🔗Tracking Bitcoin Transactions, Explained🔗
1️⃣How can I track Bitcoin transactions?
▪️Through block explorers and dedicated services offered by some crypto exchanges.
Unlike banks, where it can be difficult to find out information about details about transactions that are currently being processed — as well as those that have been completed — the blockchain offers far greater levels of transparency.
▪️Anyone can search for information based on particular Bitcoin addresses, block numbers and transaction hashes. This, when coupled with wallet explorers, means it becomes possible to draw connections between addresses and the wallets being used to hold Bitcoin.
▪️Of course, this will prove exceptionally useful if you’re worried about whether your crypto has gone to the right destination — or are wondering whether the transaction has been verified. But it’s worth remembering that these tools are also practical for law enforcement agencies that are attempting to clamp down on BTC being used for illegal means.
2️⃣Are there any benefits to transaction trackers?
▪️There are an extraordinary number of potential applications.
▪️When you are using a crypto exchange, transaction trackers can help you to double-check whether their trading platform is operating normally, and how long a transaction may take to finalize. This can provide valuable information in advance of a payment being made, as long delays may mean you choose to rely on a different provider instead.
▪️It is possible that relying on some of these trackers can help you to be better prepared from a tax perspective too, and easily assess how your crypto portfolio has been performing. In the dreaded scenario that crypto has been sent by mistake, you’ll also have the opportunity to find out which address received it. Unfortunately, however, this is by no means a guarantee that you’ll get it back.
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