Every day, an army of bitcoin enthusiasts with a desire to get rich is joining the crypto community. However, in order to use Bitcoin as a store of value, it’s necessary to understand the principles of its blockchain operation.
In particular, it’s important to understand how to check BTC transaction, what Bitcoin transactions are, and how they actually work.
The answers to all these questions are interconnected, so it’s quite reasonable to consider them within the framework of the same article. So, how to check BTC transaction? Today, we’ll try to find out!
How to Check BTC Transaction Fee: Key Things to Know
One of the most popular questions today is how to check BTC transaction fee. But first things first! The main motivation for miners, pushing them to validate transactions, is to receive commissions, the amount of which is set by a sender. Thus, a ‘live’ queue takes place, in which those transactions with a higher commission become a priority.
The size of commission fees changes in proportion to the popularity of Bitcoin and its price. How to check BTC transaction fee? You can use specialized sites with statistics on Bitcoin transactions (for example, BitInfoCharts) to determine the current average value of commission fees.
We would like to take this opportunity to inform you that Switchere has set a DYNAMIC fee, which changes once a day. Thus, now you will be able to save up to 98% on a regular blockchain commission.
How to Check Status of BTC Transaction: Key Steps to Follow
How to check status of BTC transaction? Well, while the Bitcoin transaction is in the queue for verification, it’s considered unconfirmed. Inclusion in a block means that a transaction receives a confirmation.
In theory, in order for a transaction to receive the status of successfully completed, at least 2 confirmations are required. In most cases, however, 6 confirmations are required, which are believed to protect the network from double-spending attacks.
Assuming that new blocks are created every 10 minutes on average, the standard number of confirmations (6) takes about an hour. However, cryptocurrency exchanges can set their own rules, lowering the minimum required number of confirmations to 2-4.
So, how to check status of BTC transaction? Well, there are few easy steps to follow. Let’s consider them!
- Copy a transaction hash;
- Open the site of any Bitcoin block explorer;
- In the search box, paste the transaction hash copied in Step 1 and press Enter;
- A confirmed transaction will have a confirmed mark or it will be highlighted in green. In turn, an unconfirmed transaction will have an unconfirmed mark or will be highlighted in red.
How to Check Bitcoin Transaction: Final Conclusions
Detailed instructions on how to check Bitcoin transaction as well as all the details and nuances, can be found below.
Since the Bitcoin network is public, all data stored in it is publicly available. It’s necessary to use block explorers to view the history of already completed transactions or to track the status of new ones.
The bitcoin transaction verification procedure is initiated by specifying its unique identifier (hash, txhash) in a corresponding field of any of the block explorers. The result of this procedure will open a page with detailed transaction information:
- sender and recipient addresses,
- confirmation status,
- date and time of inclusion in the block,
- transaction weight,
- a number of inputs and outputs,
- transfer amount,
- service information (scripts, signatures, etc.).
How to check Bitcoin transaction? What other interesting facts do you know? Feel free to share your knowledge in the comments!