How do I check the transaction status on the blockchain?
What is Blockchain and how it works?
Essentially with a blockchain, exact copies of transaction records (ledger/database) are distributed across the network. The ledger is transparent for anyone to view, so you can actually verify the progress and get confirmation of your transactions yourself.
What are confirmations?
When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction. If your transaction has at least a few confirmations, this is proof that the transaction was successful.
How do I use it?
You can track this using the coin blockchain explorer and transaction hash (transaction ID or TXID). First you need to find out what blockchain the coin/token uses. On the Midas platform you can do this in the deposit window.
Each coin with its own blockchain has its own block explorer, usually, it can be found on the coin's website or in the coin community. After you get the ID of the transaction and insert it into the block explorer you will see the status of the transaction.
Blockchain Explorer Websites
Here are some examples:
- Bitcoin blockchain explorer: blockchain.info
- Etherium blockchain explorer: etherscan.io
- Binance Smart Chain block explorer: bscscan.com
- Fantom blockchain explorer: ftmscan.com
- Cosmos explorer: atom.tokenview.com
A blockchain explorer website usually has a search function.
Here, you should be able to search for:
- An address: To find out more details about the address, for example, the balance, and transactions that have been done by that address.
- A transaction hash (transaction ID): To verify whether a transaction has been completed and check how many blocks have confirmed it - since blockchain is a string of blocks containing all previous transactions.
What should I do next?
If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been sent out successfully.
Why are there confirmation requirements?
To avoid the risks of double spending, funds aren’t credited until a certain number of confirmations have taken place. The more confirmations received, the more permanent/irreversible the transaction is. If transaction ID is not in the blockchain, then transaction does not exist.
How long do confirmations take?
Each block is found at a different rate depending on the blockchain. For example, on the Bitcoin blockchain, a block is mined on average every 10 minutes, and Midas.Investments only credits BTC deposits to a client’s account after a minimum of 1 confirmation, which takes approximately 10 minutes.
However, sometimes when the network is heavily used, it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation).
As explained above, the time required for blocks to be included in the blockchain may increase significantly when the network is overloaded due to high demand. This inevitably leads to delayed transactions.
What if my address has not received coins?
- If you made a deposit from an external address to the Midas platform address and this transaction is not in the blockchain, then your transaction does not exist, then you should contact the support service of the service from which you sent the coins
- If you made a withdrawal from the Midas platform and haven't received the coins at your destination address, but in the blockchain the transaction is confirmed then Midas has already sent your coins, the blockchain confirms this is proof. If you have not received a transaction ID then please contact Midas support team.
How to verify a BTC blockchain transaction by transaction ID
If you visit the Blockchain.info website, you can see the latest transactions that went through the blockchain. Let's take a random transaction for our example:
- Hash (Transaction ID)
- Which block number this transaction occurred on and how many blocks have confirmed the transaction
- Received time
- The status must be confirmed for the transaction to appear on your balance
Checking by deposit address
You can also search for the address in the blockchain to which the coins were sent to see if your address received the coins.
- Hash (Transaction ID)
- Address of the sender
- Address of the recipient
- The received amount of BTC to the address that you entered in the search and the number of confirmations