Block explorers offer the best way to access information within cryptocurrency transactions. Think of them like Google or Firefox but instead of providing results for websites, block explorers are used to browse crypto transactions, stored within a blockchain (you can learn more about that process from our article about bitcoin mining).
Blockchain.com launched their block explorer in 2011. Like a search query your start point is either a transaction ID, address or a specific block
For our example lets concentrate on a specific transaction. Let’s assume you have sent some Bitcoin and within your wallet you can see the confirmed transaction including the Transaction ID.
If you copy that information – a bit like copying a url – you can then paste it into the blockchain explorer.
If you are technical enough to run your own Node (see this article on How to Run a Node) you won’t need to rely on a third-party service and can access this information directly.
Transaction information is hierarchical, which is why there are three potential entry points for your search:
- A Block – This is a batch of transactions, including the associated addresses, grouped together. Each new block references the previous, so are sequentially numbered.
- An Address – An address is the destination of funds, think of it as the equivalent of bank account. All transactions are associated with addresses.
- A Transaction – A single instance of funds being sent to a specific Address
You can work down from blocks to explore the addresses that transactions were sent to, and the individual transactions themselves, or the other way around, working up from a transaction to see the address it was sent to and ultimately the block it was included in.
As well as understanding that hierarchy, you’ll need to understand the specific logic of the flow of funds within the Bitcoin blockchain.
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