How to check the status of a transaction on the Bitcoin (BTC) network. Track a Bitcoin transaction: simple methods and nuances Tracking Bitcoin confirmations
How to verify a Bitcoin transaction and track transaction confirmation in real time? Find out how to speed up the operation and what to do if the transaction is stuck.
Bitcoin was created as a convenient, reliable and secure means of payment on the Internet, independent of any centralized structure. Now this cryptocurrency is not so much a unit of account as a tool for enrichment and a way to store financial assets.
But regardless of the purpose of use, bitcoins need to be transferred from one wallet to another from time to time. If you don't know how to do this, read this article.
Denis Kuderin is with you, an expert on digital currencies at HeatherBober magazine. You will learn how to perform bitcoin transactions, how long to wait for confirmation, and why transfers sometimes freeze. I'll tell you how to speed up a Bitcoin transaction and how to find out the most favorable rate when converting BTC to cash.
1. Transactions on the Bitcoin network - features of cryptocurrency transfer
Everyone needs bitcoins, but not everyone knows how to properly manage digital money, where to store it, from where and where to transfer it.
“Bitki” differ from ordinary money in that they do not have a physical embodiment. To transfer them to someone or receive them, you will need an electronic Bitcoin wallet. They come in hardware, paper, desktop, and mobile. If you already have one, now is the time to learn how to use it.
The blockchain technology on which the Bitcoin network operates works in such a way that each transfer in the system requires confirmation from the miners who create new blocks. For this they receive a reward. Confirmation is not a momentary operation, but a complex computational task.
Knowing how Bitcoin transactions work is essential for anyone dealing with cryptocurrency. BTC transfers do not happen instantly; sometimes they hang for an indefinite period of time. Beginners in such a situation begin to panic. But you shouldn’t just waste your nerves. It's better to understand how everything works so you know how to fix it.
Bitcoin transaction– data section confirmed digital signature. It is transmitted over the bitcoin network and collected in blocks. Each block contains links to previous transfers and Bitcoin wallet addresses.
All operations are performed from user to user. There are no intermediaries involved. No one has the right to freeze the transfer or cancel it. Failures occur rarely and are always due to system overload. In such cases, the amount is simply returned back to the wallet without any commission.
What you need to know before making a transfer:
- processes are not instantaneous - waiting times range from 30 minutes to several days;
- a commission is charged for operations, the size of which largely determines the speed of the process;
- transfers are not encrypted because the Bitcoin system is open;
- any transfer, as well as its current status, is reflected in the blockchain chain and is publicly available;
- With the current state of the network, small regular BTC payments are impractical.
The transfer is considered complete when other user requests are included in it. That is, the blockchain consists of the history of previous operations and data about the new operation.
Why are transfers not instantaneous, like in online banking? The reason is simple - in order to record an operation in the register, it needs to be stamped with a digital signature, and this signature, in turn, needs to be calculated, since it is not just a signature, but a mathematical problem.
Protecting registries from hacking and tampering is the main task of miners. By computing the code, they thereby calculate new blocks of the blockchain, for which they receive a reward.
Bitcoin transfer is not instantaneous because it is a complex mathematical problem
You may ask: why such difficulties? The whole point, again, is in the status of cryptocoins. Since they do not physically exist, transactions need to be as secure as possible - this is exactly what cryptographic encryption does.
It cannot be said that bitcoins are generally stored anywhere, even in wallets. There are only records of transfers and unique keys to the blockchain storage. Keys also consist of a sequence of letters and numbers.
So it is incorrect to draw an analogy between a Bitcoin address and a bank account. Technically these are different concepts. The bitcoins are not stored on a hard drive, in a file, or on a server. They are contained in the registry on all computers on the network at once. Oddly enough, this is a more reliable way to store funds than any bank.
2. What determines the speed of the transaction - 4 main factors
Bitcoin is a highly effective investment instrument on which thousands of users have already earned money. In what situations, other than speculation, is it beneficial to use this digital currency?
It is convenient to pay with bitcoins when you are dealing with companies and people outside the CIS. Then there will be no need for any currency conversion and participation of banks. People can use BTC to buy air tickets, computer equipment in foreign online stores, luxury real estate in Spain, and expensive cars.
The algorithm is simple:
- You create an application that indicates your Bitcoin address, the recipient's address, the amount of BTK, and use the private key to sign.
- You send this request to the network from your wallet.
