The blockchain infrastructure on which cryptocurrencies are built can offer transparency that makes it possible to track almost any transaction. Transaction details can be accessed by anyone in open blockchain networks, which offer a much more transparent structure compared to traditional banking systems. There are even block viewers offered by some cryptocurrency exchanges, or even services designed to show the details of these transactions.
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For this, each blockchain network’s own transaction tracking tools called “explorer” have been developed. For example, Bitcoin transactions can be tracked on websites such as blockchain.com, btc.com or blockchair.com. It is possible to search websites that offer Bitcoin (BTC) transaction tracking by entering the block number, hash data of the transaction or the relevant wallet address.
Bitcoin transaction details
As an example, information about block 666.877 in the Bitcoin network. Source: Blockchair.com
As in the example in the Bitcoin network, the desired transfer information can be investigated according to specific addresses, block numbers and hash data. In the example above, there is general information about the Bitcoin block number 666.877.
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Apart from the block information, it is possible to reach more details through address data. For this, it is necessary to know the hash codes of the transactions in the block. The hash code we are talking about can also be called “Transaction ID (TXID)”, in other words, the transfer transaction ID. If this code is known, details of the relevant transaction can be accessed.
An example of a transfer transaction taking place in the Bitcoin network. Source: Blockchair.com
In the example above, it can be observed that 0.06796 BTC was transferred from the wallet address “bc1… u3p” containing 0.93475903 BTC to “bc1… khf”, and 0.86666439 BTC to the address “bc1… x5n”. These follow-ups are usually done because the crypto money transfer went to the correct address or whether the transaction was verified.
Not only Bitcoin users, but also law enforcement officers who want to detect Bitcoin transactions carried out for illegal purposes can follow these tools.
Websites that list transaction traces also make it possible to access information such as whether cryptocurrency exchanges are performing transfers properly and how long it will take to complete a transaction. Because when there are long delays, the user may want to choose a different provider. It is open to everyone to obtain detailed information about the step-by-step progress by examining the transaction data.
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