How to track a transaction Bitcoin, how are transactions?

The larger the Bitcoin network becomes, the greater the load on it. Already, users complain that they have to wait too long for operations.

Unfortunately, there will be even more waiting times in the future. All attempts to change this led only to the appearance of forks.

How to track a Bitcoin transaction and what to do if there is no confirmation? In this article we decided to help everyone who conducts operations on this network and wants to monitor their execution.

This is quite realistic, and you can check not only your own transfers, but also payments from other users.

How to track a transaction Bitcoin, how are transactions?

How are transactions performed in the Bitcoin network?

Most newbies do not know how the blockchain works and why operations may be delayed .

Bitcoins and other altcoins differ from ordinary money, even if they do not have a physical format. You can transfer them only in a digital format, and this requires wallets and special services.

In the Bitcoin blockchain, transactions are recorded in new blocks, and they are created by miners.

In order for some operation to receive confirmation, the data about it must fall into the chain. This happens only at the moment when a new block is obtained, it happens every 10 minutes. But there are so many transactions that the system simply does not withstand the load.

Miners are the people who provided the computing power for the operation of the blockchain.

For each block they are charged a reward. Every Bitcoin user should know about this, otherwise it’s impossible to explain why transactions are delayed and how to speed them up.

How to track a transaction Bitcoin, how are transactions?

Who manages Bitcoin operations?

This is a decentralized network, no one can interfere with its work. Inside it, operations are conducted from one user to another, there can be no intermediaries.

No one will freeze funds or cancel an accepted operation. And if no confirmation is received, the coins will simply go back. Anyone who makes transfers in BTC needs to know:

  • the time to complete the transfer can be from 30 minutes to several days;
  • users themselves decide which commission to pay for the operation, and the larger it is, the higher the processing speed;
  • all transaction data is publicly available;
  • the network is now too busy, so it's best not to try carry out operations for small amounts;
  • the commission you pay for operations is partially transferred to miners, so they are interested in confirming transactions with a large commission iey.

A transaction is considered to be executed only when all information enters the new block. In addition to the new record, there are data on all performed operations in the past.

Why is it not as fast as a bank transfer? Because for the approval of the transaction need a digital signature, and it is set after solving a mathematical problem.

How to track a transaction Bitcoin, how are transactions?

What determines the speed of a Bitcoin transaction?

The algorithm for sending coins will be the same in any case. Enter the address of the recipient, the amount filed application. Miners define it, and it is added to the new block.

Only after 6 confirmations, gets the status complete. But how much time it takes depends on 4 main factors:

1. Transaction amount

The system is so arranged that the larger the transfer amount, the higher its priority.

Often, users experience problems with processing speed after they actively send or receive small amounts (for example, through taps). If you perform operations rarely and with large sums, the speed will be higher.

2. Network load

Many farms and computers are connected to the Bitcoin network, but even their capacity is not enough to quickly process the flow of new transactions.

At some moments, the number of unconfirmed operations reaches a peak and some of them simply deviate (not confirmed). In this case, transactions with the largest commission are selected.

3. Currency rate

This factor only indirectly affects the speed of transaction processing. When quotes fall or rise sharply, it causes bursts of activity. People are beginning to actively sell or buy coins, which leads to system overload.

4. Commission size

Initially, the blockchain was interesting because the transfers were not accompanied by commissions.

Now the difficulty of cryptocurrency mining has risen, and miners do not receive enough rewards. Therefore, we have to give them a commission and the higher it is, the faster it will be confirmed.

Transaction speed raises many questions about the future of Bitcoin. In fact, it is not necessary to wait for 6 confirmations.

It is enough for the seller to make sure that the transaction is completely completed.After all, when using a bank card, you can simply cancel the operation after the transfer, but neither in stores, nor in cafes, nor anywhere else, we are not asked to sign or wait for some time (they take painting only in rare cases).

Is it possible to track a Bitcoin transaction?

As already mentioned, the base of all operations in the blockchain is open. Through it, you can at any time to see the details of the transaction.

The data is open, but the wallet numbers are not tied to anyone, so there is complete anonymity on the network. Where to track Bitcoin transactions? Go to, there you will see the search form:

How to track a transaction Bitcoin, how are transactions?