- Miners find it and confirm it by adding it to a new block.
- A transaction becomes confirmed when it is included in 6 blocks (this is the mechanism of the network).
Why is it that in some cases the transaction is confirmed after 20-30 minutes, and in others – after 6 hours or even more?
Let's study the main reasons affecting the speed of operations.
Factor 1: Transaction Size
Let's figure out the sequence in which applications are accepted. The peculiarities of the network are such that each application automatically receives a certain degree of priority.
The more money you transfer, the higher the transaction status will be and the faster the recipient will receive the money.
Factor 2. Network stability
Although the Bitcoin network consists of thousands of computers scattered across the planet, there are times when people make the maximum number of transactions. And since there are more and more blockchain users every year, the workload is constantly increasing.
For example, just in the last couple of years the number of translations increased 8 times. Block sizes increase to critical values, and processors simply cannot cope with so many calculations.
Factor 3. Exchange rate fluctuations
A fall or rise in the official BTC rate is also reflected in the time of money transfer.
When the price drops, cryptocurrency owners begin to actively get rid of their savings, fearing a further depreciation, and during an upward trend the reverse process occurs, which inevitably overloads the network.
Factor 4. Commission fee
Initially, blockchain technology was conceived as a system without any commissions. And a few years ago she really worked like that.
But as network congestion increased and data processing speed dropped due to the complexity of calculations, there was a need to encourage the work of miners. The minimum commission size is 1 satoshi– one hundred millionth of a bitcoin.
Most network participants are confident that as the commission increases, the confirmation speed increases. This is probably true, but only if the speed is not affected by other factors.
Important point: Although full confirmation guarantees that the payment has been accepted by the network and included in the register, it is not necessary to wait for all 6 confirmations. If the amount is small - for example, you are paying for a cup of coffee at a coffee shop - the recipient only needs to make sure that the transaction has begun.
The risk for the seller is no greater than when paying with a bank card without proof of identity or a signature on the check. As you probably know from your own experience, people are not always asked to sign.
Factor comparison table:
3. Verifying a Bitcoin transaction - how to track the movement of cryptocurrency
Let's say you send a vintage musical instrument store in America a payment in Bitcoin to purchase strings from a 1975 Les Paul guitar. How to find out if your money has reached the addressee, where can I look?
Here are instructions that allow you to track the movement of cryptocurrency.
Step 1. Go to the website blockchain.info
The Bitcoin network is an open book for everyone. It reflects all the events that have occurred since the day of the first transfer of a cryptocoin from one wallet to another.
Any information on blocks and operations, the number of BTK transactions over the past 24 hours, as well as the general situation on the cryptocurrency market is reflected here. There is even a Russian-language version of the site.
Step 2. Enter the required data in the search field
In the “Search” field, enter your wallet address, block height or hash, or other information that will help identify your payment.
Where can I get this data? From your wallet or the application you filled out.
Step 3. Receive information about the block and study information on the transaction of interest
From the information on the operation you are interested in, you will find out how many checks have already been carried out. If the status is confirmed, you will definitely see it.
If the money you receive needs to be exchanged for fiat money, use the site - the oldest online service for comparing quotes of exchange offices. The resource not only finds the best exchange rate in real time, but also compiles a rating of the reliability of exchangers.
4. Is it possible to cancel a transaction?
Cryptographic encryption is a serious thing. No matter how much Bitcoin holders would like to stop an erroneous payment that has already been made, this will not be possible. If a transaction is started in the system, it will definitely receive its mathematical completion.
There is no such option as “cancel” in the blockchain.
But those users who were debited with more coins than they sent should not worry. To speed up the system uses integer values. And the extra money will be returned to your account a little later.
What to do if you sent money to the wrong place? Just hope that the recipient turns out to be a decent person and will return the cryptocurrency back to your Bitcoin wallet.
5. What to do if the transaction is stuck
To start - do not panic. Sometimes the system takes several days to confirm. There is no point in writing to the Bitcoin wallet support service. Even if they answer you, it is unlikely that this service will be able to speed up the process: this is not within the competence of the employees.
All the user can do is wait. But you can be calm about your finances. According to the operating conditions of the blockchain, any transaction will either be included in the block and completed, or returned to the starting point.
There are no words, delays and returns create inconvenience for work. But if the recipient who is waiting for your payment online is aware of the peculiarities of the system, he is unlikely to make a claim against you.
