Sunday, March 24, 2024

Change

by Hideo Nakamura
Change

Change – Cryptocurrency Terminology

Change is a term often used in cryptocurrency and blockchain technology. It refers to the coins or tokens that are returned when making payments, transfers, trades or exchanges with cryptocurrency. Change is created when the amount of cryptocurrency being sent is larger than the amount required for the transaction. The difference between these two amounts is then returned as change in a separate transaction from the original one.

For example, if you were sending 0.2 Bitcoin (BTC) and only needed 0.15 BTC for your intended transfer, then 0.05 BTC would be returned back to you as change after your transfer was completed successfully. This “change” would be transferred back to either a different wallet address owned by you or an existing wallet address on your device/account where other funds may already exist and can be used for later transactions without having to create new addresses each time something needs to be sent out from it again later on down the road..

Similarly, if you were going through an exchange platform such as Binance to purchase Ethereum (ETH), but only had enough funds available in Bitcoin (BTC) instead; then upon completing your order, any excess BTC left over from what was spent during that exchange would also return back into another wallet address associated with that account – once again creating change which could potentially be used towards future transactions or simply stored away until some point further down the line where its value might have appreciated significantly more than when originally received initially before being put away long-term elsewhere afterwards..

In short, understanding how cryptocurrencies work requires knowledge of terms like “change” which plays a significant role whenever someone interacts with digital assets like this on any given day moving forward – regardless of whether they’re buying/selling them via exchanges directly or transferring them between wallets privately throughout their own personal experiences while doing so along their journey ahead!.

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