How to Verify Cryptocurrency Transaction?
Cryptocurrency wins the hearts of more and more people each day. Easy to use, innovational, and profitable, the digital currency has already become one of the most influential aspects of the financial system of the modern world.
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However, while the popularity of Bitcoin, Litecoin, Dashcoin, Ethereum, and other cryptos rises, there still are some unexplored aspects of using them. Let’s imagine you have just bought some cryptocurrency. What’s next? You want to spend the assets the way you need: move them to your crypto wallet or buy something. To do this, you need to verify your cryptocurrency transaction. We have prepared a step-by-step guide to make verification of your cryptocurrency transaction effortless in case you are unsure about how to do this properly. Let’s start with Bitcoin, the most widely used crypto coin!
Step 1: Transaction ID
The transaction ID is the first thing to consider when making a cryptocurrency transaction. When you send your assets from one address to another one, you will receive a special Transaction ID or how it is alternatively called TxID. Make sure you save it because it helps to identificate and track cryptocurrency transaction you make. Unless you save it, don’t worry. You can also use your wallet address.
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Step 2: Status and Details Verification of Transaction ID
The next step you need to make is to put in your TxID in Blockchain to track the transaction. Visit the website https://blockchain.info/ and put in your Transaction ID in the search field. As we have already said, you can type your crypto wallet address instead – use either receiving or depositing one.
As you are done, you will be able to see all the details of your transaction. Let’s learn how to check the status of the cryptocurrency transaction.
Find the field “Confirmations.” It will show a certain number of such, for example, it could be 5 confirmations. As you already know, blockchain is a continuous chain of blocks, each of which includes multiple transactions, including your one as well.
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Thus, the number of confirmations is a number of blocks above “yours” one. Thus, it means that there are 5 blocks more on top of the block, which includes your cryptocurrency transaction. Why confirmation? It means that the transaction you made had been recorded in the blockchain. As we know, blockchain saves each of them, and none can be deleted. On average, 6 confirmations are needed before the transaction is made.
Cryptocurrency transaction time might vary, but it is never more than a day. Usually, they are processed within 20-30 minutes.
Why Do I Have to Pay Fees?
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Another information you can find in the transaction details is the number of fees. You can see it in the “Inputs and Outputs” field. The amount of the fees is not fixed as it changes with the cryptocurrency transaction volume. Fees never become a pleasant surprise, but they are an important part of any cryptocurrency transaction.
You need to pay fees to the miners in the Bitcoin network in order to process the transaction. The fees also make it confirmed by the Bitcoin network. Usually, the additional expenses are included in the total sum of your cryptocurrency transaction. While this aspect might seem like a disadvantage, note that the fees help to operate the whole financial system of Bitcoin.
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Verifying Transactions Of Other Coins
So we are ready with the Bitcoin. But what about other cryptos? Is Ethereum cryptocurrency transaction different from BTC, and if yes, how exactly?
Talking about crypto, there is a difference between coins and tokens. Crypto coins have their own networks that work similarly to the blockchain. The list of digital currency which has their own “blockchains” includes:
and Bitcoin, of course. Even though the coins are different, you can verify cryptocurrency transactions almost in the same way. All you need to do is just to find the website where you can track your cryptocurrency transaction. As for all the other details, you can use our instruction as well. While the network changes, the rest remains the same: just enter your TxID and find all the details about the transaction you need.
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If you need to check the transaction of the token, you need to make one more step. Tokens do not have their own “blockchains,” they are attached to the networks of other coins instead. Thus, before you verify your real money cryptocurrency transaction, you need to find which exactly network your token uses. After that, the process is the same. Easy-peasy!