Bitcoin ATMs are just like standard Automated Teller Machines (ATMs). Basically, they are electronic kiosks where customers are able to perform financial transactions with the use of Bitcoins. You can buy and sell Bitcoin at a Bitcoin ATM. You can also exchange your traditional currency for Bitcoin in such ATMs. However, once you start using Bitcoin ATMs, it also becomes important to learn how to track Bitcoin ATM transactions.
In this article, you will learn how to track Bitcoin transactions on a Bitcoin ATM. Here, you will learn about Bitcoin ATM transactions in general, as well as the tools that are necessary to track those transactions. Furthermore, you will learn how to interpret the results of transactions. Additionally, you will learn about transaction confirmation processes and the best practices important for Bitcoin ATM transactions.
Bitcoin Transactions: A General Overview
According to Investopedia, “A bitcoin ATM is an Internet-connected kiosk that allows customers to purchase bitcoins and/or other cryptocurrencies with deposited cash. A bitcoin ATM is not the same as an automated teller machine (ATM) that allows bank customers to physically withdraw, deposit, or transfer funds in one’s bank account. Rather, bitcoin ATMs produce blockchain-based transactions that send cryptocurrencies to the user’s digital wallet.”
If you want to buy Bitcoin and other cryptocurrencies, you can start using a Bitcoin ATM. Actually, apart from dispensing cash, Bitcoin ATMs are those kiosks that connect to the Bitcoin Network. With the help of this network, customers are able to purchase crypto tokens with the cash that they deposit. The best part about Bitcoin ATMs is that no major financial institution runs and operates them, and hence, they do not connect to the bank account of a customer.
How Do Bitcoin ATM Transactions Work?
Unlike a traditional ATM, where transactions are instantaneous, a transaction on a Bitcoin ATM can take a little longer. As a result, given the price of Bitcoins, a transaction in a Bitcoin ATM can be quite stressful. This is especially true for first-time users of Bitcoin ATMs. Hence, it is important for you to understand the transaction process in a Bitcoin ATM.
According to The Motley Fool, “All Bitcoin ATM operators in the U.S. must register with the Financial Crimes Enforcement Network (FinCEN) and comply with the anti-money laundering provisions of the Bank Secrecy Act. That means strict limits on the amount of cash users can deposit and the number of transactions they can make, as well as other restrictions.”
Nevertheless, before you track Bitcoin ATM transactions, it is important to understand how Bitcoin transactions work. Primarily, the Bitcoin cryptocurrency works on a decentralized network called the blockchain. Therefore, when you purchase Bitcoin from a crypto ATM or a Bitcoin ATM, the machine will send the transaction details to the blockchain network.
In this case, the transaction details consist of the amount of Bitcoin that the network needs to transfer from the Bitcoin ATM’s reserve to your Bitcoin Wallet address. This will only happen after Bitcoin miners on the blockchain will verify this transaction. The transaction takes time since the verification process can be a bit slow. You will learn about this verification process later in this article.
How To Track Bitcoin ATM Transactions With TxID And Block Explorers?
If you want to invest in Bitcoin through a Bitcoin ATM, it will take time to process. Since the transaction takes time to complete, the Bitcoin blockchain allows you different options to track your Bitcoin ATM transactions. The following are the major ways through which you can rack your Bitcoin ATM transactions:
Tracking Bitcoin Transaction Through TxID (Transaction ID)
One of the ways to track your Bitcoin ATM transactions is to track them with the help of the transaction ID (TxID). This is a unique identifier that comes with every Bitcoin transaction, whether it is through a Bitcoin ATM or any other way. You can find the transaction ID in the Bitcoin ATM receipt that you get from the ATM. Furthermore, after the transaction happens, you will also find the TxID displayed on the ATM screen.
According to Bitcoin’s official website, “Every time a transaction occurs in a cryptocurrency network, whether it’s Bitcoin, Ethereum, or another type of crypto, the details of the transaction such as the sender’s address, the receiver’s address, the amount sent, the time, and other relevant information are recorded and encrypted into a unique string of alphanumeric characters. This string, or hash, is the transaction ID.”
Just like a transaction receipt from a bank or an ATM, you will also receive a transaction ID of a Bitcoin transaction. With the help of the TxID, Bitcoin users, as well as other individuals in the broader network, will be able to track and verify the transaction status in the blockchain.
Furthermore, you can also find the Bitcoin transaction ID on your Bitcoin Wallet app and track your transaction on the blockchain from your system.
Tracking Bitcoin Transaction Through The Blockchain Explorer
Crypto.com explains, “A block explorer is an online blockchain browser or a tool for viewing a blockchain and checking transactions. It provides information like the contents of an individual block, transaction history, and balance of addresses. In other words, a block explorer is a search tool. Like how web browsers are used to browse through the internet, block explorers allow one to browse a blockchain.”
Basically, you can view and check your transactions through the Blockchain Explorer. All you need to have is the transaction ID (TxID). Furthermore, with these explorers, you will also be able to check ‘recent blocks and transactions.’
Bitcoin and other cryptos have their own block explorers. Hence, if you want to search transaction details of a particular coin, make sure you use the block explorer specific to that crypto.
Some of the popular crypto explorer options are:
- Blockchain.com (Blockchain Explorer)
- Blockstream (Blockstream Explorer)
- Mempool.space (Mempool Explorer)
In general, a blockchain explorer is a powerful tool that makes blockchain transactions accessible to both crypto investors and newcomers to the crypto world. With the help of these explorers, you will not only be able to learn the critical details of a transaction but also other details like amount, timestamp, and wallet addresses.