You can enter any information about the transfer into it or even specify the number of your wallet to find the operation you need. For example, we entered the transaction hash and got this data:

How to track a transaction Bitcoin, how are transactions?

We managed to track the Bitcoin transaction by code, here the size of the information is shown (affects the commission), the time of receipt and inclusion in the block , as well as the number of confirmations.

As you can see, the transfer amount is slightly more than 0. 026 BTC, and the commission is set at 0. 0018 BTC (almost 1000 rubles). Therefore, less than 2 minutes was spent on processing.

How to cancel a Bitcoin transaction?

Often, newbies wait several days for their operation to receive confirmation, and then begin to read articles like this one and realize that they put too small commission. They decide to cancel the transaction and make a new one, but this is impossible.

Each transfer will receive its completion, and if the funds are sent to the wrong place, you can try to somehow contact the owner of the other address (if you have contacts) and ask for the return of the coins.

How to track a transaction Bitcoin, how are transactions?

Bitcoin transaction stuck, what to do?

The best option is to just wait, because there are no free methods to speed up translation. In some wallets, additional functions are supported, they allow you to increase the commission to the already added transaction:

  1. Opt-In Replace-by-fee.

The first one is called Opt-In RBF and works through the function "Double waste", from which protection is set in the blockchain. Its essence is that you send a similar translation, but with a higher commission.

If you try to do it directly, it will not work, and not all miners support this.

This function is present in Electrum and GreenAddress wallets (maybe there are others). When creating a new transaction, you just need to put a special check mark.

  1. Child Pays for Parent.

Literally translated as the child pays for the parent. In this case, the main transfer is supported by an additional transaction. The CPFP feature is also not available in all wallets.

If you did not know, then when translating BTC, an integer is written off, and after the operation "surrender" comes back. So in some wallets, this “change” can be spent before the transfer is made.

If your function is supported, then send the received amount to yourself and indicate an increased commission. In this case, the miner will merge transactions and, due to the high commission, will quickly accept it into a new unit.

Do not worry if your Bitcoin is stuck. On the technical side, they are still on your wallet and will not be lost anywhere. Coins are written off only after a record appears in the block (that is, BTC is displayed on the recipient's account).

What commission to set when transferring Bitcoins?

Who managed to get burned and waited several days to confirm, no longer sets a minimum commission. But how to choose it correctly in order not to overpay?

When using some wallets, the commission is dynamic and is calculated when filling out the form for transfer:

How to track a transaction Bitcoin, how are transactions?

You do not have to keep track of operations if the normal commission is set. In this case, it is only 25 cents, and in time it should take about an hour. You can check the current fee through.

The main page shows the amount of commission for a priority, accelerated and normal transaction:

How to track a transaction Bitcoin, how are transactions?

At the moment, for the fastest transfer of Bitcoins you need to pay 65 Satoshi for each byte. In the Blockchain wallet, you can specify your commission amount for each byte (as in many other wallets):

How to track a transaction Bitcoin, how are transactions?

Just keep in mind that your transaction may be 500 bytes, and with this scenario, the amount of commission will be 30,000 Satoshi (at the current rate, about 2. 5 $).

How to speed up a Bitcoin transaction?

The need to track a Bitcoin transactionBlockchain appears only if it takes too long to confirm. No one watches operations when they are executed instantly.

What else to do, other than increase the commission, to get confirmation more quickly?

  • try to transfer large sums;
  • perform operations during the daytime (from 12:00 to 19:00 GMT);
  • use multi-signature (available in some services, allows you to increase the priority of the transaction without a large commission);
  • conduct transactions with open data of the sender and recipient;
  • use systems where internal transfers are made instantly (without participation in the Bitcoin blockchain).

In general, do not be greedy and pay a commission, because miners should be rewarded for using cryptocurrency. In addition, the fees are not so large and if confirmation is not required in a couple of minutes, then less than a dollar will be spent on the transaction.

It is easy to track a Bitcoin transaction by wallet or by ID, and we showed where and how to do it. Most often this is required by those whose operations are stalled and long awaiting confirmation.

Accelerate your translations in presented ways and you will not have to face such problems.

It will also be interesting for you:
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- Bitcoin Translation


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