How to Verify Bitcoin Transaction
Every day, an army of Bitcoin enthusiasts with a desire to get rich join the cryptocurrency community. However, to use Bitcoin as a store of value, you need to understand the principles of its blockchain operation.
In particular, it is important to understand how to verify Bitcoin transactions, what Bitcoin transactions are and how they actually work.
The answers to all these questions are interlinked, so it's quite reasonable to consider them within the framework of the same article. So how to verify BTC transaction?
How to Check the BTC Transaction Fee: Important Points to Know
One of the most popular questions today is how to check the BTC transaction fee. But first things first!
The main motivation of miners, leading them to validate transactions, is the receipt of commissions, whose value is defined by a sender.
Thus, there is an 'active' queue, in which transactions with the highest commission are given priority.
The size of commission rates changes in proportion to Bitcoin's popularity and its price. How to check BTC transaction fee? You can use specialized websites with statistics about Bitcoin transactions (eg BitInfoCharts) to determine the current average value of commission rates.
How to Check BTC Transaction Status: Key Steps to Follow
How to check transaction status BTC? Well, while the Bitcoin transaction is queued for verification, it is considered uncommitted. Inclusion in a block means that a transaction receives an acknowledgment.
In theory, for a transaction to receive the status of completed successfully, at least 2 commits are required. In most cases, however, 6 commits are required, which is believed to protect the network against double-spend attacks.
Assuming new blocks are created every 10 minutes on average, the default number of commits (6) takes about an hour. However, cryptocurrency exchanges can define their own rules, reducing the required minimum number of commits to 2 – 4.
So how to check transaction status BTC? Well there are some easy steps to follow. Let's consider them!
- Copy a transaction hash;
- Open the website of any Bitcoin block explorer;
- In the search box, paste the transaction hash you copied in Step 1 and press Enter;
- A confirmed transaction will have a confirmed checkmark or 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 Transactions: Final Conclusions
Detailed instructions on how to verify Bitcoin transactions, as well as all the details and nuances, can be found below.
As the Bitcoin network is public, all data stored on it is publicly available.
It is necessary to use block explorers to view the history of transactions already completed or to track the status of new ones.
The transaction verification procedure Bitcoin is started 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 series of inputs and outputs,
- Transfer amount,
- Service information (scripts, signatures, etc.).
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