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Tracing Transactions and Liquidation

Thanks to blockchain technology, any coin or token can be tracked as it is sent from one wallet to another. A blockchain is a distributed ledger that is written, synchronised and viewable by everyone in its network.

Using tracking websites, such as Blockchain.info (for Bitcoin transactions), users can discover a library of information by searching for a block, hash or transaction ID. Tracing your Bitcoin transaction and keeping an eye on its progress couldn’t be simpler.

Similar tools are also available for other coins, including etherscan.io, which tracks Ether transactions on the Ethereum network.

Pending and confirmations?

Depending on the volume of pending transactions at the time, you could be waiting up to 24 hours for your coins or tokens to arrive - with even longer expected wait time at exceptionally peak times

Pending transactions are awaiting confirmations for the relevant block to be written before funds are available to either party

Last year, a blockchain game called Crypto Kitties caused a huge amount of congestion on the Ethereum network, causing some transactions to take days to arrive. While these periods are particularly rare, it could be one explanation if your transaction is taking its sweet time.

When sending Ether, it is also worth ensuring you pay enough in gas - Ethereum’s name for a transaction fee. Most clients, however, will pre-list an acceptable gas price for you. Raising this small cost by just 5% or 10% will result in a quicker transaction.

Smart Contracts and Ether

Unlike Bitcoin, Ether’s use value extends beyond its price and market cap, with a range of business opportunities available to entrepreneurial crypto enthusiasts. Ethereum’s biggest unique selling point is the ability to create smart contracts which have been fundamental to almost all ICOs since 2014.

Smart contracts almost define themselves, but cater perfectly to the ICO format, allowing for multi-user signatures, data storage and clause implementation.

Often, those utilizing smart contracts in their products post it in full on their GitHub pages. This allows for personal analysis when choosing whether to invest in an ICO or not.

Cashing out

Retrieving your cryptocurrency can be hard to do if you’ve no idea how to go about it. Restrictions are usually dependent on the country of your bank’s origin, though Europeans are normally asked to send a small SEPA payment to confirm their bank account

It could take upwards of a week to actually receive your money, though most exchanges allow you to “cash out” and hold the value of your coins in fiat currency.

Conclusion

Making transactions in the crypto world can be terrifying but that doesn’t mean they’re not relatively easy to do. Ensuring you understand everything included in this lesson, as well as in the Safety and Security Beginners lesson, you should be well on your way to becoming adept and sending and receiving cryptocurrency.

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