fiat currency</strong></a>.</p>\n<p>Notably,<strong> transaction or trading fees are only paid when you actually make a cryptocurrency purchase or trade</strong>, on a specific exchange platform that specializes in this field. So, for example, if you only want to send some cryptocurrency to your friend, from your wallet to theirs, in most cases, the only fees that you’ll need to pay are the earlier-discussed gas, or blockchain, fees.</p>\n<p>While you will find very different numbers being thrown around, depending on where you look, <strong>the general industry-average trading fee is considered to be 0,25% for both crypto buyers and sellers</strong> (or, rather - market makers and takers). Although, keep in mind that market takers (the ones who interact with an order created by the market makers) usually have to deal with higher fees!</p>\n<p>Now, we got really technical there for a second<em>. </em>This is some advanced-level economics, mixed with cryptocurrency terminology - it’s not that simple to wrap your head around, I admit! Again, though - if certain concepts that we’ve discussed up to this point sound foreign to you, make sure to check out other sections in this Crypto 101 Handbook!</p>\n<p>Another form of fees that you also need to know about are <strong>loan fees.</strong> Here, the concept is pretty simple - if you’re a lender, you will likely charge the borrower a fee, for them borrowing your cryptocurrency assets. Unlike with trading, however, <strong>loan fees don’t really have an intricate system that would determine the fee that you’d pay</strong>, before you even borrow the assets.</p>\n<p>In fact, loan fees can vary, quite a bit. And that makes sense, too! If you were to lend your friend your car for the weekend, you might ask them to fill up the tank, once they’re done - however, if you would be asked to lend that same car, to a stranger, and for, say, an entire month, a filled tank probably wouldn’t suffice - you’d likely ask for some form of compensation, too!</p>\n<p>In any case, lending (or, rather - borrowing) fees are unavoidable, if you plan to borrow crypto, for some reason. Make sure to look into the numbers on different lending platforms, however, and try to find the best deals!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto fees: Loan fees VS deposit/withdrawal fees.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/crypto_fees_02.o.jpg/" alt=\"Crypto fees: Loan fees VS deposit/withdrawal fees.\" width=\"1000\" height=\"745\" /></p>\n<p>The last form of fees that we need to talk about is the <strong>deposit and withdrawal fees.</strong> As the terms might suggest, these fees are paid when you deposit or withdraw cryptocurrencies to and from an exchange. That’s a notable point to keep in mind, too - <strong>deposit and withdrawal fees only exist with cryptocurrency exchanges!</strong> <em>Well, in most cases, at least.</em></p>\n<p>Once again, you can view this from the perspective of the example I gave earlier. Let’s say that you’ve filled up your car’s gas tank, and are ready to travel to your friend’s house. As you go there, you need to drive through a few different roads - while most of them are free to travel through, a few have tools that need to be paid, in order for you to be able to drive on them, and not get a ticket.</p>\n<p>This example illustrates the point I’ve made earlier - <strong>while some services will allow you to withdraw and deposit cryptocurrencies free of charge, others will have fees that you need to pay.</strong></p>\n<h2>Solving the Mystery of Gas Fees</h2>\n<p>Now that you know about the main types of fees that you’ll encounter while dealing with cryptocurrencies, I’d like to go back to the concept that usually causes beginners the most amount of confusion - crypto gas fees.</p>\n<p>Specifically, how do you know what the gas - or network - fees are going to be when you decide to send cryptocurrency to someone else? Is there a specific number, or does it depend on some factors?</p>\n<p>Well, let me tell you - it’s all much simpler than it looks, when you hear about it for the first time!</p>\n<p>For starters, no - <strong>there is no single number that would be associated with gas fees</strong>. Each network has its own fee model, and on top of that, there’s a myriad of variables that can impact those crypto gas fees, even more.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto fees: Ethereum.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/crypto_fees_03.o.jpg/" alt=\"Crypto fees: Ethereum.\" width=\"1000\" height=\"465\" /></p>\n<p>The simplest example can be found by taking a look at <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum. It’s the second-most-popular cryptocurrency in the world, so, as you can expect, there are a lot of transactions happening on the network, every single second. If you’ve ever bought ETH, or have sent it to your friend, you’ve participated in a transaction like that, too!</p>\n<p>Sometimes, there are so many transactions happening on the Ethereum network, that a queue starts to form. <strong>One way to make sure that your transaction isn’t stuck in that queue for too long is to pay a higher gas fee </strong>- then, transaction validators will have a bigger incentive to confirm your transaction first, since they will receive a bigger reward for doing so!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto fees: Paying a higher gas fee.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/crypto_fees_04.o.jpg/" alt=\"Crypto fees: Paying a higher gas fee.\" width=\"1000\" height=\"486\" /></p>\n<p>Cryptocurrency miners, transaction validators, and nodes are all a different topic that has to do with some advanced and technical transaction confirmation details - in other words, it requires a much deeper explanation in a separate section. Going back to crypto gas fees, the point I’m trying to make is simple - <strong>gas fees are not stable, and will depend on various factors.</strong></p>\n<h2>Crypto Without Transaction Fees</h2>\n<p>Moving on, the final question that I’d like to address has to do with <strong>cryptos with no transaction fees.</strong> Specifically, do such cryptocurrencies even exist, in the first place?</p>\n<p><em>Well… Kind of.</em></p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto fees: Crypto without transaction fees.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/crypto_fees_05.o.jpg/" alt=\"Crypto fees: Crypto without transaction fees.\" width=\"1000\" height=\"453\" /></em></p>\n<p>As far as I could find, cryptocurrencies with ZERO transaction fees don’t really exist, with some exceptions (such as <strong>the NANO coin</strong>). However, there are many cryptos that offer the lowest transaction fees - so, you could say that there are PRACTICALLY no fees.</p>\n<p>A great example would be <strong>IOTA.</strong> This cryptocurrency has very low transaction fees - you could go as far as to say that they’re negligible. Another very popular coin is <strong>Cardano</strong> - while the fees on this network are bigger, by comparison, they are still nearly non-existent.</p>\n<p>If you yourself are looking to trade crypto without fees, it’s definitely a topic that requires a lot of research and know-how, as far as the market is concerned. There are new cryptocurrency projects popping up every single day - some of them do, for a fact, emphasize their <em>“small transaction fee”</em> benefits!</p>\n<p>Also, if you’re looking for which crypto has the lowest transaction fees in order to save money on the fees that you’d pay while trading or sending it, remember that there are other factors involved in the process, too! For example, you would then also need to look for a cryptocurrency exchange platform that has small trading fees, as well as try to time your trades when the network isn’t majorly congested!</p>\n<h2>Wrapping Up</h2>\n<p>So, then - by now, you should have developed a pretty good understanding of cryptocurrency fees! This is true both when it comes to the types of fees that you may encounter, as well as what you can do to minimize and lower the amount of fees that you pay, for your transactions.</p>\n<p>Remember - if you want to pay as small of a transaction fee as possible, you need to find <strong>cryptocurrencies with nearly-zero fees, and trade (or buy, sell, transfer) crypto when there aren’t a lot of people doing the same thing, </strong>at the same time.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-fees","youtube_video":{"id":93,"channel_id":1,"sort":31,"video_title":"Crypto Fees Explained: How Not to Overpay? (Animated)","description":"What are Gas fees and any other crypto fees? Here is my explainer with all crypto fees clearly explained with animation!