The way to fix the situation is described in this video:
There are other ways to speed up the process, which I will discuss in the next section.
6. How to speed up a Bitcoin transaction - useful tips
Miners who confirm transactions work in the network at full capacity. Their processors consume an incredible amount of energy, but still there is not enough computing power.
However, there are ways to speed up the transfer process.
This rule works flawlessly. Of course, this option is not always advisable. But if you pay for several items at once, instead of purchasing them one at a time, you will save time and perhaps get a discount from the seller for bulk.
Tip 2. Choose sites where transactions are faster
Use centralized resources with a built-in translation system. This is only convenient if transactions occur between registered clients. The blockchain is not used in this case; another mechanism works.
An example is the Coinbase resource, where users save their keys, so transfers are made instantly.
There are special options like Opt-InRBF, thanks to which your applications will jump the queue. You will resend the request, only with a higher commission. But it won’t be possible to pull this off on all wallets - accelerators don’t always work.
Another way - just increase your wallet commission manually, if the program allows it.
Some companies working with BTC use, in addition to standard digital printing, their own multi-signature, which confirms the reliability of the translation.
The blockchain system considers such operations as priority and quickly accepts them into the new generated block. At the same time, such a signature increases the security of payments.
Open – in the sense of not anonymous, that is, with complete information about the sending and receiving parties. Such transactions also take place outside the general queue.
But the problem is that open transactions contradict the key idea of cryptocurrency – anonymity, so this method is not particularly popular.
7. Conclusion
Bitcoin transactions occur from user to user without the participation of a third party. Miners are responsible for confirming the authenticity of the transfer. Transferring money takes from 20 minutes to several days, depending on the amount and network congestion.
Question for readers
Your opinion: is it dangerous to use a Bitcoin wallet when making international payments?
We wish you safe transactions and low commissions! We are waiting for feedback and comments on the topic of the article. See you again!
The Bitcoin network stores information about all transactions throughout the history of the cryptocurrency.
If a crypto investor is worried about the status of the transfer, he can easily track the status.
Detailed instructions– how to find and verify a Bitcoin transaction.
Contents:
How to send bitcoins
A transaction on the Bitcoin network is essentially a money transfer. Only it is much faster and simpler.
To implement it, the owner of the cryptocurrency will need only one thing - the recipient’s payment details.
For convenience, in most crypto wallets it is generated in the form of a QR code.
If you don't have a device that reads QR codes at hand, you can always copy the address as a unique set of characters.
When the recipient's details and the BTC amount are entered, you can safely send bitcoins.
Not so simple
Behind this seemingly simple process lies a unique and vast world where everyone does their job.
So, before the transaction arrives in the recipient’s account, it must be confirmed by miners.
They do this through prey.
Each of them holds only a certain amount of data. This is due to its size of 1 MB.
When this space is filled, the block is considered closed. After this, the data cannot be changed.
Each subsequent block stores information about the previous one. When the BTC transfer information reaches 6 blocks, it is considered confirmed.
How to search for bitcoins
Information is stored according to a certain structure, which allows you to obtain details about any translation.
Each block contains the following information:
- Version;
- Date of creation;
- Code (hash) of the newly created block;
- Hash of the previous one;
- Hash codes of all transactions contained in the block.
Also here you can find the details of the sender and recipient of Bitcoin in the form of wallet numbers, as well as the quantity. It is this data that allows you to find your BTC among hundreds of others. It is worth noting that in the Bitcoin network it is impossible to cancel the sending, as well as change data about it. Therefore, before sending BTC to someone, you should carefully check the details.
Where to check Bitcoin (BTC) transaction
You can find your bitcoins and check the transaction status using the Blockchain.info resource.
To do this, you need to go to the official website and enter the wallet address, transaction or block hash, or IPv4 address in the search bar.
Blockchain.info will give details about the address:
- Total number of transactions;
- How many bitcoins are transferred to this wallet;
- Final balance.
Blockchain.info will also tell you about all the wallets that have ever transferred coins or accepted bitcoins in the bundle of the desired number, the amount of BTC and the date.
These details can be filtered by sender, recipient, and verification status.
Check the status of a Bitcoin transaction - click on your address and see from the inside all the transfer data, including: amount, date, commission and the number of current confirmations.
The first confirmation tells us that the money has not yet reached the recipient, since at least five more confirmations must be received.
Blockchain.info, in addition to searching for your own bitcoins, provides quite interesting statistics.
