How To Verify Cryptocurrency Transactions?

Cryptocurrency transactions have become one of the most popular methods for transferring currencies online. Along with being fast and hassle-free, they also offer an unmatched level of transparency.

The best part about crypto transactions is that the users can verify them online. This leaves absolutely no room for unauthorized transfers or fraud.

You can easily verify cryptocurrency transactions in 3 simple, straightforward steps:

  • Look Up Your Transaction ID

Your transaction ID (or TxID) is provided to you by a cryptocurrency exchange. The ID is given to you by the exchange after transferring funds.

With the help of this ID, you can carefully trace your transactions. Note down the TxID to learn about all the nitty-gritty of your crypto transfers.

  • Enter Your Transaction ID Into The Blockchain

Each cryptocurrency has its own specific blockchain which is accessible to everyone online. To look up your transaction details, you have to simply enter your TxID into the search bar given on the website.

As different cryptos have different blockchains, you’ll have to access the blockchain website of the particular cryptocurrency you’re using. For instance, you can trace Bitcoin transactions on https://blockchain.info/

  • Check Your Transaction Status

Once you’ve entered the Transaction ID, you can access all the details of your transaction.

While viewing the details, you’ll be able to see the term “Confirmations”, which indicates the status of your transaction. Each blockchain contains a series of blocks. A confirmation on a given block shows that the transfer is in a ‘particular phase’ of the process.

               Generally, 6 – 7 confirmations are required before the funds can be successfully transferred to the other person.

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