How to track a bitcoin transaction?
The first method of tracking a Bitcoin transaction is to use blockchain explorers, which are specialized apps. In the broadest sense, Blockchain explorers are essential tools for searching the Blockchain network for transactions. These applications also allow you to see the genesis block and observe the transaction history of a certain address.
What are bitcoin transactions?
Bitcoin transactions are verified Bitcoin transfers that are broadcast to the entire network and hence preserved in the block form. And that’s how data is collected in files. Each user could follow the chain of events all the way back to the origin and the moment when the first Bitcoins were received.
Can a blockchain explorer track bitcoin transactions efficiently?
Standard blockchain explorers are not suitable for tracking Bitcoin transactions efficiently. For example, if a criminal is using hundreds of intermediate wallets, it can take days to track and map all those transactions. However, our Coinpath® technology is built to trace blockchain transactions efficiently.
How can bitcoin tracing help prevent money laundering?
One of the most critical use cases of tracking Bitcoin transactions is in preventing bitcoin money laundering and identifying criminal activities. Law enforcement authorities all over the world use sophisticated tracing and blockchain analysis tools to prevent money laundering activities.
Europol Spotlight - Cryptocurrencies - Tracing the evolution of