Bitcoin transactions are becoming common practice in the modern financial system. However, beginner cryptocurrency investors are still asking a lot of questions about how to track Bitcoin transaction. Today, we’re going to find this out!
How to Track Bitcoin Transactions: What Is BTC Transaction?
Before learning how to track Bitcoin transactions, let’s find out a bit about what BTC transaction actually is. A Bitcoin transaction is a verified section of data available without encryption. Each user can track the chain of operations, starting from the receipt of the first crypto coins. Transactions are carried out between special wallets.
Users-investors buy crypto coins and hold them, counting on the growth of their rate in order to sell them profitably in several years. But in this case, the meaning of digital money is lost. You need to use bitcoins, that is, spend them in online stores on the exchange. In this case, it becomes necessary to learn how to track Bitcoin transactions to conduct it.
How to Track a Bitcoin Transfer: How to Find a BTC Transaction?
How to track a Bitcoin transfer? Well, Bitcoin transactions differ from regular bank account transactions. Moreover, crypto coins themselves don’t exist in the form in which we’re used to seeing dollars, euros, and other currencies. Digital money isn’t stored in a Bitcoin address either. The wallet only contains records of signed transactions between wallets or accounts. The balance of such records may vary depending on the operation performed. The records are stored in a blockchain.
So, how to track a Bitcoin transfer? You can install a special program, for example, Block Explorer to track Bitcoin transactions. It’s quite easy to track each Bitcoin transaction in the app, the program independently creates tables and graphs that show the activity in the crypto wallet.
Information about receiving crypto coins from another wallet includes the following types of data:
- Input — information about the sender’s BTC address;
- Amount — the number of coins that have been transferred to the wallet account;
- Output — information about the recipient of the transfer.
How to Track a Bitcoin Transaction to a Wallet?
How to track a Bitcoin transaction to a wallet? When conducting a Bitcoin transaction, the user must realize that in fact nothing is being sent. Simply the entered number of coins is being rewritten from one wallet to another. The information is available to everyone, since it’s written to an unencrypted register.
So, how to track a Bitcoin transaction to a wallet? Well, after the transfer, the withdrawn amounts become unavailable and further operations are impossible. However, here you can track the total number of received Bitcoins on a specific wallet.
When carrying out transactions, the names of the owners aren’t displayed. Only the name of the wallet with a digital and alphabetic code is visible. Thanks to this, the service can be considered anonymous. Linking a wallet to a real person’s documents is impossible.
How to track Bitcoin transaction? What other ways do you know? Feel free to share your knowledge in the comments!