\n\nCrypto fees are going to be a relevant topic, no matter what you do in the space. Every single time you trade crypto, send some coins or tokens to your friends, or purchase an NFT, you pay a few different fees. Tracking all of them can get quite confusing, fast! \n\nIn this video, I’ll tell you all about the different types of crypto fees that you might come across, when interacting with cryptocurrencies. I will also introduce and explain what are crypto gas fees, as well as give you some tips on how you can find cryptos with the lowest transaction fees, too!\n\nDo you have any tips on how to minimize crypto trading fees? If so, do share them in the comment section below the video!\n\nVideo Time Table:\n\n0:00 Introduction to What Are Crypto Fees\n1:03 The Different Types of Crypto Fees\n4:59 Gas Fees Explained\n6:27 Crypto Without Transaction Fees\n7:42 Wrap-up: What Are Crypto Fees\n\nMore Related Videos:\n? Blockchain Transaction Explained https://www.youtube.com/watch?v=h1zkHIBFiS4\n? Best Types of Blockchain https://www.youtube.com/watch?v=h1zkHIBFiS4\n? How to Get Free Crypto? https://www.youtube.com/watch?v=aNjehGx3WqM\n? How to Avoid Crypto Taxes? https://www.youtube.com/watch?v=ERzU_Xz_P-o\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#CryptoFees #CryptoGasFees #GasFeesCrypto","video_id":"c1NItwMjjAs","duration":505,"view_count":331,"thumbnail_url":"https://i.ytimg.com/vi/c1NItwMjjAs/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-07-20 19:20:21","created_at":"2022-07-20T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"prevSection":{"id":27,"featured_image_id":7205,"original_id":null,"youtube_video_id":65,"author_id":42,"translator_id":null,"chapter_id":1,"title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","slug":"decentralized-blockchain","definition":"Did you know that Monero is frequently regarded as the most anonymous and decentralized blockchain?","status":"published","content":"<p>In this section, I’m going to tell you about anonymous and decentralized <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains!/nThe term “decentralized blockchain” is definitely something you’ve encountered, if you’ve spent even a day in the crypto space. In fact, we often get so numb to terms such as these, that we don’t even really give them much thought!</p>\n<p>However, did you know that <strong>decentralization and anonymity</strong> are among the fundamental cornerstones of the crypto industry, as a whole? That being the case, however, these two concepts are also very controversial, especially when it comes to crypto regulations.</p>\n<p>In this section, you’ll learn about decentralization and anonymity, as they relate to the world of crypto. More specifically, I’ll tell you what these concepts mean, how they relate to crypto, as well as why are they important for blockchain-powered projects, in general.</p>\n<p><em>Let’s get to it!</em></p>\n<h2>What are “Decentralization” and “Anonymity” in Crypto?</h2>\n<p>Before we can really get into the main points of this section, and analyze centralized VS decentralized blockchain technology, it’s important to break down what concepts such as a “decentralized blockchain” mean, to begin with! While it may seem self-explanatory at first, it’s like the famous meme of the iceberg - once you start looking into it, you see that there’s a lot more than initially meets the eye.</p>\n<p>So, let’s start with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralization. As the term implies, decentralization refers to something lacking a single, centralized governing authority. So, imagine that there are two shops in your town - one centralized, and the other - decentralized.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Centralization vs Decentralization.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_01.o.jpg/" alt=\"Decentralized blockchain: Centralization vs Decentralization.\" width=\"1000\" height=\"273\" /></p>\n<p>The centralized shop will function just like you’d expect - there are employers and employees, everyone has their own, designated roles and responsibilities, and <strong>there’s always some form of higher management that you need to report to.</strong></p>\n<p>With this traditional shop model, there is a set specific hierarchy within the system, and thus, there are designated parties that make the executive decisions about the direction that the shop will take - whether or not it will sell a specific chocolate bar, how many employees it will hire VS how many will be laid off, what are the salaries of each employee, and so on.</p>\n<p>Now, the decentralized shop is where things get much more interesting. <strong>In this case, there is no single, central authority</strong> - no manager, director, or CEO to oversee the processes and give orders. Instead, each employee within the shop is responsible for the well-being of the establishment - they all make the executive decisions, all have a say in the direction that the shop is going, and are all able to make a huge influence on the end results.</p>\n<p><em>Sounds awesome, but how does it work in crypto?</em> Well, I’ll get to that - for now, I just want you to understand the general premise of decentralization, as a concept.</p>\n<p><strong>Next up is blockchain anonymity.</strong> Once again, at first glance, the term is rather self-explanatory - it’s when you are able to do something while remaining anonymous, or, in other words, without revealing your true identity.</p>\n<p>Imagine a situation in an online game - <em>say, something like League of Legends.</em> When you play the game, you’re able to talk to your teammates, and write messages. However, you do so without revealing your true identity, and under some sort of an alias - thus, you’re able to remain anonymous, at least to other players!</p>\n<p>Now, evidently, this isn’t an ideal example, since you’re still doxed to the company behind the game, especially if you make any online purchases on their platform. But we’ll get to that soon enough, as it regards to crypto.</p>\n<h2>Why are Decentralization and Anonymity Important for Crypto?</h2>\n<p>Continuing on with the section, allow me to give you a very quick history lesson - specifically, one that is related to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin.
/nAs you may or may not know, the decentralized blockchain Bitcoin was created by someone known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The identity of the creator <em>(or creators?)</em> of BTC is unknown, to this day, but that’s beside the point - instead, let’s take a look at <strong>WHY Bitcoin was created.</strong></p>\n<p>The very first block of Bitcoin’s blockchain was created <em>(mined)</em> on January 3, 2009. The timing isn’t a coincidence, either - within this first block, called <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-genesis-block/">the Genesis block</strong></a>, Satoshi left a message reading:</p>\n<p><em>\"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.\"</em></p>\n<p>This was a headline taken from The London Times. If you’re sharp, you might have connected the dots - <strong>Bitcoin’s inception came right after the Financial Crisis of 2008.</strong> The popular belief dictates that Bitcoin was created to <em>“take the financial power away from governments and hedge funds, and give it back to the ordinary people”.</em> I’m somewhat paraphrasing, but you get the idea.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Financial crisis.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_02.o.jpg/" alt=\"Decentralized blockchain: Financial crisis.\" width=\"1000\" height=\"249\" /></p>\n<p>Now, this should help you understand why decentralization and blockchain anonymity are so important for crypto, in a very fundamental sense. Many crypto enthusiasts believe that, in order to have full power over your money, you must remain anonymous, and that the technology behind that form of money - in our case, it’s the blockchain tech behind crypto - must remain decentralized, at all cost.</p>\n<p>The same enthusiasts claim that, <strong>once centralization sets in, there’s always a risk for another financial crisis to happen</strong>, and - once again - big hedge funds and major banks would get bailed out, with your common, everyday people absorbing the full blow of the crisis.</p>\n<p>In a super-quick nutshell, this is the core philosophy behind crypto - one that many enthusiasts hold, to this day. It’s a very controversial topic, though - the reason behind the controversy has to do with mass adoption, and a term called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-know-your-customer-kyc/">KYC”.
