What is a transaction? Most often this word can be heard from people dealing with finance. However, this term is used in a number of other areas as well.
In this article, we will briefly explain the meaning of this concept and provide illustrative examples.
What does transaction mean
The word "transaction" is derived from the Latin "transactio", which means - a contract or a deal. An interesting fact is that both spellings of the term, namely, transaction and transaction, are correct. This is due to the fact that earlier this word was written through "s", whereas today it is written through "z".
A transaction is a minimal, logically conscious operation that can only be completed in full. It represents the process of the transaction itself, which is carried out exclusively in full, and not in half.
As mentioned earlier, transactions can take place in completely different areas.
Banking transaction - the process of transferring money from one account to another, as well as the process of buying / selling. For example, you can send funds from your credit card to some addressee or make a purchase in a store using the same credit card. This will be called a transaction.
There is also an ATM transaction in which a person receives cash from an ATM. That is, when you withdraw funds in this way, you also made a transaction.
Such transactions may or may not be successful, but there is another option - a canceled transaction. For example, a payment by card in an online store can be revoked for some time if the buyer is not satisfied with the product. In a banking environment, a transaction can be revoked in the event of force majeure in order to protect the client from fraud.
Today, transactions in relation to cryptocurrencies are very popular. For example, a person wants to buy or sell bitcoin, resulting in a transaction between a buyer and a seller. It should be noted that the time of any type of transaction can be completely different.
