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How is Blockchain Transaction Processed?

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Blockchain Transactions

How Does One Process a Blockchain Transaction?

Transactions on the Blockchain are done using Cryptocurrencies, for now, know that it is a “Digital Currency.” If you are looking to process a transaction on the Blockchain Network using a particular Cryptocurrency i.e. Bitcoin, Ethereum, Litecoin, Ripple or investible shares like Satos, then you will need to clear yourself on Three simple things as a Beginner (What, When and How of a Transaction)

To get started, you need to first have a Cryptowallet and then get Cryptocurrency for your transactions. Getting a Cryptowallet should be informed by some consciousness to security as this is paramount to ensuring your personal funds safety. Satowallet offers a wide range of security features and highlights more on about 70+ Cryptocurrency you can get to know about to get started.

What is a Transaction?

A transaction on the Blockchain is a transfer of value between two or more parties in exchange for a service. The beauty of the Blockchain Network is that one can process long-distance transactions at low-cost fees and at the simplest instance without long paper works. This helps to improve business trade and exchanges.

Transactions on the Blockchain should have the corresponding usage. For instance, before sending a Cryptocurrency to a Wallet Address, ensure that the Receiver`s Wallet provider supports receipt of that Cryptocurrency, that way your funds do not get lost. Some Cryptowallets our there support at least 2 to 7, however, with Bigger Exchanges and service providers, one can be sure to get a Cryptowallet that supports a large number of Cryptocurrencies. For instance, Satowallet Supports over 70+ Cryptocurrencies.

When Can One Make a Blockchain Transaction?

Transactions on the Blockchain can occur at any given time of the day. The other great thing about transactions on the Blockchain is that it gives autonomous spending capability to individuals who can initiate and decide when, and what a transaction process should be like.

Did you know: you can decide how much you want to spend on a particular transaction as processing fees on the Blockchain? Well, while this is good, always check the warning on how competitive your rate is. Never go ahead to send a Payment whose value is less than the Processing Fee.

Once you have a Wallet of your choice handy, you merely need to register and begin trading. Every Wallet Service provider allocates a Unique Wallet Address to every User that allows them to receive payment to their Wallet (Never get is mixed). At intervals, you might notice these Address change but do not be bothered by it, it is still yours.

You do not need to memorize it. Cryptowallet Apps have easy quick copy functions that you can just click to copy your Wallet Address and send to the Sender if you are expecting payment.

How Can One Make a Transaction on the Blockchain?

To begin doing this, you must have a Wallet as stated earlier. A Cryptowallet can easily be gotten from your Android Play store, iOS App Store or Windows Store (PC Only). Once you have this done, your next point of call will be how to get started making Transactions. You will need to buy a Cryptocurrency. For those looking out to start understanding it, you will come to learn that most Cryptowallet providers run Affiliate Programs where individuals signed up with then, refer new Users and get rewarded for it. This is if you are unsure of whether you should buy with your own money.

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What is Cryptocurrency And How Does It Work? 

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Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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