/n“KYC” stands for “Know Your Customer”. It’s a term related to financial regulations, and essentially, it refers to the fact that all financial institutions must identify their customers and clients. This is true with cryptocurrency exchange platforms, as well.</p>\n<p>On one hand, you have the philosophy behind crypto - <strong>blockchain decentralization and anonymity.</strong> On the other hand, in order for cryptocurrencies to become truly mainstream, and blockchain technology to be massively adopted and widespread, <strong>regulation is absolutely crucial</strong> - it would preserve order, and remove a huge chunk of potential scams and theft attempts from the equation.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: The philosophy behind crypto.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_03.o.jpg/" alt=\"Decentralized blockchain: The philosophy behind crypto.\" width=\"1000\" height=\"207\" /></p>\n<p>So, as you can see, it’s a very tricky topic! Most people agree that regulation is the way to go - still, however, many crypto projects aim to circumvent this, to an extent. Partial decentralization, open-source code, doxed teams, and so on - it’s a huge topic that needs a separate section, of its own!</p>\n<p>Now, do keep in mind that <strong>there’s a difference between blockchain-based projects and platforms such as cryptocurrency exchanges or lending services.</strong> With the former, decentralization is still completely possible, even with regulatory oversight - the aforementioned KYC regulations mostly imply to companies that allow individuals to buy, sell, or transact with cryptocurrencies in any other way.</p>\n<h2>Decentralization and Anonymity in Crypto</h2>\n<p>Up to this point in the section, we’ve talked about decentralization and anonymity, as standalone concepts, and I’ve also told you about why these concepts are so important to the crypto world.</p>\n<p>Now, allow me to tell you about just how both of said concepts manifest themselves for your average crypto enthusiast!</p>\n<p>So, starting off with decentralized blockchains, we must go back to the shop example I gave at the beginning of this section. In the world of crypto, there’s a term called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-the-dao/">DAO”. Broken down, it abbreviates as a <strong>“Decentralized Autonomous Organization”.</strong></p>\n<p>That sounds super-fancy, yes, I know. However, it’s actually quite simple to understand. If you’d like to learn about DAOs in an in-depth manner, check out <a href=https://www.bitdegree.org/"/crypto/learn/what-is-a-dao-in-crypto/">a section</strong></a> written on this topic - for now, though, let’s take an entry-level look at what they are.</p>\n<p>A DAO is a community of people that all have the ability to vote on proposals, changes, updates, and other matters of a specific crypto project. This voting happens with the help of the <strong>native tokens</strong> of that said project. So, as far as our shop example is concerned, it would look a little something like this:</p>\n<p>Each employee within the decentralized shop would have the ability to purchase or acquire special candies, depending on their dedication and impact on the way that the shop is performing. Every month, employees would be able to suggest changes to how the shop operates, as well as vote on different proposals made by others. In order to vote, you would need to place your candy into a special jar - the more candy it is that you place, the stronger your vote will become.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Explanation of DAO.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_04.o.jpg/" alt=\"Decentralized blockchain: Explanation of DAO.\" width=\"1000\" height=\"556\" /></p>\n<p>Naturally, in reality, the system is much more complex than that. But this should still give you a pretty good general idea of how DAOs work, and how decentralized projects are managed, in the first place!</p>\n<p>Now, when it comes to anonymity, it gets even more interesting. Remember the computer game example I gave earlier? Well, when interacting with various decentralized, blockchain-powered projects, you would use your <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">cryptocurrency wallet</strong></a> - your public wallet address would act as your alias on the blockchain!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Anonimity.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_05.o.jpg/" alt=\"Decentralized blockchain: Anonimity.\" width=\"1000\" height=\"497\" /></p>\n<p><strong>In short, with the help of your cryptocurrency wallet, you are able to remain anonymous on the blockchain.</strong> All of the transactions that you perform will be public, for everyone to see, but no one will know that it’s YOU who’s performing those transactions - well, unless you tell them.</p>\n<h2>Final Thoughts</h2>\n<p>With all that we’ve talked about in this section, I want you to remember that we’ve only scratched the surface - both decentralization and anonymity are complex topics, as they relate to crypto! On top of that, nothing is ever black or white - whether it be KYC regulations, decentralized exchanges, anonymity, or else, all of these topics involve complex intricacies, and should thus be viewed appropriately, as well.</p>\n<p>That being said, I do hope that this section helped you with clearing the major question up! Now that you understand the roles that decentralization and anonymity play when it comes to your everyday crypto-related experiences, you’re ready to start digging deeper into each of these topics!</p>","meta_title":"Decentralized Blockchains: What Exactly Does It Mean?","meta_description":"Trying to figure out what is a decentralized blockchain? Wondering how decentralization differs from centralization? Find all answers here!","meta_keywords":"decentralized blockchain, blockchain decentralized, is blockchain decentralized, decentralized blockchain technology, most decentralized blockchain, centralized vs decentralized blockchain, is blockchain anonymous, blockchain anonymity","order":2,"language":"en","created_at":"2022-06-29T05:25:24.000000Z","updated_at":"2023-05-04T10:25:24.000000Z","modified_content":"<p>In this section, I’m going to tell you about anonymous and decentralized <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains!
/nThe term “decentralized blockchain” is definitely something you’ve encountered, if you’ve spent even a day in the crypto space. In fact, we often get so numb to terms such as these, that we don’t even really give them much thought!</p>\n<p>However, did you know that <strong>decentralization and anonymity</strong> are among the fundamental cornerstones of the crypto industry, as a whole? That being the case, however, these two concepts are also very controversial, especially when it comes to crypto regulations.</p>\n<p>In this section, you’ll learn about decentralization and anonymity, as they relate to the world of crypto. More specifically, I’ll tell you what these concepts mean, how they relate to crypto, as well as why are they important for blockchain-powered projects, in general.</p>\n<p><em>Let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n title=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Anonymous & Decentralized Blockchains: The Cornerstone of Crypto</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"pLmw3W9IRiE\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">Is Decentralized Anonymous Blockchain a Myth? (Explained!)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/pLmw3W9IRiE/hq720.jpg/"/n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n title=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"Is Decentralized Anonymous Blockchain a Myth? (Explained!)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"pLmw3W9IRiE\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What are “Decentralization” and “Anonymity” in Crypto?</h2>\n<p>Before we can really get into the main points of this section, and analyze centralized VS decentralized blockchain technology, it’s important to break down what concepts such as a “decentralized blockchain” mean, to begin with! While it may seem self-explanatory at first, it’s like the famous meme of the iceberg - once you start looking into it, you see that there’s a lot more than initially meets the eye.</p>\n<p>So, let’s start with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralization. As the term implies, decentralization refers to something lacking a single, centralized governing authority. So, imagine that there are two shops in your town - one centralized, and the other - decentralized.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Centralization vs Decentralization.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_01.o.jpg/" alt=\"Decentralized blockchain: Centralization vs Decentralization.\" width=\"1000\" height=\"273\" /></p>\n<p>The centralized shop will function just like you’d expect - there are employers and employees, everyone has their own, designated roles and responsibilities, and <strong>there’s always some form of higher management that you need to report to.</strong></p>\n<p>With this traditional shop model, there is a set specific hierarchy within the system, and thus, there are designated parties that make the executive decisions about the direction that the shop will take - whether or not it will sell a specific chocolate bar, how many employees it will hire VS how many will be laid off, what are the salaries of each employee, and so on.</p>\n<p>Now, the decentralized shop is where things get much more interesting. <strong>In this case, there is no single, central authority</strong> - no manager, director, or CEO to oversee the processes and give orders. Instead, each employee within the shop is responsible for the well-being of the establishment - they all make the executive decisions, all have a say in the direction that the shop is going, and are all able to make a huge influence on the end results.</p>\n<p><em>Sounds awesome, but how does it work in crypto?</em> Well, I’ll get to that - for now, I just want you to understand the general premise of decentralization, as a concept.</p>\n<p><strong>Next up is blockchain anonymity.</strong> Once again, at first glance, the term is rather self-explanatory - it’s when you are able to do something while remaining anonymous, or, in other words, without revealing your true identity.</p>\n<p>Imagine a situation in an online game - <em>say, something like League of Legends.</em> When you play the game, you’re able to talk to your teammates, and write messages. However, you do so without revealing your true identity, and under some sort of an alias - thus, you’re able to remain anonymous, at least to other players!</p>\n<p>Now, evidently, this isn’t an ideal example, since you’re still doxed to the company behind the game, especially if you make any online purchases on their platform. But we’ll get to that soon enough, as it regards to crypto.</p>\n<h2>Why are Decentralization and Anonymity Important for Crypto?</h2>\n<p>Continuing on with the section, allow me to give you a very quick history lesson - specifically, one that is related to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin.
/nAs you may or may not know, the decentralized blockchain Bitcoin was created by someone known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The identity of the creator <em>(or creators?)</em> of BTC is unknown, to this day, but that’s beside the point - instead, let’s take a look at <strong>WHY Bitcoin was created.</strong></p>\n<p>The very first block of Bitcoin’s blockchain was created <em>(mined)</em> on January 3, 2009. The timing isn’t a coincidence, either - within this first block, called <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-genesis-block/">the Genesis block</strong></a>, Satoshi left a message reading:</p>\n<p><em>\"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.\"</em></p>\n<p>This was a headline taken from The London Times. If you’re sharp, you might have connected the dots - <strong>Bitcoin’s inception came right after the Financial Crisis of 2008.</strong> The popular belief dictates that Bitcoin was created to <em>“take the financial power away from governments and hedge funds, and give it back to the ordinary people”.</em> I’m somewhat paraphrasing, but you get the idea.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Financial crisis.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_02.o.jpg/" alt=\"Decentralized blockchain: Financial crisis.\" width=\"1000\" height=\"249\" /></p>\n<p>Now, this should help you understand why decentralization and blockchain anonymity are so important for crypto, in a very fundamental sense. Many crypto enthusiasts believe that, in order to have full power over your money, you must remain anonymous, and that the technology behind that form of money - in our case, it’s the blockchain tech behind crypto - must remain decentralized, at all cost.</p>\n<p>The same enthusiasts claim that, <strong>once centralization sets in, there’s always a risk for another financial crisis to happen</strong>, and - once again - big hedge funds and major banks would get bailed out, with your common, everyday people absorbing the full blow of the crisis.</p>\n<p>In a super-quick nutshell, this is the core philosophy behind crypto - one that many enthusiasts hold, to this day. It’s a very controversial topic, though - the reason behind the controversy has to do with mass adoption, and a term called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-know-your-customer-kyc/">KYC”.
