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What are transactions? Well, you have to be aware that transactions are the things that you do in order to complete a transaction. For instance, if you go to the grocery store and purchase a carton of milk, you have made four transactions. You placed the carton of milk on the shelf, picked it up with your hand, paid for it, and then you stood there until it was completely empty.
Now consider this situation with four different situations. First, you go into a department store and purchase a gallon of milk. Second, you go to a pawn shop and purchase a gold coin. Third, you use your credit card to purchase an item on eBay.
In all four transactions, you have four transactions. That is because you first placed the carton of milk on the shelf, purchased it with your hand, and then put the gold coin down on eBay, making the fourth transaction when the time came to pick it up. Therefore, you had to make four transactions, not one.
If you sit down and take a moment to think about this scenario, it will all make sense. It will help you realize that making transactions is not really all that difficult. In fact, you would probably be surprised at just how easy it can be.
Here’s the deal: most people, when they sit down and try to figure out what is a transaction, they focus on the fact that they have to give money, or in some cases, that they have to receive money. However, these are the two pieces of the transaction. There is the exchange of the goods for money, which is the “first” part, and then there is the exchange of the money for the goods.
The exchange, of course, is the “second” part of the transactions. Why is that? Because the exchange is the only time when you actually ever get to keep any of the goods that you gave or received. All of the other times, you are merely “rewarding” someone else for your actions.
That should tell you something about what are transactions? The next question is, what happens when you receive money? Once you have gotten the money from someone, you need to store it. How do you store it, exactly? You don’t want to use a wallet, since most people carry their cash in their pocket anyway. You want to use an external form of security, like a vault or safe.
So, you’ve been to the bank, and you know that they won’t lend you any more money unless you actually have a job and some sort of stable income. What are transactions then? Well, when you use an external form of security, such as a vault, the bank knows where your money is. This reduces, in most cases, the amount of damage that can be done if burglary attempts are made.
Those are the two parts of the original question, which you already answered. Now we can talk about the third part, which is, what are transactions? If you can remember, you’ll probably already know how you make money by creating new transactions for the things that you buy with your money. It might seem complicated, but as long as you have a healthy interest in this topic, you should be able to understand it in a few minutes.