How to Track Bitcoin Transactions?
Transactions of Bitcoin are becoming common practice in the modern financial system. However, beginning cryptocurrency investors are still asking many questions about how to track Bitcoin transactions.
How to Track Bitcoin Transactions: What is BTC Transaction?
Before learning how to track Bitcoin transactions, let's find out a little bit about what a BTC transaction really is. A Bitcoin transaction is a verified section of unencrypted available data.
Each user can follow the chain of operations, starting from the receipt of the first cryptocurrencies. Transactions are carried out between wallets special.
Investor-users buy cryptocurrencies and keep them, counting on their rate growth to sell them at a profit over several years.
But in this case, the meaning of digital money is lost. You need to use bitcoins, that is, spend them on exchanges online stores. In this case, it becomes necessary to learn how to track Bitcoin transactions in order to conduct them.
How to Track a Bitcoin Transfer: How to Find a BTC Transaction?
How to track a Bitcoin transfer? Well, Bitcoin transactions differ from normal bank account transactions.
Furthermore, the cryptocurrencies themselves do not exist in the form in which we are used to seeing dollars, euros and other currencies. Digital money is also not stored in a Bitcoin address.
The wallet contains only records of transactions signed between wallets or accounts. The balance of such records may vary depending on the transaction performed. 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 is very easy to track every Bitcoin transaction in the application, the program independently creates tables and graphs that show the activity in the cryptocurrency wallet.
Information about receiving cryptocurrencies from another wallet includes the following types of data:
- Input — information about the sender's BTC address;
- Quantity — the number of coins that have been transferred to the wallet account;
- Outgoing — information about the transfer recipient.
How to Track a Bitcoin Transaction for a Wallet?
How to track a Bitcoin transaction to a wallet? When performing a Bitcoin transaction, the user should notice 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 as it is written in an unencrypted registry.
So how do you trace a Bitcoin transaction to a wallet? Well, after the transfer, the withdrawn amounts become unavailable and other operations are impossible. However, here you can track the total number of bitcoins received in a specific wallet.
When performing transactions, the names of the owners are not displayed. Only the wallet name with a digital and alphabetical code is visible. Thanks to this, the service can be considered anonymous. Linking a wallet to a real person's documents is impossible.
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