/n“KYC” stands for “Know Your Customer”. It’s a term related to financial regulations, and essentially, it refers to the fact that all financial institutions must identify their customers and clients. This is true with cryptocurrency exchange platforms, as well.</p>\n<p>On one hand, you have the philosophy behind crypto - <strong>blockchain decentralization and anonymity.</strong> On the other hand, in order for cryptocurrencies to become truly mainstream, and blockchain technology to be massively adopted and widespread, <strong>regulation is absolutely crucial</strong> - it would preserve order, and remove a huge chunk of potential scams and theft attempts from the equation.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: The philosophy behind crypto.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_03.o.jpg/" alt=\"Decentralized blockchain: The philosophy behind crypto.\" width=\"1000\" height=\"207\" /></p>\n<p>So, as you can see, it’s a very tricky topic! Most people agree that regulation is the way to go - still, however, many crypto projects aim to circumvent this, to an extent. Partial decentralization, open-source code, doxed teams, and so on - it’s a huge topic that needs a separate section, of its own!</p>\n<p>Now, do keep in mind that <strong>there’s a difference between blockchain-based projects and platforms such as cryptocurrency exchanges or lending services.</strong> With the former, decentralization is still completely possible, even with regulatory oversight - the aforementioned KYC regulations mostly imply to companies that allow individuals to buy, sell, or transact with cryptocurrencies in any other way.</p>\n<h2>Decentralization and Anonymity in Crypto</h2>\n<p>Up to this point in the section, we’ve talked about decentralization and anonymity, as standalone concepts, and I’ve also told you about why these concepts are so important to the crypto world.</p>\n<p>Now, allow me to tell you about just how both of said concepts manifest themselves for your average crypto enthusiast!</p>\n<p>So, starting off with decentralized blockchains, we must go back to the shop example I gave at the beginning of this section. In the world of crypto, there’s a term called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-the-dao/">DAO”. Broken down, it abbreviates as a <strong>“Decentralized Autonomous Organization”.</strong></p>\n<p>That sounds super-fancy, yes, I know. However, it’s actually quite simple to understand. If you’d like to learn about DAOs in an in-depth manner, check out <a href=https://www.bitdegree.org/"/crypto/learn/what-is-a-dao-in-crypto/">a section</strong></a> written on this topic - for now, though, let’s take an entry-level look at what they are.</p>\n<p>A DAO is a community of people that all have the ability to vote on proposals, changes, updates, and other matters of a specific crypto project. This voting happens with the help of the <strong>native tokens</strong> of that said project. So, as far as our shop example is concerned, it would look a little something like this:</p>\n<p>Each employee within the decentralized shop would have the ability to purchase or acquire special candies, depending on their dedication and impact on the way that the shop is performing. Every month, employees would be able to suggest changes to how the shop operates, as well as vote on different proposals made by others. In order to vote, you would need to place your candy into a special jar - the more candy it is that you place, the stronger your vote will become.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Explanation of DAO.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_04.o.jpg/" alt=\"Decentralized blockchain: Explanation of DAO.\" width=\"1000\" height=\"556\" /></p>\n<p>Naturally, in reality, the system is much more complex than that. But this should still give you a pretty good general idea of how DAOs work, and how decentralized projects are managed, in the first place!</p>\n<p>Now, when it comes to anonymity, it gets even more interesting. Remember the computer game example I gave earlier? Well, when interacting with various decentralized, blockchain-powered projects, you would use your <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">cryptocurrency wallet</strong></a> - your public wallet address would act as your alias on the blockchain!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Decentralized blockchain: Anonimity.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/decentralization_anonimity_in_crypto_05.o.jpg/" alt=\"Decentralized blockchain: Anonimity.\" width=\"1000\" height=\"497\" /></p>\n<p><strong>In short, with the help of your cryptocurrency wallet, you are able to remain anonymous on the blockchain.</strong> All of the transactions that you perform will be public, for everyone to see, but no one will know that it’s YOU who’s performing those transactions - well, unless you tell them.</p>\n<h2>Final Thoughts</h2>\n<p>With all that we’ve talked about in this section, I want you to remember that we’ve only scratched the surface - both decentralization and anonymity are complex topics, as they relate to crypto! On top of that, nothing is ever black or white - whether it be KYC regulations, decentralized exchanges, anonymity, or else, all of these topics involve complex intricacies, and should thus be viewed appropriately, as well.</p>\n<p>That being said, I do hope that this section helped you with clearing the major question up! Now that you understand the roles that decentralization and anonymity play when it comes to your everyday crypto-related experiences, you’re ready to start digging deeper into each of these topics!</p>","preview_url":"https://www.bitdegree.org/crypto/learn/decentralized-blockchain","youtube_video":{"id":65,"channel_id":1,"sort":34,"video_title":"Is Decentralized Anonymous Blockchain a Myth? (Explained!)","description":"Is Decentralized Anonymous Blockchain a Myth?\n\nBoth decentralization and anonymity are core, fundamental aspects of the crypto world. While these terms are being thrown around every single day, however, they are actually quite complex, and, if understood properly, can really help you analyze the crypto industry better. \n\nIn this video, I’ll tell you all about decentralized anonymous blockchain, as far as these concepts relate to crypto. Specifically, you’ll learn about what do decentralized blockchain and anonymous blockchain mean, how are they present within blockchain tech, and why you should care, in the first place.\n\nDo you think decentralization and anonymity are essential parts of crypto? Or, perhaps, you believe that these concepts are far overrated? Share your thoughts in the comment section down below!\n\nVideo Time Table:\n\n0:00 Introduction to Decentralization & Anonymity in Crypto\n0:56 What is a Decentralized Blockchain?\n2:30 What is an Anonymous Blockchain?\n3:09 Decentralization & Anonymity Importance for Crypto\n6:32 Decentralization & Anonymity Examples in Crypto\n8:45 Wrap-up: Decentralization & Anonymity in Crypto\n\nMore Related Videos:\n?What is Blockchain? https://www.youtube.com/watch?v=O2-XxMo5PFs\n?What is a DAO? https://www.youtube.com/watch?v=toSViQmtqFQ\n?What is DeFi? https://www.youtube.com/watch?v=GVeoES3lKfQ\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#DecentralizedBlockchain #BlockchainDecentralized #IsBlockchainAnonymous","video_id":"pLmw3W9IRiE","duration":567,"view_count":507,"thumbnail_url":"https://i.ytimg.com/vi/pLmw3W9IRiE/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-06-30 15:13:42","created_at":"2022-06-30T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"chapterTitle":"Blockchain","cryptoBookSection":{"id":29,"featured_image_id":7397,"original_id":null,"youtube_video_id":90,"author_id":42,"translator_id":null,"chapter_id":1,"title":"What is a Blockchain Transaction in Crypto?","slug":"blockchain-transaction","definition":"Did you know that around $6 billion of daily transactions are completed by Bitcoin alone?","status":"published","content":"<p>In this section, I’m going to tell you what is a <strong>blockchain transaction</strong>, in crypto!</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">Blockchain transactions are something that every single cryptocurrency holder has performed, or rather, does perform, very often. If you deal with cryptocurrencies in any way, shape, or form, you’ve definitely “transacted” before.</p>\n<p>That being said, while the term might seem very self-explanatory, I wouldn’t be writing a dedicated section on the topic, now would I? <strong>A “transaction” is actually a very broad term</strong>, as far as crypto is concerned - that’s why it’s important to understand it, from all sides of the deal.</p>\n<p>In this section, we’re going to cover what is a transaction. To be a bit more specific, I’ll tell you about the most common types of transactions, as well as cover the broader meaning behind the term, as far as cryptocurrencies and blockchain tech are concerned.</p>\n<p><em>Now, let’s get to it!</em></p>\n<h2>What is a Transaction?</h2>\n<p>So, let’s start off from the very beginning, and answer the most obvious question - <strong>what is a transaction?</strong></p>\n<p>Well, there are multiple examples that could be used to illustrate transactions - allow me to give two, though.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: What is a transaction?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_01.o.jpg/" alt=\"Blockchain transaction: What is a transaction?\" width=\"1000\" height=\"803\" /></p>\n<p>First, imagine that you and your friend decided to trade two items - you’ll give your friend a chocolate bar for his banana. Once you trade the two items, both of you just participated in a transaction!