How transactions can be done in cryptocurrency?

WHAT IS CRYPTOCURRENCY?

Cryptocurrency is a type of money that only exists computerized—digital money if you will. The technology behind it aims to solve some of the most crucial pain points about traditional banknotes. Cryptocurrency mentions the computerized-digital currency that is exchanged online, directly in a peer-to-peer(p2p) fashion. This advantage of currency leverages blockchain technology to a type of decentralized network of nodes that monitor and validate all crypto transactions. It is among the most highly developed manifestations of modern technologies such as the internet, high-performing computers, cryptography, and blockchain. Some suitable examples include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, Dogecoin, and Bitcoin Gold.

1. CAN YOU TRACK CRYPTOCURRENCY TRANSACTIONS?

Cryptocurrency payments or bitcoin transactions are open for the public and every payment can be traced. The only thing that cannot always be traced is the identity of the person behind the transactions.

 2HOW ARE CRYPTOCURRENCIES SENT OR RECEIVED?

The most important specification before sending or receiving cryptocurrencies is received to a cryptocurrency wallet and a public address to where you will be transferring the cryptocurrency to.

Let us take a look at the process of receiving  and sending  cryptocurrencies like Bitcoin(BTC), Ether(ETH), Litecoin(LTC), etc. on Bitdenex:

  • Log into your Bitdenex trading account.
  • Go to the “My Wallets” section.
  • You want to Select the cryptocurrency send or receive.
  • Select Send or Receive
  • Select the public address.
  • Send or Receive!

3. HOW ARE BITCOIN PAYMENTS PROCESSED?

Bitcoin payment process instantly converts into the bitcoins you acquired into the currency of your choice, i.e. Euro or USD, whenever you want. The money gets added to your bank account either with the help of the sender’s PSPs or with the help of the cryptocurrency exchange in use. If you want to start trading in cryptocurrency then Bitdenex is the best platform for you. It is an exchange and trading platform where you can trade your cryptocurrency like Bitcoin, Ethereum, Litecoin, XRP, and many more high-valued cryptocurrencies.