Practical blockchain transactions for beginners
I did an earlier post about setting up shared masternodes on StakingLab and also about creating and running your own full Mambocoin masternode on a VPS.
I would like to take one step back from these fairly involved blockchain setups and go back to basics.
How do I send cryptocurrency from 1 person to another and how secure is my transaction?
In order to receive a cryptocurrency, firstly you need a wallet for that specific cryptocurrency. You can normally download the wallet software from the website and if you go into a receive menu option, you can copy your address (or public key) from there. This public key is similar to your normal bank account number. It is safe to give anyone that number as all it can be used for is depositing into; not withdrawing.
Mambocoin Wallet showing receive address
Once someone sends cryptocurrency to your wallet, it will normally show up as unconfirmed within a few minutes and then will take a few minutes to confirm. The number of confirmations depends on the cryptocurrency and the platform. You are also able to trace the transaction, the sender and the recipient through that coins blockexplorer. In the blockexplorer, you can also search for a public key (wallet) or a transaction id. This means that the blockexplorer gives you full visibility of all wallets for a currency and all historical transactions.
Transaction ID
Mambocoin blockchain explorer
Moving currencies between exchanges / platforms
Sometimes you need to move coins from 1 exchange to another platform; for example you bought some OPXC coins on an exchange and you want to move them into a shared masternode on StakingLabs. In this case, you are both the sender and the receiver. You will need to generate a wallet address on StakingLabs (this will be the receiver) and you will need to withdraw from your wallet on the exchange. You will also be able to track and trace your transaction id in the blockexplorer.
StakingLab deposits
As always, thanks for reading.
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