1 June 2020
Bitcoin is based on Blockchain technology. A technology which is decentralized, immutable, scalable, secure and transparent. When transactions occur on the blockchain, the nodes on the network validates these transactions. The nodes in Bitcoin blockchain are known as miners, they use the method of Proof-of-Work to process and validate the transactions on the network and in return the miners receive rewards. Post the confirmation the new block is added to the chain, and the copies are updated in all the nodes of the network.
A blockchain is a ledger of all the transaction’s history of Bitcoin. A 6 confirmation of bitcoin blockchain is considered safe for transaction leading it to take an average of about 1 hour however mining process is random and thus it might take for a block a shorter or a longer time. Here the process may take 10 minutes or sometimes even more. Also, it depends upon if the miner has taken your transactional bitcoin block to process. The two main factors that influence the transaction time is network activity and transaction fees. The transactions take longer when the network needs to process for more transactions. Thus, miners sometimes on the network also prioritize a transaction by the basis of the fee they would receive after confirming the transaction. A transaction can be known if completed or not by checking the notification of the transaction with “confirmed” or “unconfirmed”.
Also Read, Is blockchain and cryptocurrency the same?
In this way, it becomes fundamental for people to learn about the track of their bitcoin transaction.
1. Block Explorer: A program called Block Explorer facilitates one to track every transaction of bitcoin with ease. The app provides tables and graphs that show the status of the crypto wallet. The important points here is the input (bitcoin address of the sender), amount (amount of the count directed) and output (information of the receiver’s wallet address).
2. Blockchain.Info: It is a service for wallets since the year 2011. It facilitates to track the status of the transactions also different data operations.
3. Chain.so: It is an online tracking service that aids users to track a certain transaction online and provides varied additional data that are related to the operation.
Tracking of the transaction can be very helpful to understand if the trading platform is operating normally. It also aids to determine fairly of the time it may take the transaction to finalize, thus providing information to understand the delay and instead chose a different provider. It can also prepare one in tax perspective too. Also, bitcoin transactions are irreversible so it is very important to thoroughly check before sending the transaction.
Title: Tracking Bitcoin’s Transaction Journey
A bitcoin transaction is decentralized, immutable, scalable, secure and transparent due to its Blockchain technology.
A blockchain is a ledger of all the transaction’s history of Bitcoin.
A transaction can be known if completed or not by checking the notification of the transaction with “confirmed” or “unconfirmed”.
Tracking of the transaction can be very helpful to understand if the trading platform is operating normally.
Websites such as Block Explorer, Blockchain.info and Chain.so facilitates the service to track the transaction of Bitcoin.