Bitcoin transactions use a blockchain, which is a decentralized database (basically the Internet of connected devices) distributed across the entire computer network.
Thus, all transactions are public and visible to anyone, but the information shared is encrypted to contain no personal information.
See the next step.
1. Transaction ID
To confirm transactions using an external Bitcoin wallet, you will need a transaction ID.
The transaction ID is assigned to all transactions paid in Bitcoin and entered into the blockchain like a digital ledger.
An example transaction ID is as follows: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s
The transaction ID can be found in the Bitcoin wallet, and since there are numerous Bitcoin wallets, we cannot show all examples.
The details of all executed transactions are displayed in the Bitcoin wallet, but you can also use the blockchain explorer to check the transactions in more detail.
2. Blockchain Explorer
You need a transaction ID to use the blockchain explorer.
Blockchain Explorer is a blockchain search engine that tracks transactions on the blockchain by transaction ID, wallet address, and block number.
There are many blockchain search engines on the internet, so you can use whatever you prefer.
If you have launched Blockchain Explorer, enter your transaction ID in the search box and start searching.
3. Transaction information
When the search is run, you will see a page containing transaction information such as the amount of bitcoins traded, the transaction funding source called the input value, and the transaction destination called the output value.
When withdrawing bitcoins, if the withdrawal profit exceeds the initial deposit amount, the withdrawal will reflect 2 transactions.
For example, you deposited 3 BTC but withdrew 4 BTC.
In this case, 2 transactions are executed.
One is 3 BTC and the other is 1 BTC.
Please check the status under Confirmation to know the progress of the transaction.
If the transaction is not confirmed, the miner is processing it.
If the transaction is confirmed, the transaction is complete and the same is reflected in the Bitcoin wallet.
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April 24, 2024
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