Another variant
Chain.so is another resource that allows you to find your bitcoins.
The search principle is the same: enter the address, transaction or block hash.
Chain.so will return all available details. Unique number, confirmation status, transfer amount.
Chain.so will tell you about all transactions contained in the block, the addresses of the sender and recipient, as well as the amount of the transfer fee paid.
sender's wallet.
Then you can try to transfer bitcoins again.
How to speed up sending BTC
If you need to quickly send cryptocurrency, It's worth trying several methods.
- First, increase the priority. Most crypto wallets allow you to do this. But for this you will have to pay an increased commission.
- Using multi-signature is the second option. The network will recognize them as more secure and will give them the highest priority. The same goes for .
- Large crypto exchanges have developed their own transfer ecosystems. If it is carried out between accounts on similar trading platforms, then enrollment can happen instantly.
The largest public database, which includes information about transactions carried out within the system. Access to the block chain is impossible, which has become the reason for the increased popularity of the technology. Open access to information allows you to verify a transaction on the Bitcoin blockchain. In this way, transactions are recorded, the details of which cannot be changed after completion.
Bitcoin, whose transactions are recorded in special blocks, is not transferred to the wallet bypassing the rule. Conventionally speaking, the history of each coin is recorded in the chain.
How to withdraw money from a Bitcoin wallet: through exchangers, exchanges, payment systems
One block of the chain consists of two components: a header and a list of transactions. The main information connecting the elements of the blockchain with each other is recorded in the first part. Such data includes: the hash of each transfer, the number of its own and the previous block.
As an example, you can use information from the website blockchain.info, where there is complete information on each block in the Bitcoin network. The screenshot shows the chain element numbered 546,653, which has its own hash and the numbers of the previous and subsequent block. The time of creation of a Bitcoin block is recorded here. It is not possible to change the data from this point in time. It can be seen that the block size is 355,473 KB: by multiplying this number by the number, you can get the total weight of the blockchain.
Over 300 transactions were recorded in block number 546,653; the next element of the chain was created within 10 minutes. It turns out that the confirmation speed in the Bitcoin network is 10 transfers per minute.
In the list of transactions, the reward to the miner for decrypting the last block is indicated in the first place. Next comes information about transfers recorded in the blockchain thanks to confirmations. The security of storage is what made Bitcoin popular.
The confirmation itself is the process of entering information about the transaction carried out in the Bitcoin network. The information component is stored in a distributed network, so it will not be possible to hack a computer and obtain transaction data.
Cryptocurrency account balance updates do not always occur at the time of final confirmation. Tokens may not leave the sender’s wallet also due to violation of the terms of the transfer.
Cryptonex (CNX) Cryptocurrency Review
How long does it take to complete an operation on the BTC blockchain?
To check a Bitcoin transaction, you need to wait until it is recognized on the network. The number may not be identified for the first few minutes. The transfer of funds is carried out in a quarter of an hour, but at times of high load the time period increases.
The translation is faster if you follow the following methods:
- Increase the commission for miners. For each entry in a block, the creator receives a percentage of the transaction. Its value is set by the sender. It is better to specify an amount above 0.0002 BTC, which will speed up the movement of tokens.
- Send only large amounts. The priority status of the transaction depends on the number of tokens.
- Use platforms where transaction participants save keys, which avoids the need to get into the general blockchain, remaining only within the platform.
High and frequent delays cause the following consequences:
- The cryptocurrency exchange rate is constantly changing, which makes many hours of translation quite a nerve-wracking experience. The buyer may not have time to get into the next pump, which will lead to the loss of the meaning of the deal. Problems provoke the abandonment of the coin among large investors.
- Bitcoin is no longer predicted to have a promising future, since instant transfers on its blockchain are excluded. No one wants deals to be disrupted because the digital coin is designed that way.
- Users do not have the opportunity to use cryptocurrency for the intended purpose intended by the creators of the platform. This negatively affects the popularization of the token.
Economists today look with distrust at a currency that has no foundation other than investors keeping the token's value so high. Problems with transaction delays can be fatal for Bitcoin.
Is it possible to cancel a transaction?
It will take a long time to talk about the fact that delays in carrying out transactions negatively affect the currency. But what about the user? Many people choose to cancel the transfer if the transaction does not go through. There is no such function in the Bitcoin blockchain. The developers of token hard forks have already tried to implement the possibility of canceling transfers, but no specific solutions have been presented.
