A Quick Guide About How To Verify Bitcoin Transactions

April 19, 2020      Javeria

So, you’ve bought some cryptocurrencies and sent them to your wallet or sold your cryptos to someone else. But how would you know if the transaction is completed and the person has received the cryptocurrencies in its wallet? In this article, we are going to help you learn how to verify Bitcoin transactions. Sending cryptocurrencies from one wallet to another is easy and so is verifying the transactions. You just need to learn about the procedure once, and then you can verify your crypto transaction anytime from anywhere.

If you are new to cryptocurrency and want to learn the process to confirms transactions on the blockchain, then this guide is your answer. Not only the recent transaction, but you can also check out all the previous transactions that have made by you simply on the blockchain. It is the key feature of blockchain, that all transactions are made public and are transparent to everyone, so there’s no place for frauds and cheating.

How To Send Cryptocurrencies From One Wallet To Another?

 

Send Cryptocurrencies From One Wallet To Another

 

Before we get to the point and discuss how to verify Bitcoin transactions, let’s get some details about sending cryptocurrencies from one wallet to another. The process of sending cryptocurrency depends on the wallet you are using. For example, if you are sending Bitcoins from your crypto exchange to your private wallet, you need to navigate the withdraw funds option. Select to transfer your coins to another wallet and enter your wallet enter in the given box. It is where you need to be extra careful. While entering the wallet address, if you mistype even a single word and do not copy the entire address properly, your coins will get lost forever and you cannot get them back anyway.

The same is with cryptocurrency wallet like Atomic wallet, Trezor, Ledger Nano S, Metamask etc. no matter what cryptocurrency exchange or wallet you are using, just find the option to send your coin to another wallet and enter the wallet address in the given field. Once, you successfully send your coins to another wallet address, you must check if the cryptocurrencies have received by the receiver or what’s the status of your payment.

The procedure is as simple as sending Bitcoins or altcoins to a wallet and you need no rocket science to understand this.

How To Verify Bitcoin Transactions?

Follow the steps given below to learn how to verify Bitcoin transactions.

  • When you transfer your cryptocurrencies to another wallet address, you get a transactions ID on the completion of your payment. In order to check the status of your transaction, you need to note down that Transaction ID. make sure you copy the transaction ID as it is and does not make any mistake. You can use this ID to track the status of your transaction anytime on the blockchain. Each transaction has its unique TxID which can be used for the same purpose i.e. for tracking the status of the transaction.
  • Now that you have copied your transaction ID, it’s time to make use of it. Every cryptocurrency operates on a different blockchain. For instance, if we talk about Bitcoins, you can check the status of your payment on its unique blockchain.
  • You need to enter your TxID in the search box given on the top of the page. In case, you forgot to take note of your transaction ID, you can also use your wallet address to search the status of your payment.
  • The next and the last step is to hit the search button and get the details of your recent and previous transactions. There you can track the status of your cryptocurrency and whether it is received by the receiver or not. It also represents plenty of other information like how much cryptocurrencies were sent, how much the receiver got, the fee charged for the transaction etc.

How To Verify The Transactions of Tokens?

 

verify the transactions of tokens

 

Well, tokens are not the same as cryptocurrencies and they do not have their own blockchains. Basically, tokens are built on the blockchains of other cryptocurrencies. For instance, if we talk about tokens like ERC20 or ERC223, they are built on Ethereum blockchain. Therefore, the status of their transactions can be tracked through Ethereum blockchain only. Same is with other tokens, you can verify their payments on the blockchain of the cryptocurrency they are built on. Although, If you are not sure about the blockchain of your cryptocurrency, you can search for it on google to find out.

Don’t know the difference between crypto coins and tokens? Read our guide “Know the Difference Between Coins and Tokens” to learn everything possible about both of them. Indeed they have similarities too but they cannot be considered the same. Both of them have different use cases and are built differently. Moreover, cryptocurrencies can be used for investments but tokens have a specific use and beyond that they are useless.

Whether you want to track the status of Bitcoin or altcoins like Ethereum, Litecoin, Dash, Ripple etc. you can simply follow these steps and get the details about your payment.

Conclusion:

We hope you have successfully learned how to verify Bitcoin transactions. As said above, the process will be the same for any other cryptocurrency, just make sure you search it on the correct blockchain. When sending Bitcoins, Etheruem or other altcoins, you must stay extra careful while entering the details and double-check it before confirming your transaction. Have you ever wondered what would happen if you will send you Bitcoins to a wrong wallet? You won’t want to think of the worse, just know that Bitcoin transactions are irreversible. So, it doesn’t matter where you sent it, whether it was the correct wallet address or wrong, once sent you cannot get them back.

Another thing you should be aware of is using a secure cryptocurrency wallet. If your wallet won’t be secure enough, it can be hacked and you might lose all your coins. So, first, only trust hardware and software wallets like Ledger Nano S and Atomic wallet. Even if your wallet is secure, you should enable two-factor authentication for another layer of security.

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Javeria
Javeria

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.