Baskin Logic Crypto Academy

Lesson 5 · Logic path

What a transaction is

Last reviewed:

Baskin Logic Crypto Academy. One idea. Then we stop.

A transaction is a signed instruction. It says: move this record from here to there.

Once it is accepted, the list updates. There is no clerk to unwind it. If the keys were yours, the move was yours.

That is the object. Not a receipt from a shop. The school does not tell you what to send. The school does not tell you what to buy.

A city skyline at dusk

Key terms

Transaction
A transaction is a record of crypto moving from one address to another.
Sending crypto
Sending crypto means moving it from your wallet to another wallet address on a blockchain.
Wallet address
A wallet address is a string of letters and numbers that works like an account number for receiving crypto.
Bitcoin traceability
Bitcoin is traceable.

Check what you learned

Five questions from this lesson. Your score stays on this device.

1. What is a transaction?

2. What happens once a transaction is accepted?

3. Can a clerk unwind a crypto transaction after it is accepted?

4. If the keys were yours, whose move was it?

5. Before you send, what is the best time to stop and check?

Show the answers
  1. A signed instruction to move a record. A transaction is a signed instruction: move this record from here to there.
  2. The list updates. Once it is accepted, the list updates.
  3. No, there is no clerk to unwind it. There is no clerk to unwind it. Most crypto payments can't be reversed.
  4. Yours. If the keys were yours, the move was yours.
  5. Before you sign. Because moves are usually final, the time to check is before you sign.
Logic · Up nextNext: Lesson 6 — What a network fee is

Join the Academy

Start here. Learn first. The sample lessons, topic pages and glossary are open to read, with no card and no signup.

Next: Lesson 6