06.08.2020
Crypto transactions

How do crypto transactions work? I’ll explain it all

Bitcoin and blockchain are one of the most interesting topics in the world. They’re the easiest way to buy a Lambo for $2, lose your life savings in one go, and/or (probably and) witness fascinating battles between crypto nerds from TV shows like The Blacklist and shadowy hacky figures. 

They say the problem with the forbidden fruit is that after it everything else tastes sour. Crypto is without a doubt the most dangerous, exhilarating, and fun niche you’ll find, well, ever. But how the heck do you get into it? 

What are crypto transactions?

Do you need to search Aliexpress for a crypto transactions tracker? 

Do you need to buy Doggie Coins that give you a right to a thousandth of a Shiba Uni?

Get a chip implanted in your forehead where all you Bitcoins are stored? 

Transaction, price action, or Inception — which one should you use? 

Where can I see my crypto wallet transactions?

If you’re looking for a place to easy, calmly, and safely examine how trading works and what blockchain is about (starting with transactions), you’re probably best off finding a secure and simple exchange with UX that has support on hand.

Binance and Huobi

There are popular exchanges like Binance and Huobi, but the problem is that exchanges that have an international start status tend to get overcrowded. It may take you ages to get connected to support. And there’s nothing worse in learning than being left behind. Users report trouble getting supported, which is logical considering how many people use these exchanges. 

Popularity, by the way, is no guarantee of success. Binance did get hacked last year — and the one thing you do not want to happen with your extremely hard-earned cash is someone emptying your account. 

Banks are safe, and besides, I love banks and they love me. So there! 

The choice is always yours, but if you ask us, when you hand over the money to some single point of failure, you’re just asking for trouble. Of course, if you’re gathering all the funds in one place someone’s going to hit it. It’s like covering yourself with honey and strapping yourself to a tree where you know there are a lot of bears. 

But hey, all banks have a couple of guards, right? That’s equivalent to having a fly swatter against a grizzly in terms of the firepower robbers can and do happily provide. 

It’s fascinating reading the FBI reports: you can see banks are seeing a lot of adventure these days as the government is printing trillions of dollars more. There’s both more of a need to steal dollars because they’re getting cheaper and cheaper — and many more of them everywhere. Banks aren’t really safe, and neither is keeping money under your mattress. Crypto is closely guarded by thousands, and it uses more clever techniques than just bank accounts. 

FBI reports

What’s a man trap? Is it like a bear trap? 

How do crypto transactions work? 

CryptoTransactions

When crypto users want to send money to each other, they don’t use banks or any central authority. 

Users send money from one source to another. When you’re sending money to Joe, what you need is for you to have a wallet and for Joe to have one. Money can be transferred between your wallets, and that’s called a transaction. Users can track crypto transactions, verify integrity of their business deals, and save money and time on comparing different ledgers held by different companies (that’s when the prospect of honey, rope, and bears starts to look really pretty). 

What’s a crypto wallet? 

Crypto Wallet

Essentially, all you need to know for starters — if you actually want to do it rather than read about it, which is the best way to learn — is registering at Nominex, confirming the email, going to Funds, and selecting Deposit. 

Then you select the very long number (that’s the ID of your wallet) — and give it to whoever is sending crypto to this address. No worries about security. In order to get the money out, a culprit would need a lot more data — and crypto takes a ridiculous amount of precautions to make sure your funds are safe. Although a welding torch is surprisingly effective, which is why you probably want to split your assets and store some cash in a go bag, some in a bank, some in property, and some in crypto. 

Are crypto transactions traceable?

Can you watch crypto transactions live? The beauty, power, and truth of blockchain are that every transaction anyone has ever made is traceable. That makes a lot of things possible. Like complete trust between people and companies, eliminating corruption, and making voting fair. The short answer is yes. 

Are there instant crypto transactions?

All crypto transactions are 😅 pretty instant compared to waiting for 3 days for your payment to clear because banks like a “3-day good funds model”. Normally crypto transactions take up to 60 minutes.

How can crypto transactions be traced?

You can find all the data you need here — or get in touch with Nominex’s support if you have more questions.

What is the total number of transactions in crypto?

According to TheBlockCrypto, more than 3.1 Bn transactions have been processed in the past decade. 

But how do crypto network transactions actually work? 

Your wallet is safe when it’s locked and no-one else has your key. The way it looks in the crypto world is something like a mahoosive row of lockers. And yours is our there and everyone can see all the lockers. No-one can open yours except you and no-one knows where yours is. And no-one would find out who you actually are even if they did open it (unless you’re a big KYC fan, in which case we offer our regrets — now the government has you on file).

It’s kind of genius if you really think about it. A huge vault with a ton of small vaults and no-one knows anything about anyone.

Blockchain is a hyper-secure megalodon record of transactions that happened before yours. As you begin to create a transaction, you send data (Input, amount, and output) to the network where workers take your transaction and confirm it as valid and having come from the right source. 

Now that it’s confirmed you have the money to pay with, the amount goes out of your account, everything is recorded in the ledger, and the workers (called “miners” as in ”I’ll make the reward mine”) are rewarded for building the code. 

Where to learn about crypto transactions? 

One of the more promising exchanges that are probably best to try studying and working on is Nominex. One of the best things about it is in a no-KYC registration that takes under 20 seconds. The exchange has a license and it does take law-abiding seriously, but it considers it logical not to bother you too much with KYC — until you start withdrawing 3BTC a day. But at that point, nothing will probably bother you anyway.

Support is also there for you, and its lightning-fast. You’ll also get passive income while you’re just using the exchange, and that’s only by using your referral link. Because there are unlimited referral levels to reap bonuses from, your passive income multiplies while you work.

You like money

So we put some money-making in your money so you can make money while your money is making money and the money you’re making money on is also making money on your money.

Why Nominex?

You can rest assured that safety is taken care of (you won’t find one negative review on Nominex on the Internet because everyone respects them for hard work and using breakthrough tech. What better place to be? 

Only when you’re completely relaxed and there are no stress factors can you genuinely study, search for crypto transactions, and make some serious money trading.

  1. Register at
    Pegister at Nominex
  2. Confirm email 
  3. Open Funds (at the top)
  4. Click Deposit. 

So basically that’s what crypto transactions look like at first glance. An address to send money to, the amount, and an f-word (please enable 2FA). 

It gets kind of techy, so if you need more info check out our blog for more details. Ciao!

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