Verifying Bitcoin Transactions
The big daddy of cryptocurrency, Bitcoin is the most popular and prevalent cryptocurrency in the world. Hence, we figured you could enjoy a light knowledge sharing on how to verify your next bitcoin transaction.
You may verify your Bitcoin transactions on the Blockchain, which is a digital giant ledger of all transactions of Bitcoin that is available for everyone to see.
Here’s how you can verify the transactions:
Step 1: Take Note of Your Transaction ID
A TxID represents a unique record of your transactions and allows your transaction to be tracked safely. Every TxID always has 64 characters (32 bytes) and entering the ID gives you information such as amount sent, sending/receiving address, as well as date of transfer.
Step 2: Input your Transaction ID into the Blockchain for future tracking.
Different cryptocurrencies have their own mainnet, which allows you to easily access and verify your transactions on a blockchain explorer. For bitcoin users, you can keep track of your transactions over at https://blockchain.info/. All you need to do is enter your TxID into the search field.
Step 3: Check the Status of Your Transaction & Verify its Details
After entering your TxID, you will be able to verify all the details of your transaction and check up on your current status. A glance at the “Confirmations” section will show you the location of your transaction.
Three confirmations would mean there are three blocks with hundreds of transactions stacked on top of your block. The blockchain is actually a continuous sequence of blocks stacked one on top of another, with each block containing hundreds of transactions, yours included. A confirmation would also mean your transaction has been recorded in the blockchain forever. It usually takes three confirmations, which can be reduced to one if you wish to speed up the transaction.
Arming yourself with a little technical knowledge gives you peace of mind that it can serve as proof of transaction. Don’t panic if your transactions are not instantly reflected in your wallet or platform. Just follow the steps stated above and verify the transaction is on the mainnet.