Nevertheless, no one thinks of giving up online Bitcoin transactions in real time, because it is convenient, especially now, when the rate of this cryptocurrency has increased significantly, which means there are more people willing to work with the coin. But the more users there are, the more often problems with translations arise. So you have to regularly monitor to check how everything is going, whether the deal is stuck, etc.
In order to have something to track, you need to first buy Bitcoin. One of the fastest and most convenient ways to purchase is an online exchanger. As an example, consider the Matbi service, which is reliable among the Russian crypto market. First of all, you need to go through a simple registration on the website, then top up your personal account balance with rubles. It is possible to use various payment systems that are available on the service.
Then you need to go to the “Exchange” tab and exchange rubles for bitcoins. After this, the user can send the cryptocurrency to their Bitcoin wallet. Select “Send cryptocurrency” and indicate your Bitcoin address and amount.
By the way, there is an important point here! If the user is not in a particular hurry and is willing to wait more than 1 hour for his transaction to be confirmed, then setting “high priority” is not required. But, if it is necessary for the transaction to be confirmed within 10-15 minutes, then the user needs to check the “high priority” checkbox.
Next, the transaction will go to the network with a larger commission and miners will include it in the block as a priority. As soon as the bitcoins have been sent, you can go to the “History” menu (in the left sidebar) and the operation will already be visible there. By clicking on a Bitcoin address, the user will be redirected to a page on the Bitcoin transaction browser site Blockchain.com, where the sender's Bitcoin address (i.e. Matby), the recipient's Bitcoin address (i.e. yours) and miner commissions will be displayed. At first, the transaction will have an unconfirmed status, and as soon as the miners add it to the block, the first confirmation will appear, followed by the second, followed by the third, etc. This is the whole process of tracking Bitcoin transactions.
The entire process of working on Matbi is described in detail in the video instructions.
Perhaps, thanks to the blockchain system, a person has real control over money. But in order for the money to be safe in your wallet, you need to figure out how to view the Bitcoin transaction (transfer) queue. It’s good that transfers are made without intermediaries, but even this does not guarantee that the funds will go to the specified address.
Before they go to another wallet, you need to look in the sender’s Bitcoin wallet to see how the transaction was confirmed. Not all transactions are successfully completed in a couple of minutes. Sometimes you have to wait several hours or even days. This is facilitated by the blockchain feature.
The fact is that bitcoins do not exist as a physical object - they are a cryptocurrency sold exclusively on the Internet and formed by blockchain blocks. Therefore, the transaction must be verified on the blockchain. In principle, the blockchain determines the balance of a wallet using a specific access key for a specific user. The mechanism that allows you to track activity in the blockchain network works on the same principle.
As for the Bitcoin blockchain itself, it is a chain of blocks that include a public database with information about any transactions with Bitcoins (transfer of cryptocurrency from one recipient to another). Each of these blocks contains the following information:
- History of previous operations;
- Data on new transactions.
In other words, the blockchain system is a bunch of blocks arranged in a chain. This is a continuous sequence, tracking which allows you to see all transactions from the first to the last. In addition, it even allows you to perform such actions as checking a Bitcoin transaction made from a specific wallet.
This is very convenient both for large businessmen who regularly carry out large transactions with equally large transfers on the blockchain network, and for ordinary users who are little by little starting to master new technologies in the financial industry. Funds are transferred in the form of a cipher, which is sent along a chain from one virtual wallet to another. But even if the transaction is confirmed, but the funds did not reach the final wallet, the transaction cannot be called completed.
By checking a bitcoin transaction, you can track the current status of the transaction as accurately as possible and with minimal difficulty. And if any problems arise, take radical measures. The peculiarity of blockchain is its openness. Any action on the network can be seen by anyone. True, everything is anonymous, so you need to find exactly the transaction you are interested in, and not the billions of others that are carried out daily on the network. And now we will find out how to do this.
What is a Bitcoin transaction
Many newbies are really interested in the important question of what is a Bitcoin transaction. They believe that this is something incredibly complex and even incomprehensible. However, this is not the case.
A Bitcoin transaction is the transfer of digital money from one user’s wallet to another’s wallet. The main difference from classic monetary transactions is that it is not the payment system that is responsible for confirming the correctness and absence of fraud, but the miners’ equipment. This is more reliable, because the system is distributed throughout the world and does not have a single center.
All Bitcoin coins in the world exist exclusively within a single blockchain. And a transaction is nothing more than making changes to the global asset database. Information about:
- volume of the operation and its date;
- wallets that participated in the transfer (their addresses);
- other important information.
