibility on the process.
When you send cryptocurrencies such as BTC or ETH you can see exactly when the transaction has been confirmed, what fees have been spent to do it and a copy of the transaction output to confirm where the crypto you have sent has gone.
All of this happens within minutes, not days, without the need to rely upon a central entity. It can be accessed universally from anywhere in the world with an internet connection.
Let’s zoom in and look at the detail of cryptocurrency transactions. We’ll first explain how to access the information within a transaction and contrast this to more traditional banking transactions.
We can then analyse the anatomy of a specific real-life bitcoin transaction added to the blockchain illustrating the value it provides to the sender and recipient as well as those organisations seeking an overall view of blockchain usage
Leave a Reply