What are Transaction IDs and Confirmations?

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Hey guys, it’s time to talk about transaction IDs (TX ID if you want to use the lingo), confirmations and how they will impact the time it takes for you to receive your 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 too long to come through.

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.

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 through live chat.

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.

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 extremely simple. Enter any Ethereum or ERC20 TX ID right in that box and click ‘Ethplore’ (yeah, I know).

 

XRP Explorer

Bithomp

Again, this one is really simple. Simply 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 may see 1/6, 2/6 and so on.

Should you see this showing as 6+, the first thing I would suggest is refreshing your wallet. This could be as simple as resetting your app. If you’re using a Ledger Nano S, we have an additional guide here.

As a lot of tokens have moved away from the Ethereum platform so if you need a hand with any of these or wish to see more content like this, reach out in the comments section below.

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

 

Author

Evan Kitagawa-James

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