This approach allows us to implement the most secure financial system, which has no analogues in the real sector of the economy. Counterfeiting or “re-printing” of money is impossible here. And anonymity is not at the maximum, but at a high level.
How to check your Localbitcoins account
Localbitcoins can be taken out separately, since this site cannot be called a full-fledged exchange. Here you will not be able to trade independently or exchange cryptocurrency-cryptocurrency pairs. You can only find a buyer or seller of bitcoins and make a deal with them directly.
So, enter your username and password. We see a panel in the upper right corner. Click on this button.
A window pops up where you can check your account information.
The balance on my account is covered in red.
Go to Localbitcoins website
Why check Bitcoins?
Verifying Bitcoin transactions is the best method of protecting yourself financially from fraudulent transactions. There are many attackers on the network who can try to deceive the user with the transfer of this digital money. However, if you use the open blockchain database and always wait for maximum validation on its side, you will always be protected from such problems.
This approach will be most useful for those who carry out some kind of transaction and will receive digital money in their wallet as payment.
Methods to speed up transactions
Despite the fact that the transaction was carried out correctly and all conditions were met, there is a risk that the operation will still be delayed or even freeze. If delaying the funds transfer procedure does not suit either party to the transaction, additional measures can be taken. This is perceived by the transaction system as a magic kick, and significantly speeds up the operation.
Simple methods to reduce time:
When transferring funds, give as a commission no less than 0.0002 BTC, and if you want the transaction to go through with lightning speed, then use a commission that is even higher.- Transfer large amounts. The more money used in the transfer, the higher the priority of the transaction.
- When looking for the best option for Bitcoin transactions, pay attention to special platforms where transactions are completed faster. Since their implementation does not use a common network. This is a risk for the client, but it is worth it because it is faster.
There are even more complex options for accelerating transactions on the blockchain network. In particular, the use of multi-signature. This system allows you to significantly speed up the transfer, since the parties to the transaction themselves sign that the operation is completely safe. That is, there is no point in checking it carefully. Thus, the transaction goes through the blockchain network much faster.
In addition, cryptocurrency transfers on a trusted server are in demand today. That is, it contains information about both the receiving party and the party that provides the money. This ensures security and the transaction also goes through faster. At the same time, the anonymity of the translation is also preserved here.
Well, the most effective manipulation to speed up a transaction is to perform a repeat transaction using the Opt-In Replace-by-fee function. Its essence is to repeat the same transaction, but significantly raise the commission so that the transaction jumps to more profitable positions. If you do not use this function, then the re-send will not be accepted by the system, seeing it as a double waste.
Where to track the transaction
To track information about transactions with Bitcoins, special online platforms were launched where the transaction is tracked. They are extremely convenient because you don’t have to pay for their use, and access to their functionality is open even to those who are not registered on the resource.
The list of the most convenient options includes:
- Blockchain.com is a project with a convenient Russian-language version of the interface. In addition to this function, it offers cryptocurrency trading and exchange. Offers online wallets for Bitcoin and Ethereum.
In the special “Analysis” section on this site, a wide range of information on transactions is provided by simply entering the number of the wallet of interest.
- Blockchair.com is a simpler and more intuitive service, which also has a Russian-language version. Literally right away, on the main page of the site, there is a search line where any of the available transaction data is entered. After the search, the system will display: hash, date, data on commission, number of confirmations, etc.
- Blockcypher is an alternative that was developed not only for Bitcoin, but also for assets such as Green, Litecoin, Dash and Dogecoin. It is similar in functionality to Blockchair and works in much the same way.
- SoChain.com is a similar alternative project whose interface is only available in English. The search begins immediately, on the main page by entering the wallet address or transaction hash.
Balance check
If you are concerned about the safety of your funds, the best way to store btc is directly. Funds often leak from exchanges for one reason or another: hacking, theft by employees, technical errors, and so on. Even such large exchanges as Binance, Coincheck and others have made mistakes in this.
To find out the balance by Bitcoin wallet address, just enter a series of 27-34 and check on the website chain.so. We enter and receive a report: balance, number of transactions and other data.
There are other sites too. For example, blockchain.com/explorer. By the way, if you have a Tor browser, you can check directly in the address bar and the search engine will show you the balance.
How transactions are processed
Explaining how Bitcoin transactions are processed is both complex and easy.
Storing Bitcoins in wallets is based only on records within the blockchain. About the data that records balances and transactions. In fact, the ownership of these coins to a specific wallet is possible only after the transfer.
And all information about transfers is processed by millions of machines around the world. Subsequently, the data is distributed across all wallets of individual miners and their large associations (pools). As a result, they perform their mathematical processing and close the blocks, fixing the transaction and the presence of assets in a particular wallet.