</p>\n<p>Another example would be you buying milk and bread at the shop. You purchase these groceries for money - USD, EUR, or any other currency that’s present in your country. Once you walk away from the cashier, once again, you’ve just participated in a transaction - you’ve traded your money for physical goods!</p>\n<p>Now, these examples are very, well… Obvious! However, what is a blockchain transaction in crypto?</p>\n<p><strong>Well, whenever you send or receive cryptocurrency, this is called a transaction.</strong> Even if, say, you receive crypto, and don’t send or pay anything for it <em>(in other words, you don’t perform a trade)</em>, this is still considered a transaction, nonetheless.</p>\n<p>Once again, up to this point, things are pretty obvious. With that out of the way, though, let’s get down to some of the more-interesting aspects of transactions, when it comes to crypto.</p>\n<h2>Everything is a Transaction in Crypto</h2>\n<p>Probably one of the most important things to know about blockchain-based crypto transactions is that <strong>everything you do on the blockchain can be considered (or, called) a “transaction”.</strong></p>\n<p>So, allow me to give you an example.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Crypto-based game.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_02.o.jpg/" alt=\"Blockchain transaction: Crypto-based game.\" width=\"1000\" height=\"527\" /></p>\n<p>Imagine that you’ve just found the coolest cryptocurrency game ever - it’s action-packed, allows you to earn passive cryptocurrency tokens as you play, and is super-fun, in general.</p>\n<p>Now, the game allows you to create a custom character of your own. As you play, you will have the opportunity to upgrade your character with high-level armor and weapons. <em>Cool stuff!</em></p>\n<p>All of these assets, though - the armor, the weapons, and all other equipable items in the game - come in the form of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFTs, or non-fungible tokens. If you’re not familiar with what these are, I highly recommend you go and check a <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">dedicated section on the topic</strong></a>, and then come back to this one - it’s a whole, huge topic!</p>\n<p>So, you can earn all of that equipment simply by playing the game, or you can purchase it on the in-game marketplace, for some cryptocurrency coins or tokens. <strong>For the sake of this example, let’s assume that you’ve chosen to earn the NFTs</strong> - say, perhaps you’ve gotten lucky, and received a rare piece of armor from a boss fight.</p>\n<p>Well, even though you’ve received the armor in-game, as soon as it goes into your inventory, this will be considered a crypto transaction - specifically, the game will transfer the armor, in the form of an NFT, into your cryptocurrency wallet, so that it will be 100% provable that you’re now the owner of the item!</p>\n<p>I know, I’ve gotten ahead of myself there - it’s a complex topic, when you start breaking it down! If all of that sounded like a foreign language to you, I highly advise going through the whole Crypto 101 Handbook, where you’ll find dedicated and in-depth sections on all of the terms we’ve just ran through!</p>\n<p>That being said, though, I do hope that the core idea is clear - <strong>in the world of crypto, a “blockchain transaction” is any form of interaction between an individual (or an organization) and the blockchain. </strong>Buying, selling, and sending cryptocurrencies ARE NOT the only “transactions” that you can perform!</p>\n<p>Now, if we were to get a bit more technical and specific, I’d like to say - a transaction happens anytime that you interact with a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>. Smart contracts are special, automated agreements that are based on the blockchain - they allow users to trust blockchain-powered projects, since everything happens automatically, without the intervention of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-intermediary-middleman/">middleman (or, simply - a human).</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Everything is a transaction in crypto.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_03.o.jpg/" alt=\"Blockchain transaction: Everything is a transaction in crypto.\" width=\"1000\" height=\"526\" /></p>\n<p>To make it even clearer, allow me to give you another example.</p>\n<p>Imagine that you’ve come across a gambling application - one that’s based on the blockchain, and is powered by smart contracts. Meaning, you are able to check how the rules are enforced for each game on the platform, and whether or not everything is provably fair.</p>\n<p>As you gamble your cryptocurrency on the application, each time you place a bet, or the winnings are paid out to you, a transaction occurs - either you send funds from your cryptocurrency wallet to the platform, or the smart contract pays out your winnings into your wallet, automatically.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Bet transaction.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_04.o.jpg/" alt=\"Blockchain transaction: Bet transaction.\" width=\"1000\" height=\"257\" /></p>\n<p>So, the core takeaway is simple - <strong>every single action that you perform on the blockchain is considered a transaction.</strong> That being said, though, why is it even important, in the first place?</p>\n<h2>The Public Nature of Transactions on the Blockchain</h2>\n<p>You see, one of the main wonders of blockchain technology is that all of the events happening on the network are completely public, and available for anyone to see. Of course, there are exceptions, but the general idea is still that.</p>\n<p>Naturally, you are able to remain completely anonymous while you perform these transactions - instead, what others will see are the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-id-txid/">crypto transaction ID (hash)</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-address/">your public wallet address</strong></a>, the total amount of crypto sent, as well as the address of the receiver.</p>\n<p>Think about the example I gave earlier - the one with you trading a chocolate bar for a banana with your friend. Now, imagine that, instead of trading something, your friend asked you to lend him some <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, for a project that he’s working on. So, being the awesome friend that you are, you’ve sent your friend the BTC that he asked for.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: The public nature of transactions on the blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_05.o.jpg/" alt=\"Blockchain transaction: The public nature of transactions on the blockchain.\" width=\"1000\" height=\"284\" /></p>\n<p>The moment that the network receives your transaction information, it will become public, and everyone will be able to see that one wallet sent another wallet an X amount of BTC. However, no one will know who the wallets belong to, since there’s absolutely no identifying information that would give your identity away.</p>\n<p>Well, unless you tell everyone your public wallet address, though. If that’s the case, your transactions might not be all that anonymous!</p>\n<p><strong>The public nature of cryptocurrency transactions is considered to be the cornerstone of blockchain technology.</strong> It enables a lot of transparency within the industry, and prevents a lot of potential scams and hacking attempts, since you can always track all of the assets, no matter how many wallets they might get transferred through!</p>\n<h2>The Importance of Understanding How Transactions Work in Crypto</h2>\n<p>The last big thing that I want to emphasize in this section is the WHY - <strong>WHY you should even know and care about how do cryptocurrency transactions work, in the first place.</strong></p>\n<p>For starters, you will be transacting with crypto, every single day. Well, at least if you plan to trade, sell, purchase, and transfer cryptocurrencies between wallets - many crypto enthusiasts do just that!</p>\n<p>Understanding how transactions work - rather, what is classified as a transaction, in crypto - is <strong>super-valuable when you’re dealing with taxes</strong>, too. All countries have their own, specific tax laws and regulations, and in some areas, you might get taxed for every transaction that you perform!</p>\n<p>In situations like these, it’s important to know how to track all your transactions, as well. Online, you will find a variety of different cryptocurrency tax calculators and crypto transaction trackers - you can put in your wallet address, download Excel files, create spreadsheets, and organize your transactions in a way that would be presentable to the relevant tax authorities.</p>\n<p>Understanding cryptocurrency transactions is <strong>valuable when it comes to the</strong> <strong>security of your crypto assets</strong>, too! Imagine that you’ve sent some crypto to a stranger, in exchange for a service. Later that day, that person contacts you, and says that they haven’t received their payment, and that you should resend it.</p>\n<p>Well, if you understand how transactions work, you can simply go and check your transaction ID on the blockchain explorer, and see that the payment was, in fact, successful - then, you can rest assured that you have proof of paying the individual!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: The proof of transaction.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_06-62cd4c9d3ad69.o.jpg/" alt=\"Blockchain transaction: The proof of transaction.\" width=\"1000\" height=\"499\" /></p>\n<p>Lastly, understanding blockchain transactions will allow you to start looking for cryptos with no transaction fees, or fastest crypto transaction speeds, depending on your own preferences. These are some advanced topics, but once you understand blockchain transactions, they will start becoming clearer to you, too!