Understanding a Bitcoin transaction

Bitcoin transactions will be processed by us and broadcast to the Bitcoin network where they will require confirmations before they are picked up by the recipient wallet provider and credited to the receiving wallet. You can view your transaction on the Blockchain by entering the transaction ID on an online block explorer, or by clicking the transaction ID in your History.

Below is an image of a transaction on the Blockchain, with each important aspect labelled and explained below.

Transaction.png

A - Hash
The hash, or the Transaction ID, is the unique identifier for each transaction on the Blockchain. You can locate your transaction by searching for the hash on a block explorer.

B - Input Address(es)
This wallet address is the wallet from which the funds were sent. If sending from your CoinCorner account it will be one of our pooled hot wallets. The total amount sent from the wallet is visible on the right hand side, and this is the total value of all the sends within that transaction.

C - Output Address(es)
The wallet address(es) in this area are the wallet where the funds have been sent to. At CoinCorner we batch user transactions into groups before broadcasting them to the network, so you may find other user's sends in this section as well as your own. The wallet address you sent to will be visible in this section, and the amount sent on the right hand side.

D - Total Amount
The amount in the green box is the total amount in the transaction including the network fees. Clicking this box will change the display to show amounts in USD, clicking it again will revert back to BTC.

E - Status
This will display to you the status of your transaction. Once your transaction has received a confirmation this will show as Confirmed, until your first confirmation is received it will show as Unconfirmed.

F - Confirmations
Bitcoin transaction need to be confirmed before they are received in the recipient wallet address. Your transaction will receive it's first confirmation when it is included in a block, and will receive one more confirmation for each block mined afterwards. Typically Bitcoin transactions are considered complete and are available in the recipient wallet after 4-6 confirmations, though this can vary between wallet providers. If your transaction has received more than 6 confirmations and is still not available, we would recommend getting in touch with the receiving wallet provider to establish the reason why.

 

Need more guidance? Feel free to get in touch with our Support team by submitting a query on our Contact Us page or emailing support@coincorner.com.

 

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