Bitcoin transaction processing speed and scalability
Initially, Bitcoin's transaction processing speed and scalability were extremely convenient. It did not take more than 10 minutes to process the transfer. But later, with the growing interest in the coin and the number of its real users, the number of transactions began to increase. As a result, the most serious problem of the “digital gold” blockchain emerged – its scalability.
Situations in which he could no longer cope with the huge influx began to occur with enviable regularity.
The more transactions there are, the less chance that they will end up in a block at the same time. This means processing and confirmation takes longer. As a result, in the current year 2022, the average processing time for a Bitcoin transaction reaches 1 – 1.5 hours. But sometimes users have to wait even for days.
How to find out the hash (TXID, TxHash) of a transaction
The question of how to find out the hash (TXID, TxHash) of a transaction is one of the most popular search queries among cryptocurrency users. A hash is a unique code that each transaction has in the general Bitcoin blockchain network. As soon as a transfer is created, a hash is immediately given to it, and data about the transaction is made publicly available.
You can find it out through the tracking services that we indicated earlier. At least through those options where a search is possible using the number of one of the wallets participating in the transaction.
What is the difference between a Bitcoin wallet number and an address?
An address is a randomly generated code of upper and lower case Latin characters and numbers. The code always starts with either 1 or 3. This identifier is needed to identify the sender and recipient. Since cryptocurrencies, and Bitcoin in particular, were conceived as an anonymous means of payment, a set of characters replaces the name, email or login.
The number is analogous to a login to check your Bitcoin balance. It is sent by email upon registration.
Confirmed and unconfirmed transactions
As soon as a transaction is initiated, information about it goes to the blockchain and is queued for confirmation from miners, whose equipment creates confirmed and unconfirmed transactions . If the operation is not included in the block, it receives the status as yet unconfirmed.
The waiting period depends on factors such as the overall network load, the volume of the transfer itself and the priority established by the payment of a commission by the sender. The more he pays, the sooner the transaction will be processed.
It is worth mentioning that previously the commission was automatic and set by the system. But with the growing number of “digital gold” users, this concept was abandoned in favor of those who are willing to overpay for the speed of the transaction.
Finally, we note that if you are aiming at investing in blockchain money for the first time or purchasing Bitcoin through exchange services, it is important to choose sites with a good reputation, reviews and a good referral system with a large number of levels. Such projects will not only save money, but also make good money by attracting newcomers.
How to check the status and where to track a Bitcoin transaction online
the question of how to check the status and where to track a Bitcoin transaction online in the course of this article. Let us remind you once again that the best options for performing this function will be popular and well-known blockchain browsers, such as Blockchain.com.
We strongly discourage you from using links to lesser-known alternatives when other users are sending you a transaction. Perhaps they want to deceive you, so choose the best service for yourself and always use it exclusively.
Transaction confirmation time, number of confirmations
the transaction confirmation time should have ended . However, in most cases, the transaction will require a longer wait due to the large influx of users and the load of their transfers.
Most often, depending on the selected commission volume, it may take from several tens of minutes to several hours of time to receive the required 6 confirmations. It is after them that the transaction will receive the “Confirmed” status.
Where to see unconfirmed Bitcoin transactions
Confirmed and unconfirmed Bitcoin transactions are always displayed in real time on most top blockchain browsers. This Blockchain.com page displays such trades in real time. And here general statistics on this parameter are generated in the form of a graph.
The status of a personal transaction, as usual, can be tracked through the search bar, indicating one of the important parameters of the transaction in it.
How to speed up or cancel a transaction and push a stuck one
At the moment, two main and simplest options have been identified for resolving the issue of how to speed up or cancel a transaction and push through a stuck deal. Among them:
- increasing the commission fee (the Bitcoin Core wallet has a function that allows you to automatically replace an old transfer with a new one with an increased commission if the first one is processed too slowly);
- sending a repeated transaction with a higher commission (in this case, the first one is canceled).
Unfortunately, there is no manual mechanism for canceling a transaction. If it has already gone into the cryptocurrency network, nothing can be done. It is important to check your shipment details very carefully to avoid unexpected problems.
Delay in Bitcoin transactions
According to the blockchain mechanism, each block must be decrypted within 10 minutes (on average), but in fact, users have to wait much longer to complete a transaction. You will be very lucky if the operation can be carried out within the next hour or day after submitting an application to the system. So confirming a Bitcoin transaction is not as easy in practice as it sounds in theory.
Delays can be survived, although they significantly complicate the lives of Bitcoin clients. There is an opinion that the delays are caused by low transaction fees. In addition, more and more users, trying to push through their transactions, increase correlation costs, so even taking into account the high interest rate on rewards, it is not possible to become first in line. Therefore, transactions with minimum interest rates will not be a priority.
