How a Bitcoin Transaction Goes Down

How do Bitcoin transactions work? 🤔

A Bitcoin transaction is basically just sending those sweet coins from one addy to another addy and it's all logged on the blockchain, bruh. 💸

But like, how does that sendin' stuff actually go down? 👀

Alright, fam, I'm about to spill the tea on how a Bitcoin transaction's scene unfolds, start to finish. 🍵

First, we’ll peep at how Bitcoin moves from a user's vibe. Then we’ll scope it out from a bird's eye view. 🦅

This will low-key help you remember all the new deets you picked up in the previous sesh. 🧠✨

You ready or what?! 😎

Imagine your fave hero, Ironman, got 1 whole Bitcoin and she’s wanna yeet it over to Batman. 🦸‍♀️➡️🦇

From Ironman's POV

So first, Ironman pulls up his Bitcoin wallet, either a dope app or on his trusty laptop. 🖥️💸

This wallet can be anything, but let’s say he's flexing a software wallet on his laptop right here. 💻

Next up, he hits up Batman for his Bitcoin addy. 📨

That’s where Bats wants his Bitcoin to chiiiill. So Bat sends him the addy, and Ironman’s like copy-paste, easy peasy. ✂️📋

Ironman drops in the amount of BTC he wanna send over to Bat. 💰

Ironman, being all extra careful 'cause those big alloy fingers are prone to typos, double-checks that number. 🥴

And BAM, he hits Send. 🚀

Then the wallet gotta make sure it's the real Ironman hangin’ out, not some pretender.

Ironman’s private key is like his secret sauce, stored in that wallet. 🗝️

When he types in the magic password, the transaction gets "signed" using Bat's private key—creating that swaggy “digital signature“. (Don’t worry, all this is handled behind the scenes.) 🔏

Bitcoin Transaction Behind the Stealth Mode 🕶️

Once Ironman is done, the rest is handled by the system. 🚥

The wallet apps link up to a Bitcoin node to send the lowkey transaction message alongside the digital signature and public key. 🤝

Nodes start checking if the transaction's vibin' legit: 🌟

• Does the sender's account have enough BTC to pull it off? 💵
• Can the sender legally send the BTC? 🔑

FYI, they also wanna make sure Bat’s got at least 1 BTC to send. If it passes all these checks, node sends the transaction sharing the love to other nodes. 💌

Nodes are all trust fam, so they check the transaction again themselves. 🙈

Only if it’s for real will they pass it onto even more nodes they’re connected to. 🔄

If they say 'yass' to the transaction, it goes into the "memory pool" or "mempool," where it's like waitlist for new transactions. 💭

At this point, that transaction's "unconfirmed" or "pending." 📅

Now, special peeps called "miners" are gonna put that transaction along with other valid ones into a "block." ⛓️

Miners compete, trying to be first to "mine" a block, by finding a number with a certain number of zeroes. 🔢🎯

It's all trial and error, folks. Basically, they're guessing non-stop. 🤖

First miner to guess that winning number gets to "mine" their block. 🏆💥

When they get it right, it's shared across the Bitcoin network faster than memes in a group chat. Imagine them dropping it to all nodes. 🌐🔊

Nodes validate the miner's play, checking if the number is correct. If all's good, they attach the winning block to their blockchain copy. ✅🗃️

Add another block? The transaction's "confirmed." 🙌

As blocks stack, you're racking up confirmations. Six confirmations? That's fire. 🔥

And just like Saturday mornings and cereal, boom—one bitcoin zipped from Ironman’s pocket to Batman’s, chillin’ in the blockchain vibe. 🎶😎

And unless Ironman or Batty reveals their Bitcoin addys, nobody’s gonna know superheroes are making moves. 🕶️❓

Honestly, so many steps in a Bitcoin transaction go down lowkey behind the curtains. 🎭

After Batman DM’s that addr to Ironman, and Stark pulls the trigger from his Bitcoin wallet, tech and code take the wheel. 🚗

Bitcoin from a Bird's Eye View

Now let’s take a scope from above on Bitcoin transactions. 🦅🌈

Let’s act like Ironman got Batman’s addr and the BTC info ready to launch. 📲💸

Ironman’s wallet is like, connect-to-network and shoutout that he's sending that Bitcoin bill to Batman. 📢💸

Ironman has his crypto magic – a private key that Batman uses to get a digital sign, proving it’s for real. 🔥🔖

Bitcoin nodes? They're using a public key wizardry to verify. Everyone spies full chain copies, so receipts are the least of worries. 🪄🗂️

Nodes keep each other updated 24/7 with fire info. It’s lit! 🔥

Transactions keep a ledger of swapping bitcoins from one address to another. They gotta join blocks before touching the chain. 🌐📒

At this point, the transaction is merely a bold pitch. No ledgers updated yet. 🕰️

Transactions sit in a "lobby" or "mempool", waiting for the stage. 🎟️

In the mempool (memory pool), if you’re not clocked into a block, trust is shaky 'til they're in. 📌

Since transactions are just ideas at this stage, the flow can flash through so that every player hears it. 💥📡

In the chart below, Ironman and Batman are seen chillin' as purple boxes. 💜👀

The gray circles show us the fam jam of Bitcoin network computers. 👾🌐

The black squares? Those’re “blockchain”, updating and validating as Ironman sends his call out on the net. ⚫📤

