Bitcoin and Blockchain are the some of the most amazing technologies developed in recent years. After mastering how to use Bitcoin, you can track Bitcoin transactions through the public ledger by following these simple steps.
If you have some knowledge of the blockchain, there are several methods you can use to track bitcoin transactions. However, if you want to develop a more thorough understanding and build your own monitoring tool, it is possible with access to non-public ledger portions of the blockchain.
Keeping Track of Every Transaction
Tracking Bitcoin transactions through the public ledger is a straightforward process. Whenever you access the website of any wallet provider, you will find that they have made it very easy to see the transaction history of your bitcoin address. You just need to enter your wallet address on such sites, and all past transactions associated with that address will be listed.
Bitcoin transactions are recorded in the public ledger called Blockchain. Basically, every transaction that is made using bitcoins is recorded in a block. Blocks come together and form a blockchain which is a continuously growing list of all the previous transactions throughout the network. This makes it truly transparent and makes frauds almost impossible to be committed without anyone noticing
Bitcoin transactions can be tracked through the ledger. Transactions are processed and saved in blocks, whose records are then linked together using cryptographic hashes. Additionally, each block contains a hash of all previous blocks, which is called a chain. Because of this blockchain’s cryptographic nature, Bitcoin users can be sure that no other user has altered their history of transactions and, therefore, cannot counterfeit bitcoins or spend them twice.
Safety in Every Transaction
Learn how to track a bitcoin transaction code (txid) in the ledger. Learn how to decode transactions, and see their change in blockchain.
In order to track a bitcoin transaction, you would need to track its place in the public ledger. It would not be possible to trace back the exact origin of the coin, but you could see how many transactions it has already been through, their values and dates.
The first step in any bitcoin transaction is to find out if the bitcoins you wish to send have already been spent elsewhere. The key is because of blockchain technology, it’s possible for anyone with Internet access to search the ledger for a specific bitcoin address.
Keeping it Private
Bitcoin, as well as other cryptocurrencies, are all about anonymity and privacy. While the blockchain technology is all about transparency, it still doesn’t mean that you can track Bitcoin transactions. The way to do this is by finding the public keys of the sender and recipient of the transaction.
In a transaction, there are two accounts involved: the sender and recipient. The sender sends bitcoin to the recipient. It is important for a user to track each of these transactions performed in his/her account to make sure that the funds have not been compromised.