Everything you need to know about cryptocurrency transactions

Cryptocurrency transactions data located in the last 6 blocks form a so-called list of transactions. If you open a chain of these blocks, you can see what happened to bitcoin over a certain time. Tracking these processes allows you to analyze the movement of the cryptocurrency.

One block includes the title and the list itself. The header contains hash codes of operations. This is a series of numbers through which you can find out if the transaction is confirmed.

How to verify a Bitcoin transaction

Confirmation of a financial transaction means that data about it has appeared in the block list. It should be noted that after the transaction, the information on the service is not updated instantly - this usually happens within a day.

It is quite simple to check the operation itself: it is enough to open any service where data on financial transactions is published. The most popular are:

1. Chain.so;
2. Blockchain.info;
3. Blockstream.info.

You need to copy the transaction hash, then visit the resource and enter the code into the search bar. The result will help you to find out all the information about the operation, including confirmation or lack thereof.

How long to wait?

Waiting times vary from 20 to 60 minutes. If the resource is very busy, then you will have to wait several hours for the operation to pass and be confirmed. The final confirmation will occur when these transactions are included in all 6 blocks. Until then, she will have an unconfirmed status.

By the way, the number 6 is not accidental. It is based on the theory that an attacker will not be able to accumulate even 10% of the data needed to fake an operation. The risk in this case is less than 0.1%.

Unconfirmed bitcoin transactions become confirmed after a certain time. If this does not happen, the money will be returned to your account.

Is it possible to speed up a bitcoin transaction?

There are several ways to reduce the amount of time that the transaction will be confirmed. You can reduce the amount, because the more money you transfer, the longer you have to wait, and also:

• Apply multisignature. This helps provide additional confirmation that the operation is reliable. Such transactions go through many times faster, since the system regards them as safe.
• Select open type. An open financial transaction implies the availability of all the necessary information about the sender and recipient. This also allows you to speed up the transaction, but there is one small caveat - the very principle of open transactions contradicts the anonymity of the transfer.
• Use only a trusted service. The best today is Сasherbox.com, where all transactions are carried out fairly quickly. At the same time, security is guaranteed, since the resource uses a special encryption system. If you need to buy or sell cryptocurrency, you are welcome!

Many users are also concerned about how to reverse a Bitcoin transaction, and whether it is realistic to do it at all. Unfortunately, this cannot be done now, as is the case with any other money transfer. So that you do not have to regret the lost money, do not allow such situations. Otherwise, even the most reliable service will not be able to protect you.