Cryptocurrency Transfers
Cryptocurrency transfers involve sending digital currencies, like Bitcoin or Ethereum, from one user to another over a blockchain network. This process is facilitated by a digital wallet, which stores the user's cryptocurrency and allows them to initiate transactions. Each transfer is recorded on the blockchain, ensuring transparency and security.
To complete a transfer, the sender must input the recipient's wallet address and the amount to be sent. Once confirmed, the transaction is verified by a network of computers, known as miners, which helps maintain the integrity of the blockchain. This decentralized system eliminates the need for intermediaries, such as banks.