Today, the minimum transaction price is around $0.16. Focus on the amount of 110 satoshi per byte, and the average transaction size is 226 bytes. If you use minimum prices, then do not expect the transaction to go through quickly. In this case, the delay is guaranteed. True, you can find out where to look for confirmation of a Bitcoin transaction, thereby checking the status of the operation. After all, even despite the low commission, it may well pass. But delays have their consequences:
- There is a significant impact on the price of cryptocurrency. This is understandable, because complaints that transactions are delayed for a period of two days or more do not make Bitcoin more popular. After all, this means that it is more difficult to work with them. Hence the constant, albeit minor, exchange rate fluctuations;
- Trade is seriously suffering, because payment in bitcoins has become commonplace online and in the real world. Not everyone wants to wait longer to get paid. This causes the most promising deals to fail. In addition, due to the limited time of the product or service, payment may no longer be necessary;
- Users working with cryptocurrency lose interest in it because they cannot use it for its intended purpose. And this is terrible for a currency whose prosperity depends on interest in it.
Bitcoin is saved from a complete loss of interest only by its high cost in terms of fiat money. In addition, delays in transfers negatively impact the overall reputation of the cryptocurrency, causing even more fear among people who already have a hard time accepting that a digital currency has no real, physical backing. That is why there are discussions about increasing the block size in order to relieve the system and get rid of most of the delays.
Bitcoin transaction fee
What are Bitcoin transaction fees? In fact, this is the reward that miners receive for processing and confirming all cryptocurrency transactions on the cryptocurrency blockchain network. At the moment when a new block is mined, all information about transactions is entered into it, as well as commissions for the operation of mining equipment.
It is this mechanism that allows us to attract users from all over the world to the decentralized blockchain system, who, in exchange for financial rewards, create the most secure monetary mechanism in the world.
How to determine the optimal transaction fee
The question of how to determine the optimal Bitcoin transaction fee is highly subjective. This indicator will be different for each individual sender. It will depend, first of all, on how quickly he wants to complete the translation. If the time parameter is not important, you can choose the minimum possible price tag. But in situations where the maximum speed of transaction confirmation is required, you will need to manually increase the commission.
Average commission
At the time of writing (August 7, 2022), the average fee for a Bitcoin transaction fluctuates around the equivalent of 6.5 US dollars. Since the indicator depends on market activity, you should not expect stability from it. But you can always monitor the average figure on resources such as Bitinfocharts.
Checking Bitcoin balance on the exchange
Platforms like Binance allow you to store Bitcoin in your account. In fact, electronic money will be stored either in the physical storage of the exchange, or will not be stored anywhere. Japan and South Korea have introduced standards requiring each unit traded to be backed up, but some sites still trade cryptocurrencies.
In any case, your personal balance can be checked in your personal account, or in the trading section (depending on the crypto exchange interface).
Go to Binance website
Silk Road Bitcoin Sale by US Marshals Service
Tim Draper. Source: nbcnews
On July 1, 2014, approximately 30 thousand BTC were sent to the winner of the US Marshals Service auction, which sold confiscated Silk Road bitcoins. The auction was held in 10 stages, each of which was won by the same person. That lucky guy was Tim Draper. Then, for 30 thousand BTC, he paid $18 million, which later turned out to be an extremely wise investment.
What is the danger of “dirty” assets
You must understand that by accepting money from suspicious wallets, you at least risk your reputation. Also, sometimes after questionable transactions you may receive a request from regulatory authorities. This threatens you with financial losses. After all, having received such assets, you will most likely not be able to use them in the future. Therefore, checking bitcoins for purity is of great importance.
It is better to use special services that help identify a dishonest counterparty. This will help you keep only verified assets in your cryptocurrency wallet.
It's like with paper banknotes - when you receive a bill, you try to determine whether it is counterfeit by watermarks and other signs. Since in the case of crypto wallets the possibility of counterfeiting is excluded, the algorithm checks whether the wallet has not been used by criminals.
Why does the bitcoin wallet address change and how to check it
Some types of bitcoin wallet support this feature, others do not. For example, for Coinbase and Blockchain users it changes automatically after every transaction made on the account, even incoming. Therefore, if you receive transactions periodically, it will be difficult to see. Why is this being done? There are several reasons:
- To maintain confidentiality, because if it does not change, your transactions will be easier to track.
- To protect against hacker attacks. Constant autocorrect makes it more difficult for attackers to work.
To check your Bitcoin wallet address, go to blockchain.info and double-check.