The user will be able to cancel if a mandatory condition is met: there is no confirmation from the miners. It is worth checking the transaction status on the Bitcoin Core wallet and, if there are no entries in any block, proceed with the following procedure:
- The wallet opens. If Bitcoins were sent from another type of storage, the instructions are not relevant.
- This will take you to the debug console. For the English interface the following path is used: Help - Debug Window - Console. Unlocking the vault is done with the command: walletpassphrase
. - To make changes you need to find the private key, for this the command is used: dumpprivkey . The recipient's wallet number is entered in the address field. After this, the user has access to the key that needs to be copied.
- The client is deleted or renamed so that the system does not detect it.
- A new wallet is created, into which the copied key is necessarily imported. The action is performed through the command importprivkey
The process is lengthy, but the user will not be able to help. The computer should not turn off.
If the procedure is completed correctly, upon completion of the action the user will have access to the wallet where he can make new transactions. The unwanted transaction will be destroyed if the conditions for this have been met.
Methods to speed up operations
It was previously said how long it takes to complete a transaction on the Bitcoin network. The easiest speedup option is to set a large commission for the miner.
There is an option with special platforms where the transaction time in the BTC blockchain is lower. The general network is not involved in the implementation of transfers. Carrying out large transactions on such platforms is a risk for recipients and senders, which is justified by the fact that the money goes away much faster.
It is more difficult to speed up the process using programming. The Bitcoin scripting language allows you to create the following condition for a transaction: “Only the owner of 4 of the 5 following keys can spend X amount of cryptocurrency: “key1, ..., key5.” Such multi-signatures make it possible to confirm transfers without the participation of miners and the network as a whole, which significantly speeds up the time for transferring tokens.
Between regular business partners, you can create one common server that will store information about the sender and recipient. Such transactions in the Bitcoin blockchain do not require confirmation, since all the conditions for a successful transfer are already recorded.
The simplest option is to increase the commission. This is possible even after the transaction has been processed. The transaction is repeated through the Opt-In Replace-by-fee function, which allows you to increase the percentage and move the Bitcoin transfer to a priority position. If you ignore using the function and simply send the money again, the system will notify you of a refusal, since double spending is prohibited.
Bitcoin transaction fees
The BTC blockchain is notable for the fact that the user sets the commission amount himself. The indicator cannot be less than the lowest threshold, but the maximum value is not fixed.
Users working with the Bitcoin cryptocurrency know that speed is not always required. To transfer money from one wallet to another, time is absolutely unimportant, because transactions are not executed. Transaction processing times have a big impact when the token is a payment method.
If the user wants to receive a quick transfer, and must pay more than 0.0002 BTC. The amount of funds plays a primary role in determining the priority of confirmation.
Commission - wages for miners who build farms from NVIDIA and AMD video cards. Their interest in conducting large transactions where the percentage is higher than the minimum is obvious. Such transactions will be confirmed faster than those that may have been in queue for several days. 2 days is not the limit. Saving on the salary of the “breadwinner” can stretch out the transfer of money for weeks.
Professional investors argue that minimum commissions apply if the following conditions are met:
- The transaction is simple for the miner, as no more than 0.01 Bitcoin is transferred.
- If the sent cryptocurrency already has several confirmations.
- If the transaction data does not take up too much space in one block.
Easy transactions that require no effort are always processed quickly. They can only compete with a large transfer with an impressive percentage of commission fees.
Where to see the history of all Bitcoin transactions
Tracking Bitcoin transactions has always been possible, since the openness of the system was provided for by the creator of the blockchain.
Information about all previously conducted transactions is available to users by following the following instructions:
- First of all, you go to the website of the online wallet blockchain.info, where there is all the information about previous transfers in the Bitcoin network.
- The following data is entered into the search bar on the main page of the site: hash address of the block or transaction. This will be enough to obtain information on transactions.
- If you enter a Bitcoin wallet address, you can view the user's transfer history. This is more convenient than the Bitcoin Core client.
There are other ways to obtain information about transactions on the wallet of interest. Blockchain.info is the most convenient when compared with competitors.
The BTC blockchain is an open network where each user can monitor the transaction, speed it up, or even cancel it if the transfer procedure has not yet been confirmed by the miners. Complete decentralization, a high degree of security and anonymity allow you to turn a blind eye to any delays in transfers.
