Description
  
   By default, PostgreSQL executes transactions
   in unchained mode
   (also known as "autocommit" in other database
   systems).
   In other words, each user statement is executed in its own transaction
   and a commit is implicitly performed at the end of the statement
   (if execution was successful, otherwise a rollback is done).
   BEGIN initiates a user transaction in chained mode,
   i.e., all user statements after BEGIN command will
   be executed in a single transaction until an explicit 
   COMMIT or
   ROLLBACK.
   Statements are executed more quickly in chained mode,
   because transaction start/commit requires significant CPU and disk 
   activity. Execution of multiple statements inside a transaction
   is also useful to ensure consistency when changing several
   related tables: other clients will be unable to see the intermediate
   states wherein not all the related updates have been done.
  
   The default transaction isolation level in
   PostgreSQL
   is READ COMMITTED, wherein each query inside the transaction sees changes
   committed before that query begins execution. So, you have to use 
   SET TRANSACTION ISOLATION LEVEL SERIALIZABLE
   just after BEGIN if you need more rigorous transaction
   isolation.  (Alternatively, you can change the default transaction
   isolation level; see the PostgreSQL Administrator's
   Guide for details.)
   In SERIALIZABLE mode queries will see only changes committed before
   the entire
   transaction began (actually, before execution of the first DML statement
   in the transaction).
  
   Transactions have the standard ACID
   (atomic, consistent, isolatable, and durable) properties.
  
    Notes
   
    START TRANSACTION has the same functionality
    as BEGIN.
   
    Use COMMIT
    or
    ROLLBACK
    to terminate a transaction.
   
    Refer to LOCK
    for further information
    about locking tables inside a transaction.
   
    If you turn autocommit mode off, then BEGIN
    is not required: any SQL command automatically starts a transaction.
   
   Compatibility
  
    SQL92
   
    BEGIN
    is a PostgreSQL language extension.
    There is no explicit BEGIN
    command in SQL92;
    transaction initiation is always implicit and it terminates either 
    with a COMMIT or ROLLBACK statement.
    
Note:       Many relational database systems offer an autocommit feature as a
      convenience.
     
   
    Incidentally, the BEGIN keyword is used for a different
    purpose in embedded SQL. You are advised to be careful about the transaction
    semantics when porting database applications.
   
    SQL92 also requires SERIALIZABLE to be the default
    transaction isolation level.