How to ensure whether your transaction is confirmed
Bitcoin transactions are becoming commonplace in the modern financial system. Nevertheless, aspiring crypto enthusiasts usually have a lot of questions about buying, selling, transaction tracking, and tons of other questions relating to digital money.
PaySpace Magazine offers you to figure out what a Bitcoin transaction is, and how to verify such a transaction.
What is a Bitcoin transaction?
A Bitcoin transaction is a confirmed transfer of Bitcoins, which is broadcasted to the network, and consequently saved there in the form of blocks (this is the way the data is recorded in files). Every user can track the chain of operations, even from the beginning (receiving of the very first crypto assets). Transactions are carried out between special wallets. Normally, users (investors) buy crypto coins (in other words, invest in crypto) and hold these assets, waiting for the currency fluctuation. Then, if the currency rate is favorable, they sell crypto assets, or buy more crypto (maybe different coins). Moreover, users can use Bitcoin to pay for meals in cafes, or goods and services online. There are a lot of sites that accept Bitcoin as the means of payment, as well as there are tons of crypto stock exchanges.
Transactions and the blockchain
Bitcoin transactions differ from conventional banking ones. After all, crypto coins do not exist in the form that dollars/euros/pounds do, or at least in the form we used to see. Digital assets are not stored on the Bitcoin address as well. Wallets only have records about confirmed (signed) transactions between wallets or accounts. All the records are stored in blockchain.
How does it work?
Running Bitcoin transactions, a user has to realize that actually, nothing is sent or forwarded. There is just an inputted number of coins that is transmitted (from one wallet to another), and the information about the transaction is publicly available. Each transaction is listed as an input – that is, a sum, which will be directed to the account.
All the transactions and operations are tied to the name of the wallet (digital and letter code). Thus, there is no way to find out the name of the wallet holder. Moreover, it is impossible to link a wallet to the real name/ID/address. This is why the service is considered to be anonymous.
Transaction confirmation is the process of including a transaction in the block. Inclusion in one block equals one confirmation. A transaction is considered to be confirmed when there are at least six of such confirmations (and more). It helps to protect users against the repeated waste of the same Bitcoins.
Different sites and services are entitled to put their own restrictions and limitations, if we are talking about the number of confirmed blocks, but usually this number is six.
How do I know how many confirmations my transaction has?
You can use any type of services similar to blockchain.info. It helps you to know the number of unconfirmed transactions (if there are any), and gives you detailed info about a particular Bitcoin address, its number in the chain of blocks, transaction hash, etc.
How to track a Bitcoin transaction?
First and foremost, you can use a special program, called Block Explorer. You’ll have to download it in order to get started. This app allows you to track every Bitcoin transaction easily and simply. The app automatically creates tables and graphs, which show what happens in your crypto wallet. The most important points are:
- Input, which is the information about the Bitcoin address of the sender;
- Amount, which is an amount of the coins, directed to the wallet;
- Output, which is the info about the recipient’s wallet address.
If you need to track a transaction, you can also use one of the public online services:
- Blockchain.Info. It is a service of wallets, which has operated since 2011. It allows you to track the status of transactions online, as well as different operations data.
- Chain.so is another example of a handy online tracking service. It helps users to track a particular transaction online, and offers different available additional data, related to the operation.
If you want to find the required data, you need to know the hash (ID) of the transaction, and input it in the search field of the site. Most of the services usually redirect you to the page with all required available data.
When you check a transaction confirmation, you would notice “confirmed” or “unconfirmed” notifications. The latter means that the transaction is still not included in the required amount of blocks.
SEE ALSO: Why Bitcoin is growing & price forecast