How To Track Bitcoin ATM Transactions? – Steps To Follow
If you are a new Bitcoin user, a transaction may take up to five minutes. However, if you are a returning customer performing a transaction, it will take up to a minute or two. Once you complete your transaction, you will receive the Bitcoin (or the amount) in your wallet within 15 minutes of the purchase.
If you want to track the status of your Bitcoin transaction that you did through a Bitcoin ATM, here are some of the steps you need to take:
Step 1. Find The Transaction ID (TxID)
This is the most important step in a transaction process, as you will need the TxID to track the transaction. In general, you will find this transaction ID on your Bitcoin ATM receipt. On the receipt, you will also find other transaction details, such as date, time, amount, etc. Furthermore, you will find the transaction ID on the ATM screen after you complete the transaction. This will help you track your money until you receive it in your Bitcoin Wallet.
Step 2. Choose A Block Explorer Of Your Choice
As already discussed, there are different types of block explorers available for Bitcoin transactions. You will need to choose the one based on your preferences. However, choosing the most popular one (Blockchain Explorer) is the best option. This article focuses on this explorer to explain Bitcoin transactions.
Step 3. Search For Your Transaction Through The ID
On the homepage of the Blockchain Explorer, you will find a search bar where you can insert the transaction ID (TxID). Once you insert the TxID and hit enter, you will receive all the details of the transaction on your screen.
Interpreting The Results Of Your Bitcoin ATM Transactions
Once you enter the TxID on the Blockchain Explorer, you will receive a lot of details about your Bitcoin transaction. Your job will be to interpret the results of your transaction details. Hence, you will understand the status of your transaction.
The following are the basic data that you will receive from your Bitcoin Explorer:
- Transaction Hash: This is the basic crypto identification code that comes with each individual transaction.
- Status: This will show the confirmation of the transaction as well as its execution. Basically, it will show whether your transaction is “confirmed” or “unconfirmed.”
- Fees: This shows the platform fee that has been deducted through the transaction. Depending on the blockchain platform that you use, there are different types of fees. This is the fee that you pay to miners to process your transaction.
- Timestamp: Here, you will get the time related to the status of the transaction.
- Wallet Address: It shows the unique wallet address of the sender and recipient of the transaction.
- Amount: This is the amount of Bitcoin that you purchased from the Bitcoin ATM.
- Confirmation: It shows the details of the number of times miners verify your Bitcoin ATM transaction. If a given transaction has more confirmations, there is a higher degree of certainty. Hence, it shows that the transaction is successful. In general, if your transaction gets six confirmations, it is enough to become a successful transaction.
Why Is Confirmation Important for Your Bitcoin ATM Transactions?
According to Bitcoin.com, “Confirmations are a fundamental aspect of how blockchain and cryptocurrencies operate. They ensure that transactions are recorded properly on the ledger, maintain the security of the network, and help prevent fraud. When sending or receiving cryptocurrencies, it’s important to remember that transactions aren’t considered finalized until there are multiple confirmations.”
Confirmation of transactions is the most crucial aspect of your Bitcoin ATM transactions. A confirmation means the acceptance of a higher number of blocks by the blockchain network (which contains several transactions). Therefore, if a transaction has more number of confirmations, it will become easily successful, as there is a higher acceptance for the transaction.
More confirmations mean more blocks are added to the blockchain. Hence, this enhances the security of the transaction. In most cases, a Bitcoin wallet will display the success of Bitcoin transactions once it has at least 3-6 confirmations from miners.
Best Practices On How To Track Bitcoin ATM Transactions
Apart from the obvious things, there are other aspects for you to consider to track your Bitcoin ATM transactions:
- Make sure you keep your Bitcoin ATM transaction receipt carefully. Furthermore, you can also consider keeping a copy of the receipt. This will help you for future reference in case you need the TxID later.
- Many Bitcoin ATM operators have their own tracking websites and tracking tools. You can get the details of those tools on the operators’ websites. Hence, by adding the TxID and other details on those websites, you can check the status of your transaction.
- In case you face unnecessary delays with the transaction or any other problems with the Bitcoin ATM, always contact ATM customer support. They will assist you with the transaction and provide you with the necessary details.
- No matter what happens, never share your TxID publicly. This will ensure your privacy, as someone else can use your TxID to track your transaction.
- Always use a reputed Blockchain Explorer to track your transactions or get details of your Bitcoin status.
Tracking Bitcoin ATM Transactions: How To Deal With Issues?
While you are performing Bitcoin ATM transactions, you can face certain issues:
“Transaction Not Found” – In this case, your transaction might still be pending confirmation, or there might be a mistake in the insertion of the number. In that case, check the correctness of the number multiple times and wait for some time to repeat your search.
“Unconfirmed Transaction” – This is a normal occurrence for recent transactions. In this case, you need to patiently wait for miners to confirm.
Wrapping Up
Hope this article was helpful for you to learn how to track Bitcoin ATM transactions. You can see that the most important part of any transaction is the transaction ID (TxID). Make sure you have the ATM receipt containing the TxID with you. You can use this ID to search for your transaction status.
Do you have more information to add about Bitcoin ATM transactions? Consider sharing your ideas and opinions in the comments section below.
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