Instructions on how to check bitcoin transaction status
Currently, buying and selling bitcoins is very popular, but transaction verification is still complicated and difficult for new users. Bitcoin Vietnam News now shows you the easiest and fastest way to verify Bitcoin transactions via web verification via TXID or wallet address.
When a bitcoin transaction occurs, it means that bitcoins are being transferred from one wallet to another via the bitcoin blockchain network. You can track this progress via the website blockchain.com, wherever bitcoins are transferred, any wallet.
Basic Bitcoin transaction confirmation process
First, you need to understand a little about the process of transferring each bitcoin transaction from one wallet to another.
Transferring bitcoins from wallet A to wallet B is not as simple as sending an email, but must be processed, decrypting algorithms, collectively called miners (Miners), confirming this operation. Usually takes 30 minutes more than an hour. in rare cases, it may take 72 hours or more.
I have a question that you withdrew your bitcoins and didn’t see them. The answer should depend on each of the following cases:
- Case 1: If you withdraw from a personal wallet, such as B. hardware wallet, paper wallet or blockchain.com wallet …., the transaction is immediately recorded in the system, i.e. a TXID (Transaction Identification Code) is now available. ), just wait for the miner to confirm the transaction. So wait about 30 minutes to more than 1 hour, maybe longer, your bitcoin transactions will be transferred to the new wallet (where you withdraw bitcoins). You can check and track this progress with the TXID code. I’ll walk you through below.
- Case 2: If you withdraw from a third party issued wallet like , during the withdrawal request, that’s it. a request to the exchange to withdraw funds for you, you have to wait for the exchange to accept it, the exchange continues to transfer bitcoins, then the transaction is recorded on the blockchain, only the TXID code is available. , the official transaction is in progress and just waiting for miner confirmation.
When is a bitcoin transaction considered complete?
When is a bitcoin transaction considered complete? A bitcoin transaction is considered complete when it has been transferred to your wallet and is available to be sent and received by others.
- Case 1: If you withdraw from your own wallet, once the transaction is sent, even if it is not confirmed, it will still be credited to the new wallet, but usually takes 3-4 confirmations before it can be used. Bitcoins are transferred or exchanged to other wallets.
- Case 2: If you use an exchange wallet, usually also a personal wallet, the bitcoins are credited to the system when sent, but require sufficient confirmation to complete the transaction. Some exchanges require 2 confirmations to be credited in the system.
So how many confirmations are used to use these bitcoins for transactions? It depends on each exchange, some floors require 3 confirmations, some floors require 4 confirmations, some floors require 5 or more confirmations.
How do I know if a bitcoin transaction is confirmed or not? Let’s read on.
How to verify bitcoin transaction confirmation
Verify Bitcoin transactions with the TXID code
When you transfer (withdraw) bitcoins from one wallet to another, the TXID (i.e. transaction ID) is usually issued when the transaction is complete.
The TXID is a random character string of the form: 999f0d8f46bfb5a295d22e89e4d4844161878884a0f6d4629c8d56da75e361b8
You can use this TXID for verification by visiting the Blockchain.com website.
Then click on the search icon, paste the TXID code in the search box and press Enter to search.
You will see the results of the transaction as shown below:
As in the image above you can see this transaction
- 3 confirmations: 3 confirmations
If the transaction has not been confirmed, the following will be displayed:
- Transaction not confirmed! (red background)
According to the regulations of each exchange and type of wallet, you can use bitcoins if you have enough confirmation as needed. For example, the Binance exchange only needs 3 confirmations to use these Bitcoins for trading. Even if you have used those bitcoins to exchange or transfer to another wallet, the above process will still continue, but you don’t need to pay attention to it.
Question: Why does TXID code verification show too many transactions, too many wallet addresses and too many BTC?
Answer: About hash code, block number…. In general it is quite complicated, you just need to understand that the blockchain network aggregates many transactions to form a block of transactions that need to be confirmed within 1 hour. In a transfer of bitcoins from wallet A to wallet B, many other wallets may participate in the same transaction, the bitcoins from the outgoing wallet are combined and transferred to the corresponding receiving wallet. the amount recorded in the system. What is important is that among all these wallet addresses, there is already one and it receives the exact amount of Bitcoins you transferred.
Verify bitcoin transactions with wallet addresses
On some exchanges, some websites, if you keep withdrawing bitcoins even after the transaction is done, they don’t provide the TXID code. In this case, you can get the code yourself and check transactions at the help wallet address.
You can check by submitting a wallet address or receiving a wallet address! It’s a good idea to check the recipient’s wallet address. You may not know the wallet delivery address.
Do the same, go to Blockchain.com, click on the search icon and paste the wallet address in the search box, then press Enter.
You scroll down to the “Transactions (oldest first)” section, which contains all the transactions that occurred for the wallet address you’re looking for, sorted from newest to oldest.
The first is the last transaction, you will see the same transaction status as the TXID check.
If you want, you can click on the TXID code to verify this entire transaction with the IXID code.
For no transactions: If you see transactions with your wallet address, if there are no transactions in the “Transactions (oldest first)” field, there must be no transactions for this bitcoin wallet.
If you are wondering if you have withdrawn bitcoins from a particular site and haven’t found a wallet with bitcoins, you can use your wallet to verify the transaction. Did you check whether the transaction occurred or not? If not, the other party must have not transferred Bitcoins to you. If there is a transaction, you will also see when it occurred. Does the Bitcoin amount match the amount you withdraw? Don’t get confused by old past transactions.
Above is a complete guide to verifying bitcoin transactions. For other cryptocurrencies, you can also verify in the same way, but for each coin there will be a separate website to verify transactions. For example the following:
Lots of luck.
WARNING: Investing in financial products involves a lot of risk and may not be suitable for all investors. Therefore, please think carefully and check yourself before making any decisions regarding the content referenced herein. CryptoViet.com.