</p>\n<p>I can go on and on with the examples, but the underlying sentiment remains the same - understanding cryptocurrency transactions is one of the first steps that everyone should take when starting out and learning about crypto.</p>\n<h2>Wrapping Up</h2>\n<p>In this section, we’ve only scratched the surface of what are cryptocurrency transactions, and how do they work. You can go much deeper, studying what happens on the blockchain when someone performs a transaction, or what to do when a transaction is stuck, but these are topics that deserve their own sections!</p>","meta_title":"What is a Blockchain Transaction and How Does It Work?","meta_description":"Trying to figure out what is a blockchain transaction? How does it function? What benefits does it offer? Find all the answers right here.","meta_keywords":"blockchain transaction, block chain transaction, what is a transaction, what is a pending transaction, crypto transaction fees, crypto transaction tracker, crypto transaction, lowest crypto transaction fees, crypto transaction id hash, which crypto has lowest transaction fees, track crypto transaction, fastest crypto transaction speed, crypto with no transaction fee","order":3,"language":"en","created_at":"2022-07-12T08:33:11.000000Z","updated_at":"2023-05-04T10:25:24.000000Z","modified_content":"<p>In this section, I’m going to tell you what is a <strong>blockchain transaction</strong>, in crypto!</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">Blockchain transactions are something that every single cryptocurrency holder has performed, or rather, does perform, very often. If you deal with cryptocurrencies in any way, shape, or form, you’ve definitely “transacted” before.</p>\n<p>That being said, while the term might seem very self-explanatory, I wouldn’t be writing a dedicated section on the topic, now would I? <strong>A “transaction” is actually a very broad term</strong>, as far as crypto is concerned - that’s why it’s important to understand it, from all sides of the deal.</p>\n<p>In this section, we’re going to cover what is a transaction. To be a bit more specific, I’ll tell you about the most common types of transactions, as well as cover the broader meaning behind the term, as far as cryptocurrencies and blockchain tech are concerned.</p>\n<p><em>Now, let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"Blockchain Transaction Easily Explained! (Animated)\"\n title=\"Blockchain Transaction Easily Explained! (Animated)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: What is a Blockchain Transaction in Crypto?</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"What is a Blockchain Transaction in Crypto?\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"h1zkHIBFiS4\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">Blockchain Transaction Easily Explained! (Animated)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/h1zkHIBFiS4/hq720.jpg/"/n alt=\"Blockchain Transaction Easily Explained! (Animated)\"\n title=\"Blockchain Transaction Easily Explained! (Animated)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"Blockchain Transaction Easily Explained! (Animated)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"h1zkHIBFiS4\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is a Transaction?</h2>\n<p>So, let’s start off from the very beginning, and answer the most obvious question - <strong>what is a transaction?</strong></p>\n<p>Well, there are multiple examples that could be used to illustrate transactions - allow me to give two, though.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: What is a transaction?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_01.o.jpg/" alt=\"Blockchain transaction: What is a transaction?\" width=\"1000\" height=\"803\" /></p>\n<p>First, imagine that you and your friend decided to trade two items - you’ll give your friend a chocolate bar for his banana. Once you trade the two items, both of you just participated in a transaction!</p>\n<p>Another example would be you buying milk and bread at the shop. You purchase these groceries for money - USD, EUR, or any other currency that’s present in your country. Once you walk away from the cashier, once again, you’ve just participated in a transaction - you’ve traded your money for physical goods!</p>\n<p>Now, these examples are very, well… Obvious! However, what is a blockchain transaction in crypto?</p>\n<p><strong>Well, whenever you send or receive cryptocurrency, this is called a transaction.</strong> Even if, say, you receive crypto, and don’t send or pay anything for it <em>(in other words, you don’t perform a trade)</em>, this is still considered a transaction, nonetheless.</p>\n<p>Once again, up to this point, things are pretty obvious. With that out of the way, though, let’s get down to some of the more-interesting aspects of transactions, when it comes to crypto.</p>\n<h2>Everything is a Transaction in Crypto</h2>\n<p>Probably one of the most important things to know about blockchain-based crypto transactions is that <strong>everything you do on the blockchain can be considered (or, called) a “transaction”.</strong></p>\n<p>So, allow me to give you an example.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Crypto-based game.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_02.o.jpg/" alt=\"Blockchain transaction: Crypto-based game.\" width=\"1000\" height=\"527\" /></p>\n<p>Imagine that you’ve just found the coolest cryptocurrency game ever - it’s action-packed, allows you to earn passive cryptocurrency tokens as you play, and is super-fun, in general.</p>\n<p>Now, the game allows you to create a custom character of your own. As you play, you will have the opportunity to upgrade your character with high-level armor and weapons. <em>Cool stuff!</em></p>\n<p>All of these assets, though - the armor, the weapons, and all other equipable items in the game - come in the form of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFTs, or non-fungible tokens. If you’re not familiar with what these are, I highly recommend you go and check a <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">dedicated section on the topic</strong></a>, and then come back to this one - it’s a whole, huge topic!</p>\n<p>So, you can earn all of that equipment simply by playing the game, or you can purchase it on the in-game marketplace, for some cryptocurrency coins or tokens. <strong>For the sake of this example, let’s assume that you’ve chosen to earn the NFTs</strong> - say, perhaps you’ve gotten lucky, and received a rare piece of armor from a boss fight.</p>\n<p>Well, even though you’ve received the armor in-game, as soon as it goes into your inventory, this will be considered a crypto transaction - specifically, the game will transfer the armor, in the form of an NFT, into your cryptocurrency wallet, so that it will be 100% provable that you’re now the owner of the item!</p>\n<p>I know, I’ve gotten ahead of myself there - it’s a complex topic, when you start breaking it down! If all of that sounded like a foreign language to you, I highly advise going through the whole Crypto 101 Handbook, where you’ll find dedicated and in-depth sections on all of the terms we’ve just ran through!</p>\n<p>That being said, though, I do hope that the core idea is clear - <strong>in the world of crypto, a “blockchain transaction” is any form of interaction between an individual (or an organization) and the blockchain. </strong>Buying, selling, and sending cryptocurrencies ARE NOT the only “transactions” that you can perform!</p>\n<p>Now, if we were to get a bit more technical and specific, I’d like to say - a transaction happens anytime that you interact with a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>. Smart contracts are special, automated agreements that are based on the blockchain - they allow users to trust blockchain-powered projects, since everything happens automatically, without the intervention of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-intermediary-middleman/">middleman (or, simply - a human).</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Everything is a transaction in crypto.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_03.o.jpg/" alt=\"Blockchain transaction: Everything is a transaction in crypto.\" width=\"1000\" height=\"526\" /></p>\n<p>To make it even clearer, allow me to give you another example.</p>\n<p>Imagine that you’ve come across a gambling application - one that’s based on the blockchain, and is powered by smart contracts. Meaning, you are able to check how the rules are enforced for each game on the platform, and whether or not everything is provably fair.</p>\n<p>As you gamble your cryptocurrency on the application, each time you place a bet, or the winnings are paid out to you, a transaction occurs - either you send funds from your cryptocurrency wallet to the platform, or the smart contract pays out your winnings into your wallet, automatically.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: Bet transaction.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_04.o.jpg/" alt=\"Blockchain transaction: Bet transaction.\" width=\"1000\" height=\"257\" /></p>\n<p>So, the core takeaway is simple - <strong>every single action that you perform on the blockchain is considered a transaction.</strong> That being said, though, why is it even important, in the first place?</p>\n<h2>The Public Nature of Transactions on the Blockchain</h2>\n<p>You see, one of the main wonders of blockchain technology is that all of the events happening on the network are completely public, and available for anyone to see. Of course, there are exceptions, but the general idea is still that.