The technology provides analysis of the bitcoin addresses on the blockchain in order to track bitcoin. For example, you can identify addresses that are affiliated with an exchange if they perform more transactions than most other addresses in the cluster and have a larger number of bitcoins associated with them than other addresses. Clusters provide useful analytics for identifying service providers such as exchanges and storage facilities.
Few things are as valuable in commerce as a good reputation. That’s why blockchain technology developed the ability to provide people with a public record of their transactions, with all details (amounts, times, parties) open for review. In the Bitcoin network, this information is stored on countless computers spread out across the world. However, once addresses are involved in transactions or posted publicly, they are opened up to review.
Is Bitcoin anonymous?
No, Bitcoin is not anonymous. In actuality, it’s pseudonymous , which means that each transaction is recorded on a public ledger. These ledgers are stored on computers around the world, and they can be linked to real identities by various translation software.
Track Bitcoin through Blockchain
To view bitcoin transactions, please visit blockchain.com/explorer and use the search engine to look up a bitcoin address, transaction hash, or block number. To search for information on any of these, enter the information into the search bar at the top and press enter. You will then be able to see a complete and detailed breakdown of your request including relevant data and charts to help you make informed decisions about your transactions.
Bitcoin’s Transaction data
Digital currencies are tied to public databases known as blockchains. When a transaction is completed, a transfer of funds is recorded on the blockchain and broadcast to the network, where it can be viewed by anyone. The data includes:
- Amount of cryptocurrency sent;
- Sender’s address;
- Receiver’s address;
- Date of transfer.
Every transaction has its own unique transaction ID. For example, if you were to transfer money to someone, they may ask you for the TXID. Similar to a payment order number, the TXID can be used for tracking the history of payments, or for confirming payments have been made.
In addition to offering proof of purchase, cryptocurrency transactions also offer proof that the transfer has been successful or unsuccessful. Users who want to know whether a cryptocurrency transaction has already been processed can find all the necessary information by simply checking the transaction ID. Typically, a cryptocurrency transaction’s status is determined by its number of confirmations in the blockchain.
