There are four steps involved in checking an Ethereum transaction. The first step is to choose an Ethereum blockchain explorer.
As you read, look out for important information about transactions made on the Ethereum network, including how long a transaction takes to process, why it is important for traders to check the status of Ethereum transactions and most importantly, the steps involved in checking a transaction’s progress.
What is an Ethereum Transaction?
An Ethereum transaction refers to a record of the transfer of assets, or an interaction with an application on the Ethereum network. All transactions made on the Ethereum network are transparent because they are permanently recorded on the blockchain.
An Ethereum transaction is said to be complete when a validator adds the transaction data to a block on the blockchain. The transaction is then considered irreversible when six additional blocks have been added to the blockchain after its completion.
To learn more about Ethereum transactions, it is important to fully understand how Ethereum works.
What is the Processing Time for an Ethereum Transaction?
An Ethereum transaction takes between 15 seconds and five minutes to process depending on the transaction fee the user pays and how busy the network is-
How to Check an Ethereum Transaction?
The four steps involved in checking an Ethereum transaction are explained below.
Step One: Choose an Ethereum Blockchain Explorer
Blockchain explorers are tools available online for users to look into a blockchain network and check their transaction’s progress. They can also be used to prevent crypto dusting attacks.
Some blockchain explorers support more than one blockchain while some support only Ethereum. One example of an Ethereum blockchain explorer is Etherscan.
Step Two: Get the Transaction Hash
The second step involved in tracking a transaction’s status after choosing an Ethereum blockchain explorer is to obtain the transaction hash.
A transaction hash is a unique set of numbers and letters used to identify a transaction. When you make a transaction on the Ethereum blockchain, you receive a hash which can be found in the transaction details.
Step Three: Input the Transaction Hash in the Search Bar
Make use of the search bar in the Ethereum blockchain explorer by inputting the transaction hash. The result of this action will provide information about the transaction such as the sender’s and recipient’s Ethereum address, the value of asset transferred, the transaction fee and the transaction status.
Step Four: Check the Transaction’s Status
Monitor the transaction to determine if it was successfully completed or not. If the details on display read “Success” or “Successful”, the transaction was validated successfully and has been added to a block on the blockchain. If it reads “Pending”, the network is yet to process the transaction.
However, if the details show “Transaction not Found” or “Failed”, it means that the transaction has met an error and needs to be processed again. Another blockchain explorer can be used to check and confirm this before proceeding to recreate the transaction.
Why Check an Ethereum Transaction?
As noted earlier, the processing time for an Ethereum transaction depends on the transaction fee the participant pays and how congested the network is. The more congested the network, the longer the processing time of the transaction.
The transaction fee, too, largely depends on the network’s congestion level. The busier the network, the higher the transaction fee. Therefore, if a trader or user pays a low transaction fee when the network is highly congested, it would take a long period of time before their transaction is processed.
For various reasons, it is important to check an Ethereum transaction. First, it helps users to determine the fee required to confirm their transaction as well as whether the transaction fee they paid is sufficient.
Secondly, checking a transaction’s status helps Ethereum users to find out whether their transaction succeeded or not. Tracking a transaction’s status can also help a trader to ascertain the irreversibility of their transaction by confirming how many blocks have been added to the blockchain after its completion.
Again, Ethereum traders who regularly check the progress of their transactions will get acquainted with how Ethereum transactions work and be better equipped to process them faster.
Conclusion
You can check the status of the transactions you perform on the Ethereum blockchain using four simple steps. The processing time of an average Ethereum transaction ranges from 15 seconds to five minutes, depending on some factors. As a crypto trader or user, tracking your Ethereum transactions will help you determine the status of your transactions while they are being processed.