</p>\n<p>Naturally, you are able to remain completely anonymous while you perform these transactions - instead, what others will see are the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-id-txid/">crypto transaction ID (hash)</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-address/">your public wallet address</strong></a>, the total amount of crypto sent, as well as the address of the receiver.</p>\n<p>Think about the example I gave earlier - the one with you trading a chocolate bar for a banana with your friend. Now, imagine that, instead of trading something, your friend asked you to lend him some <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, for a project that he’s working on. So, being the awesome friend that you are, you’ve sent your friend the BTC that he asked for.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: The public nature of transactions on the blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_05.o.jpg/" alt=\"Blockchain transaction: The public nature of transactions on the blockchain.\" width=\"1000\" height=\"284\" /></p>\n<p>The moment that the network receives your transaction information, it will become public, and everyone will be able to see that one wallet sent another wallet an X amount of BTC. However, no one will know who the wallets belong to, since there’s absolutely no identifying information that would give your identity away.</p>\n<p>Well, unless you tell everyone your public wallet address, though. If that’s the case, your transactions might not be all that anonymous!</p>\n<p><strong>The public nature of cryptocurrency transactions is considered to be the cornerstone of blockchain technology.</strong> It enables a lot of transparency within the industry, and prevents a lot of potential scams and hacking attempts, since you can always track all of the assets, no matter how many wallets they might get transferred through!</p>\n<h2>The Importance of Understanding How Transactions Work in Crypto</h2>\n<p>The last big thing that I want to emphasize in this section is the WHY - <strong>WHY you should even know and care about how do cryptocurrency transactions work, in the first place.</strong></p>\n<p>For starters, you will be transacting with crypto, every single day. Well, at least if you plan to trade, sell, purchase, and transfer cryptocurrencies between wallets - many crypto enthusiasts do just that!</p>\n<p>Understanding how transactions work - rather, what is classified as a transaction, in crypto - is <strong>super-valuable when you’re dealing with taxes</strong>, too. All countries have their own, specific tax laws and regulations, and in some areas, you might get taxed for every transaction that you perform!</p>\n<p>In situations like these, it’s important to know how to track all your transactions, as well. Online, you will find a variety of different cryptocurrency tax calculators and crypto transaction trackers - you can put in your wallet address, download Excel files, create spreadsheets, and organize your transactions in a way that would be presentable to the relevant tax authorities.</p>\n<p>Understanding cryptocurrency transactions is <strong>valuable when it comes to the</strong> <strong>security of your crypto assets</strong>, too! Imagine that you’ve sent some crypto to a stranger, in exchange for a service. Later that day, that person contacts you, and says that they haven’t received their payment, and that you should resend it.</p>\n<p>Well, if you understand how transactions work, you can simply go and check your transaction ID on the blockchain explorer, and see that the payment was, in fact, successful - then, you can rest assured that you have proof of paying the individual!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Blockchain transaction: The proof of transaction.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what_is_blockchain_transaction_06-62cd4c9d3ad69.o.jpg/" alt=\"Blockchain transaction: The proof of transaction.\" width=\"1000\" height=\"499\" /></p>\n<p>Lastly, understanding blockchain transactions will allow you to start looking for cryptos with no transaction fees, or fastest crypto transaction speeds, depending on your own preferences. These are some advanced topics, but once you understand blockchain transactions, they will start becoming clearer to you, too!</p>\n<p>I can go on and on with the examples, but the underlying sentiment remains the same - understanding cryptocurrency transactions is one of the first steps that everyone should take when starting out and learning about crypto.</p>\n<h2>Wrapping Up</h2>\n<p>In this section, we’ve only scratched the surface of what are cryptocurrency transactions, and how do they work. You can go much deeper, studying what happens on the blockchain when someone performs a transaction, or what to do when a transaction is stuck, but these are topics that deserve their own sections!</p>","preview_url":"https://www.bitdegree.org/crypto/learn/blockchain-transaction","youtube_video":{"id":90,"channel_id":1,"sort":32,"video_title":"Blockchain Transaction Easily Explained! (Animated)","description":"Blockchain Transaction Easily Explained! (Animated)\nWhat is a blockchain transaction in crypto?\n\nBlockchain transactions are something that every cryptocurrency holder has participated in, at least once - whether it be buying or selling crypto, trading with your friends, or transferring your cryptocurrency assets from one wallet to another. \n\nThat said, the question “what is a transaction” can hold multiple meanings, in the cryptocurrency and blockchain world! In this video, you will learn about all of those main meanings, and find out why it’s important to understand this term, in the first place!\n\nWhat are the most common types of blockchain transactions that you perform? Share your experiences in the comments down below!\n\nVideo Time Table:\n\n0:00 Introduction to What is a Blockchain Transaction\n0:58 What is a Transaction?\n4:45 The Nature of Blockchain Transactions\n6:14 The Importance of Understanding Blockchain Transactions\n7:59 Wrap-up: What is a Blockchain Transaction?\n\nMore Related Videos:\n? What is Blockchain? https://www.youtube.com/watch?v=O2-XxMo5PFs\n? What is an NFT? https://www.youtube.com/watch?v=YL0-sEzDDNI\n? What is a Smart Contract? https://www.youtube.com/watch?v=0VCMtKx9AxU\n? How to Avoid Crypto Taxes? https://www.youtube.com/watch?v=ERzU_Xz_P-o\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#BlockchainTransaction #WhatisaTransaction #CryptoTransactionFees","video_id":"h1zkHIBFiS4","duration":502,"view_count":649,"thumbnail_url":"https://i.ytimg.com/vi/h1zkHIBFiS4/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-07-15 17:36:41","created_at":"2022-07-15T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":7397,"uuid":"e60dff45-4c5d-4b44-a2c1-a27e49f700e7","public_url":"https://assets.bitdegree.org/crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","path":"crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","original_path":"crypto/storage/media/blockchain-transaction-featured-mage.jpg","name":"blockchain-transaction-featured-mage.o.jpg","original_name":"blockchain-transaction-featured-mage.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"85.83KB"}},"chapterList":[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-blockchain.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/blockchain-101.jpg","rating":100,"sections":[{"slug":"what-is-blockchain","title":"What is the Blockchain?","featured_image_id":6412,"status":"published","chapter_id":1,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-blockchain","featured_image":{"id":6412,"uuid":"152ba579-ce8d-488a-9e06-bcd99e976b7d","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","original_path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.jpg","name":"what-is-blockchain-626fbe085a0cd.o.jpg","original_name":"what-is-blockchain.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.86KB"},"youtube_video":null},{"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","featured_image_id":7205,"status":"published","chapter_id":1,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/decentralized-blockchain","featured_image":{"id":7205,"uuid":"c5d6f6a7-4914-4d6b-9fdd-e94dfb0bae82","public_url":"https://assets.bitdegree.org/crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","path":"crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","original_path":"crypto/storage/media/decentralized-blockchain-featured-image.jpg","name":"decentralized-blockchain-featured-image.o.jpg","original_name":"decentralized-blockchain-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"136.00KB"},"youtube_video":null},{"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","featured_image_id":7397,"status":"published","chapter_id":1,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/blockchain-transaction","featured_image":{"id":7397,"uuid":"e60dff45-4c5d-4b44-a2c1-a27e49f700e7","public_url":"https://assets.bitdegree.org/crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","path":"crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","original_path":"crypto/storage/media/blockchain-transaction-featured-mage.jpg","name":"blockchain-transaction-featured-mage.o.jpg","original_name":"blockchain-transaction-featured-mage.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"85.83KB"},"youtube_video":null},{"slug":"crypto-fees","title":"The Different Types of Crypto Fees 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"currentChapter":"blockchain","currentSection":"blockchain-transaction","readingTime":8,"readingLevel":"easy"},"url":"/crypto/learn/blockchain-transaction","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Chapter 1: Blockchain
What is a Blockchain Transaction in Crypto?