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You've probably heard a lot about Bitcoin transactions, but didn't quite understand the intricacies of their implementation. In the article we will reveal the nuances associated with their execution and tracking.
Blockchain is quite simple in its structure: each block stores information about the transactions performed. Blockchain transactions do not require additional intermediaries, so it is better to control them yourself, tracking payments, understanding when funds arrive in the recipient’s account.
How to track Bitcoin transactions?
Bitcoins are intangible and cannot be seen or touched physically, but all transfers are recorded on the blockchain and usually take about six blocks. It is believed that this number of checks will reliably protect against hacking and system errors; if the transaction does not go through, the funds will simply be returned to the sender’s wallet.
You can follow each stage if you know how. For what? Firstly, the exact amount is visible only in the blockchain, and secondly, this ensures security. Bitcoin tries to offer an ideal transaction confirmation scheme, but everything does not happen instantly.
In order to track a transaction, you need to know the necessary data. Information is divided into three types:
Sender address (input), sometimes also called input. Transfer amount (amount). Recipient address (output), or otherwise output.
The easiest way to track transactions is with special services, where you don’t even have to register. Here's a quick look at the two most functional ones.
Blockchain.info is one of the most famous services, which has been operating for seven years (since 2018). There you can not only work with wallets, study graphs and tables from experts, but also monitor blocks. User-friendly interface, easy to understand even for novice cryptocurrency owners.
Chain.so also shows the transaction situation online, and it’s completely free. The process is fast and the information is provided in as much detail as possible. The same website shows the current transaction time and load strength. Try to compare both options, read the terms and study all the options offered.
You may choose a service that is more convenient for you in terms of functions, but most often the operating principle is the same. You just need to enter the hash of the transaction into the search bar, and then get all the available information (transaction status, amount, number of blocks passed, and therefore the number of checks).
If the transfer amount is small, then the number of checks can be reduced. Then the transaction will go much faster.
Features of Bitcoin transactions
Recent years have attracted particular attention to bitcoins, so the number of transactions has increased significantly, almost eightfold. Therefore, the load is constantly growing, and so is the transaction time. The average duration is from twenty minutes to an hour, but sometimes you have to wait a very long time.
How to speed it up?
- Already in the above-mentioned way: reduce the number of checks. Although this may lead to risks.
- Increase the commission, preferably at least 0.0002 bitcoin. (If you save on interest, the transaction can last for several days. And the larger the amount for mining, the higher the priority).
- Increase the amount. The larger the transaction volume, the more priority it also has.
- Choose a specialized platform for transactions, for example, coinbase.
- Multi-signature function, which ensures the reliability of the transaction.
Keep in mind that some stores and services are ready to accept payments in cryptocurrency, but they themselves set the number of required checks. This means that the timing of the transaction largely depends on them.
Remember that there is no cancellation in blockchain transactions. Therefore, carefully double-check the entered data, otherwise, later you will only be able to track where your money will go. But you can't do anything about it, unless the recipient sends them back.
If suddenly the amount in bitcoin turns out to be more than you wanted, then there are advantages to this - the priority of the transaction will be higher.
When your transaction gets stuck, even for a few days, don't worry. First, track the status of transactions, in particular how many blocks have already been completed. Money is unlikely to be lost in any case unless you are the victim of a hacker attack. It is most often pointless to write to support; it will not be possible to artificially speed up the transaction after sending it. Although this is not a unique case, and recipients most often understand the shortcomings of the system.
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To pay for a purchase or service with cryptocurrency. You need to at least roughly know how the process of sending money to the seller works. This will avoid complications and errors and help significantly speed up the process. This is especially important for those who are interested in quickly transferring funds from one wallet to another. In such situations, you should know how to convince your partner to pay and verify the Bitcoin transaction.
Overall mechanism money transfers cryptocurrency differs little from the standard movement of familiar money. There are also 2 parties interested in the transfer of finances, and intermediaries, who in ordinary life are banks and large financial institutions.
But serious differences could not be avoided here, since fiat and virtual money have too little in common. To verify this, it is enough to clarify what cybercurrency looks like.
Any crypto-finance is ordinary files containing information about the amount of money, owners and transfers.
With the destruction of these files, existing savings are also lost.
