What are Crypto Transaction IDs and Confirmations?

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Hey guys, it’s time to talk about cryptocurrency transaction IDs (Tx ID) and how to find them, and block “confirmations” and how they impact the time it takes for you to receive your digital asset purchase through BitPrime.

We receive plenty of queries from new and existing customers buying different currencies than they’re used to, concerned that their order is taking longer than usual to come through, and from customers selling to us for the first time who don’t know what a transaction ID is.

 

What is a transaction ID?

A transaction ID or transaction hash is the unique identifier used to recognise one particular transaction on the blockchain, there are no duplicate tx IDs. Every on-chain blockchain transaction sent to or from an external address has a unique transaction ID, which is generally made up by a string of numbers and letters between 64-66 characters long. Here is an example of a bitcoin transaction ID:

71efe5b17fd5c7cdfc5dc39834ff484345264ed6b26cacff5510e8cfa59be868

 

How can I view crypto transaction details using transaction IDs?

To view the details of a transaction, visit a blockchain explorer. Generally, there a few blockchain explorers for each coin. Some well-known ones include:

If you are struggling to find a block explorer for a particular coin, Google “[coin name] coin explorer”, and one will show up. Usually, you can search for transaction details using the wallet address from the wallet that sent/received the coin, or the transaction ID.

 

What are confirmations?

This will be as non-technical as possible so stay with me.

In most instances, if you’ve paid using POLi, your order will be processed within the hour. Bear in mind that once the coins have left our wallet and are on their way to your’s, network processing times dictate how long they take to reach you.

Any time a transaction is sent through the blockchain (this could be you purchasing from us or you selling to us), a new block is periodically created. This essentially verifies the transaction and then confirms it as complete.

This confirmation doesn’t just occur in one hit and can take anywhere from one to sixty. Although generally, you’re looking at no more than 6 for every-day transactions.

Please be aware that every currency will have a different confirmation time, and this is never set in stone as it relies on factors such as network congestion; much like a cellphone signal.

I’ve personally seen Bitcoin take anywhere from five minutes to forty-five minutes.

Before getting too deep, it is probably helpful to show where you will find your TX ID.

 

Where can I find my transaction ID?

If you purchased through BitPrime, this is something we can provide to you. Once you’ve received an email confirming your order is complete, get in touch with us via email.

If for instance, you sold to BitPrime using your Ledger Nano S, you would find the TX ID as shown below once you had sent the crypto.

transaction ids

To get to this screen, I remained in the wallet screen shown above and under Last Operations which is currently greyed out, I double-clicked the last Sent order you can see.

The TX ID is right there in the middle.

If you go to your withdrawal or transaction history on most wallets, these are pretty easy to locate, although wallets may use slightly different wording.

The wallets supported by BitPrime are all very straightforward, and of course, if you use one of these, we can help you out should you get stuck anywhere.

Here are a few links for some of the more popular currencies where you can copy/paste in your TX ID and keep track of your order using your tx ID.

 

Bitcoin Explorer

BlockCypher.

Don’t worry about signing up etc., just click on Block Explorer up in the top right.

 

From here you can paste your TX ID straight into the site, click search and follow it along. You can also follow Litecoin, Dogecoin and Dash on this platform. Just change the dropdown box (blue on the left) for what you’re searching for.

 

Ethereum/ERC20 Tokens Explorer

Ethplorer

This one’s straightforward. Enter any Ethereum or ERC20 TX ID right in that box and click ‘Ethplore’ (yeah, I know).

 

XRP Explorer

Bithomp

Again, this one is straightforward. Paste in the TX ID and hit search.

 

Confirmations

The interface for each of these is pretty similar, but essentially, once you enter the TX ID and hit search, all you’re really looking for is the number of confirmations left for the transaction to complete.

 

Above is a Bitcoin transaction which I’ve searched on BlockCypher. This has obviously completed long ago, but in the top right you will see the confirmations in green.

If this order was still underway, rather than 6+ (which is considered complete), you might see 1/6, 2/6 and so on.

Should you see this showing as 6+ in the explorer but your wallet app doesn’t reflect the new balance, the first thing I would suggest is refreshing your wallet. This is usually as simple as resyncing your app. If you’re using a Ledger Nano S, we have an additional guide here.

You can also subscribe to our blog, or for video tutorials subscribe to our YouTube channel.

 

Authors

Evan Kitagawa-James & Victoria Hoete-Dodd

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