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An explanation of how to read cryptocurrency transactions on Etherscan

Etherscan is a block explorer and crypto analysis platform. The tool allows users to monitor and examine the crypto assets, balances, and transactions on the Ethereum network. Etherscan makes it simple to engage with smart contracts and check gas prices. The Ethereum foundation does not provide funding for Etherscan, which is an independent organization.

The Ethereum blockchain is mostly accessible via a read-only interface. As a result, Etherscan won’t be able to affect your private or public keys and will instead be limited to tracking transaction data.

While searching for a crypto wallet or token address, Etherscan will display all the transactions that have been indexed on the blockchain. It makes its function similar to a search engine. Users can search for any type of transaction, whether successful, unsuccessful, or pending.

How to read crypto transactions on Etherscan?

Users can enter a crypto wallet address in the search bar or on the home page of Etherscan to view transaction data. Almost immediately, an overview page will appear. You can see the whole wallet balance in ETH and its USD value here.

Source: Etherscan.io

A list of transactions will be visible on the wallet’s main page. You may view internal transactions and also transactions for ETH, ERC-721, and ERC-20 tokens on different tabs. Moreover, you may view the transaction hash, transaction method, block number, wallet address that started the transaction, and transaction status on each of these tabs. The most recent transaction will be at the top.

When a transaction is selected, users will come across additional details about the same (image below).

Source: Etherscan.io

Transaction hash is the ID of the transaction. Each transaction has a unique identifier.

Status indicates whether the transaction was successful, pending, or failed.

From and Interacted With (To) show the addresses from where the funds were sent and to which wallet.

Value shows the amount sent. While the Transaction Fee shows the cost of the transaction.

Etherscan is one of the most useful platforms in the crypto sector. The site allows users to keep a check on their transactions, while also exploring the Ethereum blockchain.


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