Identical blockchain bits chill globally on full nodes running Bitcoin vibes, making sure no one controls the tea. It’s rebels on digital steroids. 💪🌍

All blocks get stored and reflected on every full node. If they're scrapped, at least 1 block keeps the legacy alive. 🔐📜

If you think Ironman’s solo, think again. Hella Avengers are passing digital cash around to their mates, like Cap tossin' some bits to Winter Soldier. 😏💵

Enter the miners: network’s MVPs. 🚀✨

Miners spread worldwide making Bitcoin’s heart beat with legitimacy. They pick valid transactions, ready to lock 'em in. 🗝️🌎

These cliques, named “blocks,” define the "block" in the Bitcoin engine. ⚙️🧱

Blocks are transaction clusters, and stack over time to form never-ending chains. ⛓️🔗

Miners hustle, battling to host the next block. Who drops the zero-guessed number wins, period. ⌛💡

The lucky number’s odds? 1 in 6 trillion. May the odds be ever in their favor. 🍀❗

Fast guessing takes major brainpower and eats power bills like cereal. Derp. 🍚🔋

The miner, blessed with a win, gets the “block reward.” 💵🏋️‍♂️

Block reward fuels miners, covering hardware and elec bills like a boss. Otherwise, why bother? 🤷‍♀️💡

Block reward has TWO juicy bits: 📦

1. Fresh-minted bitcoins. 🏗️💎
2. Transaction fees, courtesy of folks like Ironman. 💌

Newly 'won' bitoins are the “block subsidy,” the main dish. New blocks offer 6.25 new bitcoins, fam! 🎉

Each block, filled with multisend actions, lets miners pocket fees along their victorious track. 🤑

Trim it down:

Block reward = block subsidy + transaction fees

Block reward is the best bait for miners to check transactions and keep the ledger fresh. 🔄

Every 210k blocks or roughly 4 years, block subsidy’s halved – it’s called the “halving”. The bonus dwindles till it vanishes. Then, miners feast on fees alone. ⚖️

About every 10 mins, new blocks hit the blockchain, but it all hangs on how quickly puzzles get cracked. ⏱️🔍

Toda, miners join forces in “mining pools,” teaming up computing brawn and splitting that sweet reward swag. 🤜🤛

The next chart explains all these linkups. 🌐

Miners up here are orange because they too hot to chomp. 🔥

The blue square? That’s the now-lit ledger featuring a batch of new Bitcoin vibes, including Ironman’s munificent byte drop. 🧊💸

Right now, only the proposer’s got the sleek updated ledger vibes. 🥵

Everyone else sees the old black blocks, keeping it wicked conservative. 🔚🖤

Because le cash reward is tempting, miners jump into the fray wanting to seal each block’s deal. 💥💎

Solvin’ puzzles is a pricey journey 'cause hype units and energy bars drive this monster. And no, you can’t rig it– it’s as reliable as mom’s tacos. 🙊

Once a miner dishes out the correct solution, they propose a block full of transactions. 🚧👷‍♀️

The ganger behind this genius move? Although puzzle-solving is pricy and tough, fact-checking is hella easy. If valid and solved, network folks flare up their databases like legendary Snapchat streaks. 🏆🔥

Ironman’s transfers settle to “confirmed,” officially flagging bitcoin over to Batman on the blockchain. 🐦🎉

This “consensus mechanism” is Bitcoin's core. It grabs stray transactions and makes them permanent valedictorians of Blockchain High. 🤓🧑‍🎓

The pipe-dream is visualized down below. 👇

Friends from other towns? Now it’s all fair game. New block gettin accepted (in blue sq). Boxes be poppin' updated, synced up. 🎷

With miners jonesin' to plug new transaction blocks, they hook to prior solutions like superglue. Rippling them out is a snap! 🌊😙

This “blockchain” hype stems from gluing blocks together creating an economy-transforming chain. 🔗🔗

Bitcoin blockchain boasts the polished beauty of transaction persistence since the dawn of Genesis Block. It’s cryptoworld’s mainstay. 🌅📈

What if a shady shadow miner tosses dodgy blocks in a guise to self-profit? 🔍🤔

Or, Ironman tries running a sneaky double-swap on Spidey and Wonder Woman? 💢🤷

Peeps validate each proposal’s deeds on blocks, rejecting weak sauce. Over 100k nodes keenly vet every Bitcoin move out there! 👁️‍🗨️🔥

Validation’s easy-peezy, while blocks are like meat and potatoes—make a move without merits, and you’ll be starvin'. 🍴🙅‍

Wanna Wrap it Up? 🎁

Nail this vibe jump on the Bitcoin network: 🛤️

• Sendin' BTC? Send recipient’s bitcoin addr, let your wallet link up to a node to start the scene. 🎬
• Node checks creds, validates them, and broadcasts ya vibes to nodes and miners. Unrecognized? They'll toss you. ☎️❌
• Miners gather these in "candidate blocks" (temporary phases) and battle to create blocks on the blockchain solving puzzles. 🏋️🤖
• The “winning” proposal gets the block to blockchain-land, making transactions shine. 🥇🌟
• Nodes verify miners follow the guidelines. Fault blocks mean insta-tosses. 🚫
• As a node gets its valid block, it vibrates to others, syncing fellow miners. 📡📡
• Unfavored miners can recycle content, setting fire to a new block quest. ♻️
• Recipient’s wallet reads updates from linked nodes, revealing new BTC totals. 🎉