Cryptocurrency investors and traders have many tools at their disposal. They navigate through crypto brokerages and store their digital assets in crypto wallets. But the blockchain ecosystem cryptocurrency is part of contains another powerful tool – block explorers.
This web-based software contains an extensive database about activities on a specific blockchain. The information is presented in a searchable layout. This allows users to track transactions and crypto miners to check particular actions on the blockchain.
There are numerous block explorers available, and some of them have been around since the dawn of cryptocurrency. But not all of them are reliable or easy to use, so we’ll give you five excellent options.
What Can a Block Explorer Tell You?
Merely calling a block explorer a searchable database for a blockchain doesn’t explain how to utilize it. Seasoned crypto investors and traders use block explorer daily to track their transactions.
When a crypto transaction is made, the miners need to confirm it on the blockchain. The transaction initiator pays a fee and waits for confirmation. Higher fees lead to a faster transaction, usually within 10 minutes. Lower fees mean you need to wait longer, sometimes for hours.
Since you don’t know the precise moment when the transaction will be confirmed, you can track it on a block explorer. All you need is a transaction ID. You will see when it was created and its current status. Block explorers are also helpful for tracking movements on the blockchain made by others.
Furthermore, a well-designed block explorer can help investors keep track of crypto market-related data and the volatility of cryptocurrency.
Finally, crypto miners use block explorers to keep track of activities on the blockchain and learn more about their rewards.
Understanding the purpose of a block explorer is essential, but it still might not help you decide which one to use. Therefore, let’s take a closer look at five great examples.
This block explorer is usually at the top of the list for experienced crypto investors. People have been using it since 2011 and since then it has recorded over a trillion transactions.
With this block explorer, users can check transactions, view the current hash rate on the blockchain, and regularly update the transaction fee graph.
Crypto miners can check mining difficulty and specific blocks. This block explorer is meant for Bitcoin, Bitcoin Cash, and Ethereum blockchain, as every cryptocurrency requires a different explorer.
This block explorer covers a significant number of cryptocurrencies. You can monitor transactions for Bitcoin, Ethereum, Monero, TRON, Litecoin, NEO, ZCash, and many others.
It’s a relatively new block explorer, and a Chinese team of developers created it. Among other features, it shows you the number of active Bitcoin wallets daily. The only downside is that it might have slower loading speeds.
Those trading Ripple, Cardano, Polkadot, Dogecoin, Dash, and of course, Bitcoin can benefit from using the Blockchair explorer. It supports several other cryptocurrencies, as well.
One of its best features is that it allows users to search embedded text data in the blockchain. It also offers details such as current mining difficulty, average transaction fees, number of addresses, and much more.
This is another relatively new block explorer that offers a plethora of excellent features. CoinMarketCap is already well-known in the crypto community as the place to get all the critical updates on the crypto-related news and learn about innovation and regulation. It offers a detailed ranking of exchanges and digital coins and easily readable graphs.
If you’re looking for a Bitcoin-focused block explorer that runs on open-source technology, you may want to consider BlockCypher. The only other cryptocurrencies it supports are Litecoin and Dogecoin.
With this explorer, you can easily explore transactions, Bitcoin addresses, and blocks. The interface is user-friendly, and you can track the activity on the Bitcoin blockchain in real-time. It also offers fee suggestions and confirmation predictions.
Getting the Most From Block Explorers
Crypto beginners might not see that much value in learning how to interpret a block explorer. But as their investment skills progress, they usually quickly learn that a block explorer can be a valuable tool.
So long as you’re working with an explorer that shows real-time activity and updates on the prices of fees, you can make better decisions. Block explorers can help you understand and monitor the volatility of cryptocurrency and perhaps learn to predict when a price increase or decrease is coming.