Did you know that around $6 billion of daily transactions are completed by Bitcoin alone?
In this section, I’m going to tell you what is a blockchain transaction, in crypto!
Blockchain transactions are something that every single cryptocurrency holder has performed, or rather, does perform, very often. If you deal with cryptocurrencies in any way, shape, or form, you’ve definitely “transacted” before.
That being said, while the term might seem very self-explanatory, I wouldn’t be writing a dedicated section on the topic, now would I? A “transaction” is actually a very broad term, as far as crypto is concerned - that’s why it’s important to understand it, from all sides of the deal.
In this section, we’re going to cover what is a transaction. To be a bit more specific, I’ll tell you about the most common types of transactions, as well as cover the broader meaning behind the term, as far as cryptocurrencies and blockchain tech are concerned.
Now, let’s get to it!
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Video Explainer: What is a Blockchain Transaction in Crypto?
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What is a Transaction?
So, let’s start off from the very beginning, and answer the most obvious question - what is a transaction?
Well, there are multiple examples that could be used to illustrate transactions - allow me to give two, though.
First, imagine that you and your friend decided to trade two items - you’ll give your friend a chocolate bar for his banana. Once you trade the two items, both of you just participated in a transaction!
Another example would be you buying milk and bread at the shop. You purchase these groceries for money - USD, EUR, or any other currency that’s present in your country. Once you walk away from the cashier, once again, you’ve just participated in a transaction - you’ve traded your money for physical goods!
Now, these examples are very, well… Obvious! However, what is a blockchain transaction in crypto?
Well, whenever you send or receive cryptocurrency, this is called a transaction. Even if, say, you receive crypto, and don’t send or pay anything for it (in other words, you don’t perform a trade), this is still considered a transaction, nonetheless.
Once again, up to this point, things are pretty obvious. With that out of the way, though, let’s get down to some of the more-interesting aspects of transactions, when it comes to crypto.
Everything is a Transaction in Crypto
Probably one of the most important things to know about blockchain-based crypto transactions is that everything you do on the blockchain can be considered (or, called) a “transaction”.
So, allow me to give you an example.
Imagine that you’ve just found the coolest cryptocurrency game ever - it’s action-packed, allows you to earn passive cryptocurrency tokens as you play, and is super-fun, in general.
Now, the game allows you to create a custom character of your own. As you play, you will have the opportunity to upgrade your character with high-level armor and weapons. Cool stuff!
All of these assets, though - the armor, the weapons, and all other equipable items in the game - come in the form of NFTs, or non-fungible tokens. If you’re not familiar with what these are, I highly recommend you go and check a dedicated section on the topic, and then come back to this one - it’s a whole, huge topic!
So, you can earn all of that equipment simply by playing the game, or you can purchase it on the in-game marketplace, for some cryptocurrency coins or tokens. For the sake of this example, let’s assume that you’ve chosen to earn the NFTs - say, perhaps you’ve gotten lucky, and received a rare piece of armor from a boss fight.
Well, even though you’ve received the armor in-game, as soon as it goes into your inventory, this will be considered a crypto transaction - specifically, the game will transfer the armor, in the form of an NFT, into your cryptocurrency wallet, so that it will be 100% provable that you’re now the owner of the item!
I know, I’ve gotten ahead of myself there - it’s a complex topic, when you start breaking it down! If all of that sounded like a foreign language to you, I highly advise going through the whole Crypto 101 Handbook, where you’ll find dedicated and in-depth sections on all of the terms we’ve just ran through!
That being said, though, I do hope that the core idea is clear - in the world of crypto, a “blockchain transaction” is any form of interaction between an individual (or an organization) and the blockchain. Buying, selling, and sending cryptocurrencies ARE NOT the only “transactions” that you can perform!
Now, if we were to get a bit more technical and specific, I’d like to say - a transaction happens anytime that you interact with a smart contract. Smart contracts are special, automated agreements that are based on the blockchain - they allow users to trust blockchain-powered projects, since everything happens automatically, without the intervention of a middleman (or, simply - a human).
To make it even clearer, allow me to give you another example.
Imagine that you’ve come across a gambling application - one that’s based on the blockchain, and is powered by smart contracts. Meaning, you are able to check how the rules are enforced for each game on the platform, and whether or not everything is provably fair.
As you gamble your cryptocurrency on the application, each time you place a bet, or the winnings are paid out to you, a transaction occurs - either you send funds from your cryptocurrency wallet to the platform, or the smart contract pays out your winnings into your wallet, automatically.
So, the core takeaway is simple - every single action that you perform on the blockchain is considered a transaction. That being said, though, why is it even important, in the first place?
The Public Nature of Transactions on the Blockchain
You see, one of the main wonders of blockchain technology is that all of the events happening on the network are completely public, and available for anyone to see. Of course, there are exceptions, but the general idea is still that.
Naturally, you are able to remain completely anonymous while you perform these transactions - instead, what others will see are the crypto transaction ID (hash), your public wallet address, the total amount of crypto sent, as well as the address of the receiver.
Think about the example I gave earlier - the one with you trading a chocolate bar for a banana with your friend. Now, imagine that, instead of trading something, your friend asked you to lend him some Bitcoin, for a project that he’s working on. So, being the awesome friend that you are, you’ve sent your friend the BTC that he asked for.
The moment that the network receives your transaction information, it will become public, and everyone will be able to see that one wallet sent another wallet an X amount of BTC. However, no one will know who the wallets belong to, since there’s absolutely no identifying information that would give your identity away.
Well, unless you tell everyone your public wallet address, though. If that’s the case, your transactions might not be all that anonymous!
The public nature of cryptocurrency transactions is considered to be the cornerstone of blockchain technology. It enables a lot of transparency within the industry, and prevents a lot of potential scams and hacking attempts, since you can always track all of the assets, no matter how many wallets they might get transferred through!
The Importance of Understanding How Transactions Work in Crypto
The last big thing that I want to emphasize in this section is the WHY - WHY you should even know and care about how do cryptocurrency transactions work, in the first place.
For starters, you will be transacting with crypto, every single day. Well, at least if you plan to trade, sell, purchase, and transfer cryptocurrencies between wallets - many crypto enthusiasts do just that!
Understanding how transactions work - rather, what is classified as a transaction, in crypto - is super-valuable when you’re dealing with taxes, too. All countries have their own, specific tax laws and regulations, and in some areas, you might get taxed for every transaction that you perform!
In situations like these, it’s important to know how to track all your transactions, as well. Online, you will find a variety of different cryptocurrency tax calculators and crypto transaction trackers - you can put in your wallet address, download Excel files, create spreadsheets, and organize your transactions in a way that would be presentable to the relevant tax authorities.
Understanding cryptocurrency transactions is valuable when it comes to the security of your crypto assets, too! Imagine that you’ve sent some crypto to a stranger, in exchange for a service. Later that day, that person contacts you, and says that they haven’t received their payment, and that you should resend it.
Well, if you understand how transactions work, you can simply go and check your transaction ID on the blockchain explorer, and see that the payment was, in fact, successful - then, you can rest assured that you have proof of paying the individual!
Lastly, understanding blockchain transactions will allow you to start looking for cryptos with no transaction fees, or fastest crypto transaction speeds, depending on your own preferences. These are some advanced topics, but once you understand blockchain transactions, they will start becoming clearer to you, too!
I can go on and on with the examples, but the underlying sentiment remains the same - understanding cryptocurrency transactions is one of the first steps that everyone should take when starting out and learning about crypto.
Wrapping Up
In this section, we’ve only scratched the surface of what are cryptocurrency transactions, and how do they work. You can go much deeper, studying what happens on the blockchain when someone performs a transaction, or what to do when a transaction is stuck, but these are topics that deserve their own sections!
