Blockchain
Each blockchain network is a complex system of blah blah blah…
The first, if not only, thing you need to know about blockchain in arbitrage is that we use it to transfer crypto between different exchanges.
To be more specific, transfers are done between wallets, holding unique addresses, assigned to different users on different exchanges.
This is example of address on TRON blockchain: TBuN9oyfMV4GnbnZdfCCWToUcWpYDPeHHT.
Summarizing, when you wish to send crypto to your friend for dinner: you only need to know the recipient's wallet address on the chosen blockchain network.
These are my favorites amongst the networks:
1. TRC-20 based on TRON blockchain, fast (2-5 minutes), cheap ($1 fee) and most efficient in my experience
2. BEP-20 (or BSC, Binance Smart Chain) created by Binance, also fast and cheap (2-5 min; $1 fee) but sometimes experiences delays
3. ERC-20 based on Ethereum blockchain, the most popular one, sometimes the only network available on smaller exchanges. Yet the most expensive one ($10 to $30 fee) and slow (7-15 min)
4. BTC based on Bitcoin blockchain, the oldest one and the slowest one (10 min up to 2 hours)
Pro tip. You can check the status of your transfer through the following links:
Simply enter the recipient's address or Txn hash (transaction confirmation number) in the search field and you will see all the details about the transaction and the recipient, as the one of the main rules of blockchain is transparency.
