This guide will guide you through the simple but important process of reviewing cryptocurrency transactions in the blockchain. This is the fulfillment of all your rights with the technology that gives total transparency and immutability.
You have purchased a cryptocurrency and are ready to send your own cryptographic wallet or other exchanges. What’s next? Check this transaction of course!
The Blockchain is a huge digital book of transactions that anyone can access. You must redeem all your transactions to ensure that you are informed in real time about your status. It is extremely easy and super great! We start with the most widely used cryptocurrency, Bitcoin.
Reviewing cryptocurrency transactions is as easy as reciting A-B-C
“The only way to confirm the absence of a transaction is to be aware of all transactions”
– Satoshi Nakamoto
Step 1: Make a note of your transaction ID
After you have sent some BTC to a wallet, you will receive a transaction ID (or TxID) from your wallet / wallet. This TxID represents a unique “fingerprint” of your transaction and allows you to track your transaction. Make sure you save the TxID.
Step 2: Enter your transaction ID in the blockchain
The various cryptocurrencies have their own blockchains that can be accessed from a website. For Bitcoin you can track all transactions at https://blockchain.info/. Enter your TxID in the search field at the top right of the website:
Tip: Do not worry if you forget to copy or save your TxID! You can also enter your address or wallet address.
Step 3: Check the status of your transaction and check its details
Here comes the great part! All details about your transactions will be displayed after entering the TxID. You can check the details of your transactions and check their status as well:
How do I check your status?
If you consider the term “confirmations” (as indicated above in red), this indicates the location of your transaction. The blockchain is a continuous sequence of blocks stacked on top of each other, and each block contains hundreds of transactions, including yours. Therefore, the number of acknowledgments indicates the number of blocks that are stacked on the block that contains your transaction. If you see 3 confirmations, it means there are 3 blocks containing hundreds of transactions, each one on top of your block. A confirmation that your transaction has been registered in the block chain (forever!). Generally, a total of 6 confirmations will be required prior to your arrival.
The sum of the charges is displayed in the green box above and represents the “rate” you have to pay to the miners in the network. Why? Because they play a very important role in the security of your transactions and ensure that your transactions are securely registered in the block chain. Prices are not fixed and may vary depending on the size of your transaction.
Hello guys, how are you doing today. I have made this tutorial as easy as possible for you…