Given some vulnerability electronic system transfers, the creators of bitcoins took care of a mechanism to protect transactions from fraudsters. This mechanism consists of multiple checks of performed actions. In general terms, the translation process looks like this:
- the sender logs into his online wallet and enters the recipient’s details;
- further information about the operation is collected in special blocks that have their own unique number and hash;
- blocks are sent to miners’ computers for verification;
- if there are no errors, the information is copied to the miner’s device, and the block itself is sent back;
- then the blocks are compiled into a single chain, and the recipient accepts the amount sent to him.
Important: at any stage of the transfer, anyone can view the payment status.
How to find a Bitcoin transaction?
To find and track a transaction, you need to know all the information about it, and the hash is especially important. In order not to miss this information, you should carefully fill out the details and be attentive to details.
It should be remembered that each information file consists of three components:
- Input – information about the sender;
- Output – information about the recipient;
- Amount – amount sent.
All this affects the speed of data processing and helps monitor currency movements. That is why you should be careful about all the numbers you enter. If an error occurs, it will be almost impossible to cancel the operation. And, given the anonymity of the virtual financial environment, it is pointless to hope for a refund.
How to track a Bitcoin transaction?
Tracking is important when money is delayed and cannot reach the specified wallet within a reasonable time. But in order for browsing not to be pointless, you need to know what affects the speed of translations. Of great importance is:
- Recipient software;
- the size of the commission assigned by the sender;
- volume of translation;
- sharp fluctuations in the exchange rate.
Each of these factors can seriously slow down the process. Sometimes the system or sender's computer may freeze. In such situations, the cryptocurrency may not reach the recipient at all. After some time, it will be returned to its rightful owner. Cybermoney cannot simply disappear, even in the most severe cases. The only reason that leads to the disappearance of money without a trace is the actions of hackers and scammers who steal savings from careless people.
Additionally, it should be noted that the final payment time can be either minimal – 5-10 minutes or quite long (more than a day).
How to check a bitcoin transaction?
The simplest and effective method tracking the movement of funds - visit the website blockchain.info. Here information about the operations performed is collected, statistics are kept and there is data on the progress of checks and processing of blocks. To obtain the necessary information, you will need:
- enter the portal;
- enter data known to the examiner into the search field (hash, address, block height and other information);
- Having received information about the block, you should select the required transaction and see how many checks have already been carried out.
Here you can also clarify the payment information, which will allow the recipient to make sure that the money has already been sent and will soon arrive in his wallet.
Transaction fees
It was mentioned above that the size of the commission affects the speed of the transfer. This is due to the fact that the amount charged goes to the miners' accounts. They are the ones who check the blocks and provide their own equipment for stable operation of the system. At the same time, miners do not have the opportunity to choose which operations and files they want to check and which they prefer to leave for later.
The verification procedure is laid down in the basic operating conditions of the financial system.
Therefore, those who offer more money as a commission always get higher priority. And its size must be determined by the sender himself.
The following are exempt from paying additional fees:
- whose transfers are less than 0.01 btc;
- whose information files take up minimal space;
- whose translations have a huge number of confirmations.
How to speed it up?
Based on the above, in order to speed up the receipt of funds to the specified wallet, you should:
- increase the commission size;
- make only large bitcoin transactions;
- use the help of large exchanges that carry out operations using their own resources;
- use multi-signature, which guarantees the reliability of the payment and increases its priority;
- make an open transfer;
- use accelerator services.
But it should be remembered that the effectiveness of the latter option has not been confirmed, and the positive effect is noted only by users on thematic forums.
It is necessary to say a few words about open transactions: this process goes against the basic principles of virtual finance, since the operation loses its anonymity, and information about the payment becomes available to everyone around.
Canceling an operation
No matter how much cryptocurrency holders would like, it is impossible to cancel the operation. Any Bitcoin transaction will receive a logical conclusion, verification and all attempts to refuse the actions taken will not help. It will no longer be possible to correct a mistake, once it has been made.
But those from whose account more funds were debited than necessary should not worry.
This is due to the peculiarity of translations. To speed up payments, the system uses amounts that are convenient for it, so when you send 2.5 btc, 3 bitcoins will be debited from your wallet. But the extra money will come back later as a kind of change.
Checking btc transfers and payments
Having made sure that the entire amount has been sent, he can verify the partner’s honesty and can calmly wait for the funds to arrive.
True, so that the process does not drag on for a long time, you should worry about a high commission in advance. It will prove to be reliable protection against possible problems and guarantee quick translation cryptocurrencies to the selected wallet.
