How to Track Bitcoin Transactions on Blockchain: 2023 Guide
For those working with Bitcoin, it’s essential to track Bitcoin transactions and monitor their wallet. If you’re wondering how to track Bitcoin transactions on the blockchain, we’re telling you – that it’s easier than you might think. But why even do that? Because monitoring transactions is crucial if you want your investments to grow.
Below, you will learn how transactions work on the blockchain and how to verify them. You will get information on how long a transaction takes and how to check it using a wallet address, what a hash is, and why it’s essential. Let’s get started!
Contents
How Bitcoin transactions work on blockchain
A Bitcoin transaction is a digital exchange between two parties. It can be done either through an online exchange or directly from one person to another. When a transaction occurs, it is recorded on blockchain. This ensures its security.
Bitcoin transactions through an exchange are fast and efficient, and they can be conducted without the involvement of a third party, such as a bank. In a transaction, the sender must first select how much BTC they want to send. Then, they enter the recipient’s address in the “To” field. The sender can also add a message to the transaction that will be visible to the recipient. After the sender has chosen the amount and entered the recipient’s address, they must click the “Send” button.
After selecting the amount, the transaction will be broadcasted to the entire network, where it will be verified by miners. After verification, it will be added to blockchain, and the recipient will receive their Bitcoin amount. Transactions using BTC are typically confirmed within 10 minutes.
Essentially, Bitcoin transactions are efficient and secure, and they can be completed without the involvement of a third party or regulatory authority.
Before taking any action, make sure to check the project for scams, even if cryptocurrency is being offered to you for free (check out the airdrop section).
How to track Bitcoin transactions and confirmations
Let’s see how to check the confirmation of a transaction using a blockchain explorer. The first step is to visit the website blockchair.com and enter the BTC address you want to track into the search bar. After that, press the Enter button, and you will be taken to a page containing all the information related to that address.
On this page, you can see all the transactions made from that address, as well as the addresses it was sent to. You can also view the time and date of these transactions. This information can be useful for tracking specific transactions or identifying patterns.
How to check the hash and status of a Bitcoin transaction
A transaction hash (txid) is a unique identifier used to distinguish a specific transaction that gives you an opportunity to track Bitcoin transactions. All transactions on blockchain (transactions from external addresses or to external addresses) have a unique txid, which can be seen in the transaction details. The transaction hash typically appears as a random combination of letters and numbers. All on-chain transactions (deposits and withdrawals) have a unique txid, which can be found in the transaction details.
Where can you check the hash?
- In Freewallet apps
Click on the transaction > Find “Hash” in the list > Verify the transaction on the blockchain. In your account, you will see a code consisting of numbers and letters.
- In other services
Get transaction details and find Transaction ID, TXID, Transaction Hash, etc.
How to Track Bitcoin Transactions Status?
Sending Bitcoin from one Paxful wallet to another happens instantly. However, for transfers from an external wallet, you may need to monitor the process. Here’s how to track Bitcoin transactions:
- Find the transaction identifier in the transaction history of the sending wallet provider, or, in the case of an ATM, you will see it on the screen and on your receipt;
- Go to the website https://live.blockcypher.com/ or https://www.blockchain.com/explorer and enter or paste the transaction ID into the search field. You can see how many confirmations your transaction has.
This process can take anywhere from 20 minutes to several hours, depending on the Bitcoin network’s congestion. If your transaction says “Transaction not found”, it means it never left the sender’s wallet. In this case, you should contact the sender’s wallet provider.
How long does a Bitcoin transaction take
A Bitcoin transaction on blockchain often goes through several confirmations before it is fully cleared. This is due to the risk that unconfirmed transactions can be canceled or cryptocurrency can be spent twice, which is detrimental to miners. Confirmation occurs each time a new block is created. In most cases, miners require about 1 to 1.5 hours to complete Bitcoin transactions on blockchain. After that you’ll be able to track Bitcoin transactions.
