If you are new to blockchain and cryptocurrency, you may want first to know what a transaction is. Simply put, a transaction is the act of transferring an Ethereum-based asset from one wallet address to another wallet address.You can either be the receiver or the sender of the Ethereum-based asset at any time. An Ethereum wallet address is what you will use to send and receive Ethereum-based assets.
Ethereum transactions involve sending ether or tokens from one wallet address to another, with gas fees included. You can check your Ethereum transaction using Etherscan, Ethplorer, or EthVM.
The Ethereum ecosystem may be confusing to navigate, especially for newbies. Using tools to check your Ethereum transaction is an amazing way to start. If you already know how to send and receive transactions, let’s go further by knowing how to check your Ethereum transactions using Ethereum-based tools.
According to Ycharts, Ethereum transactions Per Day on the 19th of November, 2023, were at 983460.0, up from 911890.0 as of 2022, indicating a change of 7.85% from 2022.
Understanding How Ethereum Transactions Work
Before going into how to check your Ethereum transactions, let us understand how Ethereum transactions work.
Ethereum is a decentralized platform that allows you to carry out transactions with digital assets.
A transaction is initiated when Ether is sent from one address to another. This transaction is broadcast to the Ethereum network, providing public accessibility and transparency. The validators or miners on the network verify these transactions, thereby making Ethereum a decentralized system.
The transaction is confirmed, added to a block, and permanently recorded on the blockchain. Normally, about 15 seconds to five minutes are needed to process ETH transactions, depending on the amount you pay as a transaction fee and network congestion.
The Ethereum blockchain is based on proof-of-work; your transaction is first logged in Ethereum’s mempool, picked up by validators, and loaded into the blockchain. Take the mempool as a waiting room with pending transactions.
The Ethereum transaction is then completed when the data is entered into a block by a validator and the block is added to the blockchain. It is always advisable to wait for six extra blocks to be mined and added to the top of the block where your transaction was entered. This finalizes your transaction and makes it permanent.
Recall that transaction details are on a chain known as the blockchain. When the validators add two blocks simultaneously, the blockchain will split into two. Subsequently, the chain added that successive validators add their newly created blocks to become valid, and the second block will no longer be accepted into the main chain. Let’s put it this way: the longest chain is generally regarded as the most valid or main chain.
You can determine if your transaction was successful or pending by checking the status of your Ethereum transaction. Also, the number of blocks created since your transaction was added to the blockchain can be confirmed.
The best Ethereum wallets of 2023 have been curated for you in this informative article!
Ethereum-Based Tools For Checking Ethereum Transactions
You can access your transaction history depending on the Ethereum-supported crypto wallet you are using.
With this, you can easily access basic information like the status of your transaction and the time they were executed.
Common explorers you can use are:
- Etherscan.
- Ethplorer.
- EthVM.
Apart from blockchain explorers, you can check your Ethereum transaction using Ethereum-based tools. These Ethereum-based tools provide real-time updates and additional features. Common examples of these tools are:
Etherscan
Etherscan was launched in 2015 and is one of the first and longest-running independent projects designed for the Ethereum community. Etherscan was built with the mission of providing access to blockchain data.
Steps to Check Your Ethereum Transaction Using Etherscan
- Head to Etherscan.io.
- Enter your Ethereum public address (0x…..) in the search bar.
- You will be redirected to the wallet overview.
- You will see the checksummed version of your address at the top.
- You will see your ETH balance and value in the’ Overview’ section.
- You can see your Token Balances under ‘Token’. You can select a particular token to find its decimal count, symbol, and contract address when looking for custom token information.
- You can view the history of ETH, ERC20 token, and ERC721 token transactions at the bottom of the screen.
Ethplorer
ETHplorer is a blockchain explorer with which you can check your Ethereum transactions and check the balance of a particular address on the Ethereum blockchain. With Ethplorer, you can control the movements of your Ethereum and ERC20 tokens without logging in to your wallet.
Steps to Check Your Ethereum Transaction Using Ethplorer
- Visit Ethplorer.io.
- Enter your Ethereum public address, (0x…..) in the search bar.
- A wallet overview will be displayed.
- The checksummed version of your address will be displayed to the left.
- Under ‘Address Information’, you can also check your ETH balance to the left.
- Your token balances can be seen to your right. Here, you can select a particular token to find its contract address, decimal count, and symbol. This is useful if you’re looking for specific token information.
- The history of ETH, ERC20 token, and ERC721 token transactions is shown at the bottom of the screen. Filters can be used if you just want to see ETH or tokens at the top, using tick marks.
EthVM
EthVM is a block explorer developed by the team at MyEtherWallet and they put user experience first. EthVM was designed in such a way that normal users can track their blockchain transactions, view portfolio analytics, and even explore NFT collections with ease. Regarding crypto, users can do more with EthVM, as it is an open-source platform.
Steps to Check Your Ethereum Transaction Using EthVM
- Go to EthVM’s website
- Enter your Ethereum public address in the search bar (0x…..).
- An overview of your wallet will be displayed.
- The checksummed version of your address will be displayed at the top.
- You will see your total ETH balance, the USD value equivalent, and the number of tokens you hold below your address.
- Under the ‘Transaction History,’ a list of all your recent transactions will be displayed.
- You can find the balance of your tokens under the ‘ERC20 Tokens’ tab. You can select a specific token to find its contract address, decimal count, and symbol if you want information on a particular token.
- All your Non-Fungible ERC721 tokens are displayed on ‘NFTs’, the last tab.
Is Ethereum truly a better investment than Bitcoin? Find out in this informative article.
What Happens When an Ethereum Transaction Fails?
One of the key advantages of checking the status of your Ethereum transaction is that you can easily know when low gas prices delay or even truncate your transactions.
When this happens, you can resubmit the transaction and increase the gas fees associated with the transaction to resend it.
To do this, resubmit the pending transaction with the same nonce. Also, confirm that you have enough gas fees to be included by the validators.
Now, the pending transaction has been effectively duplicated, and you can set the fee so that validators will naturally prioritize the most recent one.
As both transactions have the same nonce, the most recent will be put to the blockchain as it can allow only one.
To know the role of Ethereum Sharding in building BLockchain’s efficiency, jump on this article.
What Does It Take To Transact On Ethereum?
Ethereum users pay specific amounts to use the network to transfer value and create a smart contract. In conventional payments that we are used to, a fixed amount is paid to process a transaction, but in Ethereum transactions, the amount to process a transaction depends on the number of participants executing transactions at a given time.
If the demand is low, the transaction fee will reduce in cost, and if the demand is high, you can usually expect the transaction fee to rise.
Conclusion
Ethereum transactions appear to be more complex than Bitcoin transactions. Each transaction has a source of funds, such as a deposit (or an input), and addresses, which are destinations for the funds (or output).
By checking your Ethereum transactions, you can stay alert and make sure transactions are processed correctly and on time. With this, you can ensure smooth Ethereum transactions when sending and receiving funds or deploying smart contracts.
Your knowledge of a transaction’s status also helps you adjust your spending habits, and with Ethereum-based tools like Etherscan, you can easily check transactions, view balances, and view wallet addresses.
