Once you’ve bought cryptocurrency, the next thing to do is confirm the transaction. The entire Blockchain system does not give chance for scamming activities on the network and that is simply because everybody is seeing what everyone is transacting. When you do a transaction on the network, I get to see that a transaction has been effected even though I might not be able to trade from who exactly effected it (due to the network keeping your privacy).
This makes the verification process much easier because you have an assurance that the transaction must have been recorded on the immutable records of the transaction now, all you have to do is search it out to confirm. In this article by Coinipop Experts, we’ll be looking into simple verification tips that will guide you in the verification process of your digital asset.
- NOTE YOUR TRANSACTION ID
For every transaction processed on the blockchain network, there is a transaction ID that follows it. This ID is tagged to every transaction as a unique identifier (like a fingerprint). This unique identifier is what enables the tracking of transactions. You should always keep your transaction ID safe for security purposes and for times when you’ll want to verify the transaction just as we’re elucidating here.
- INPUT YOUR TRANSACTION ID INTO THE BLOCKCHAIN
The next step is to input your transaction ID into the Blockchain of the coin you’re trying to verify. Each coin has its own blockchain and it can easily be accessed online without stress. For example, the blockchain Address of bitcoin is https://blockchain.info/.
Once you find the Blockchain website of your coin, simply look for the input bar on the page and enter your unique transaction ID.
- LOOK INTO YOUR TRANSACTION STATUS
This is the step that draws the curtain concealing all the available facts about your transaction. Once you’ve located the search bar on the blockchain website of your coin and entered your transaction ID, the details about that unique transaction will pop up and then you can begin to look through all the details and ensure it matches.
For Bitcoin, you’ll see a line that says “confirmation” and a number right in front of it. Confirmation here refers to the sequence of transactions that have been stacked on your transaction. You understand that the concept of Blockchain is having hundreds of stacked blocks on each other right inside a block. The number that reflects in front of your transaction shows how many other transactions has been stacked on your own. Usually, for bitcoin, you’ll need about 6 confirmations to have the coin reflecting in the receiving address.
HOW TO VERIFY TOKENS
The process of verifying tokens is not the same as that of crypto coins. This difference is rooted in the make-up of them both. While coins have their own blockchain and verification can be checked through the coin’s Blockchain website, tokens are fundamentally built on another platform’s Blockchain. Tokens do not have their own blockchain. For example, digital asset built off ERC-20 Protocol will have to be verified through Ethereum’s Blockchain network.