Keep in mind that every time you send a transaction, you are making a transfer (or transfers), and you need to wait for the transfer to be “confirmed” by miners.
If you want to explore another cryptocurrency, consider Ethereum. Ethereum has long established itself as a stable coin. Unfortunately, mining is not as easy to profit from as it used to be, so many have shifted to trading cryptocurrency rates. It’s also useful to delve into topics like APIs.
How to track Bitcoin transactions by wallet address
Bitcoin transactions use a blockchain, which is a decentralized database distributed across the entire network of connected devices, essentially the internet. As a result, all transactions are publicly accessible to everyone, but the transmitted information is encrypted to protect personal data.
What you will need to track Bitcoin transactions by wallet address?
- Transaction ID
To track Bitcoin transactions using an external Bitcoin wallet, you will need the transaction ID. This identifier is assigned to all Bitcoin transactions and is recorded in the blockchain as a digital ledger.
Details of all completed transactions will be displayed in your Bitcoin wallet, but you can also use a Blockchain explorer to obtain more detailed information about your transactions.
- Blockchain Explorer
To use a blockchain explorer, you will need the transaction ID. A blockchain explorer is a search engine for blockchain that tracks Bitcoin transactions on the blockchain by transaction ID, wallet address, and block number.
There are many similar blockchain search engines available on the internet, so the choice of a search engine depends on your preferences. Once you access the blockchain explorer, enter the transaction ID into the search bar and initiate the search.
- Transaction Details
After initiating the search, the page will display information about the transaction, including the Bitcoin transaction volume, the source(s) of the transaction (input), and the destination of the transaction (output).
When withdrawing Bitcoin, if the profit exceeds the initial deposit, it will be reflected as two transactions. To track Bitcoin transactions, you should look at the “Confirmations” status. If the transaction is unconfirmed, it is still being processed by miners. If the transaction is confirmed, it is completed and should appear in your Bitcoin wallet.
Conclusion
It’s not as difficult as many people think to track Bitcoin transactions. You can obtain information about any transaction operation that has ever taken place. There are many reliable blockchain explorers and search engines for cryptocurrency transactions.
The Bitcoin blockchain stores a complete history of all transaction operations. They are truly anonymous only if you use a temporary wallet and destroy it after making a purchase.
Every time you make a new transaction operation and receive a new Bitcoin payment, you should use a fresh address. Additionally, you can use multiple wallets for different purposes. This way, you isolate each transaction you make, making it impossible to link them together.
FAQ
How to Track if a Bitcoin Transaction Has Been Confirmed?
To track if a Bitcoin transaction has been confirmed, you’ll need to use a specific program. This way, you can track the statuses of the transactions you’re interested in. These programs often create tables and charts as well.
How to Speed Up a Bitcoin Transaction?
There are several ways to speed up a Bitcoin transaction: increase the amount of funds being transferred, increase the transaction fee, use specialized services like Coinbase, or use cryptocurrency wallets with multi-signature functionality.
What Is the Transaction Fee for Bitcoin?
Transaction fees can vary and depend on various factors. The recommended fee for fast Bitcoin transactions is around 52 satoshis per byte. The lower the fee, the longer the transaction may take to process.
Can You Cancel a Bitcoin Transaction?
No, unfortunately, when you send Bitcoins or any other cryptocurrency, there is no cancellation button. Cryptocurrency transactions are irreversible. This is something to consider before planning your transactions.
How to See the Transaction History in Cryptocurrency?
To examine the transaction history on blockchain, you can use so-called block explorers. The main components of a transaction include the transaction ID, sending and receiving addresses, the paid fee, and the transaction status.
Can You Find Out Who Owns a Bitcoin Wallet?
Determining a person’s identity solely based on their Bitcoin address is impossible. Essentially, all Bitcoin addresses are pseudonymous and anonymous. You don’t need to provide any personal information to create a wallet. However, it’s always possible to identify the real owner of a wallet by tracking their IP address, which is why users are recommended to use Tor for added privacy.
