In today’s financial industry, Bitcoin transactions have become much more prevalent. Nonetheless, potential cryptocurrency users often have a slew of concerns regarding purchasing, selling, transaction tracking, and a variety of other topics. Additionally, in the beginning, perpetrators considered Bitcoin a sanctuary, believing it was completely anonymous and its transactions couldn’t be tracked. Nevertheless, powerful blockchain analysis tools can now track bitcoin transactions and detect illegal activity on the network.
In this post, we first see what a Bitcoin transaction is and then will answer this important question; how to track Bitcoin transactions?
Bitcoin Transactions Explained
Bitcoin transactions are verified Bitcoin transfers that are broadcast to the entire network and hence preserved in the block form. And that’s how data is collected in files. Each user could follow the chain of events all the way back to the origin and the moment when the first Bitcoins were received. Special wallets are used to carry out these Bitcoin transactions.
Typically, consumers will purchase crypto tokens, invest in cryptocurrencies, and retain these assets while monitoring Bitcoin fluctuations. They then sell their digital assets or acquire additional cryptocurrencies if the exchange rate is advantageous. Furthermore, several physical and digital businesses accept Bitcoin as a form of payment, while also numerous cryptocurrency exchanges are operating all around the world.
Tracking Bitcoin Transactions Using Blockchain Explorers
The first method of tracking a Bitcoin transaction is to use blockchain explorers, which are specialized apps. In the broadest sense, Blockchain explorers are essential tools for searching the Blockchain network for transactions. These applications also allow you to see the genesis block and observe the transaction history of a certain address.
There are so many blockchain explorer applications available and one of them is Block Explorer. To track Bitcoin transactions using this application, you’ll need to first download it. This software makes it simple and easy to keep track of all Bitcoin transactions. The software generates graphs and tables that explain what’s going on in your bitcoin wallet.
There are three important aspects in the reports generated by this application, which are: Input, Amount, and Output. The information regarding the sender’s Bitcoin address is called Input. The total sum of bitcoins sent to the Bitcoin wallet is called Amount and the information regarding the recipient’s Bitcoin wallet address is called Output.
There are other blockchain explorers that you can use to track Bitcoin transactions, including:
Tracking Bitcoin Transactions Using Wallet Addresses
All Bitcoin transactions and user Bitcoin wallet addresses that were used in these transactions are logged on a public blockchain network, namely the Bitcoin blockchain. These are open to the general public and can be viewed by anybody.
Bitcoin wallet addresses, on the other hand, do not expose any personally identifying information. They do, however, include a foundation for future research. A Bitcoin address can be similar to an email address or an online pseudonym and the difficulty of linking it to users’ activities is mainly determined by what they use it for and the ability and desire of a third party to track them down.
When a user publishes a Bitcoin wallet address, they essentially allow others to tie them to it. Of course, if they buy anything from a store, the shopkeeper probably won’t bother tracking them, and doing so is expensive. However, if they do anything illegal with their Bitcoin, the authorities could be more willing to intervene.
It is indeed worth noting that, since anyone can view the transactions on the Bitcoin network, they can combine numerous Bitcoin addresses altogether. After that, these addresses may all be linked to a certain address. As a result, if even one of those addresses can be linked to a real person, they could all be linked.
Bitcoin is often thought to be fully anonymous. Nevertheless, all Bitcoin addresses included in Bitcoin transactions will probably be traceable through forensic investigation.
To track your first bitcoin transaction, use Bitunivex to send or receive some bitcoin, and use the hash code we provide you to track it.