A crypto freshie ready for your maiden transaction? Nice! But before you push another key, first things first. What happens when you perform a transaction and it needs to be processed by the blockchain? Getting confirmation for your transaction rides on two key factors: gas fee and network traffic. Below is a clear and easy-to-use guide to assist you with tracking your Ethereum transaction using Etherscan.
How to think about transactions on Ethereum?
If you are completely new to blockchain activity, know what a transaction means beforehand. To start, a transaction is the act of transferring an Ethereum-based asset from one wallet address to another. You can be the sender or receiver of an asset at any time. Now that we have covered that, next up is the sequence of steps for performing a transaction (the transfer of Ether or Ethereum-based tokens).
When does your 'action' become a transaction?
(1) Create an Ethereum account using a wallet (e.g. MetaMask)
· Create an Ethereum account using a wallet like MetaMask —or import an Ethereum account you own into it
· This wallet address is what you will use to either send or receive Ether or Ethereum-based assets
(2) Own Ether (ETH) to begin a transaction
· Buy a whole ETH or a fraction in any amount via an exchange such as Binance, Coinbase, or Kraken
· A user could also be gifted a certain amount of Ether by another user (from their wallet address)
(3) Perform a transaction, which could be:
· A simple transfer of Ether (ETH)
· A token transfer | ERC-20 (fungible tokens), ERC-721 (NFTs), or ERC-1155 (multi-token transfers)
· Smart contract interactions (e.g. trade on Uniswap, create ENS domain, bridge token to another chain)
· Mobile wallet: you can opt to have a mobile wallet installed on your phone
· Smart contract wallet: a smart contract is sometimes also called a DeFi wallet
· Hardware wallet: is great for long-term storage as you begin to amass more ETH and tokens
When does your 'action' become a transaction?
There are two categories of transactions which a user might conduct on Ethereum. Those types are: normal transactions and token transfers (fungible, NFTs, and others). Once created, a transaction receives an alphanumeric identifier, hash, or code with “0x.” Then, this new transaction is broadcasted over the network. At this point, it joins a pool of other transactions—on the blockchain.
Where on Etherscan to enter your transaction code?
A block producer will proceed to validate or verify your transaction. Here, one of several things will happen. If passed (approved) by the blockchain, the transaction status will be marked as “Successful.” Otherwise, the page where a particular set of transaction details is being viewed will reflect either one of these statuses: Pending, Failed, or Dropped—and if a transaction gets dropped, it can be Replaced. To check the details of your transactions, add the transaction hash into the search tab on Etherscan.
What are the key areas of information covered?
Transactions involving tokens without updated info:
To address fake, spam, and spoof tokens being used to confuse the community, Etherscan has added a simple reminder in certain transactions that involve tokens without updated info.
On top of the Transaction Details page, from time to time, users will see a public note informing them that the transaction involves a non-updated token. This is created to remind everyone to stay alert and make sure they are interacting with the correct token at all times. If you are a user and you come across this, there is no need to worry. All you have to do is verify that you are interacting with the right token.
If you are seeing this and you are the owner or creator of the token, send us a Token Update Request here with all the required details so that we can update your token in
Why is the Etherscan Transactions Page beneficial?
The details of a transaction are an important element to help track your movements on the blockchain. The Transaction Details page is readily available and easily accessible through Etherscan at any time. This page is widely used as a receipt between two transacting parties.