9.3 Sending a Bitcoin Transaction

When you send a bitcoin transaction, the process involves several steps:

1. Creating the Transaction:

2. • You initiate a transaction by specifying the recipient's address and the amount of bitcoins to be sent.

3. Digital Signature Generation:

4. • A unique digital signature is generated using your private key. This signature verifies the authenticity of the transaction.

5. Broadcasting the Transaction:

6. • The signed transaction is broadcasted to the Bitcoin network, indicating your intent to transfer ownership of bitcoins.

7. Verification on the Network:

8. • Nodes in the network receive the transaction and use cryptographic techniques to verify its integrity. They ensure that the transaction is authentic and that the sender has sufficient funds.

9. Adding to the Ledger:

10. • Once verified, the transaction is added to the public ledger (blockchain), making it a permanent record.