How to Use a Blockchain Explorer: A Guide to Tracking On-Chain Data

In the world of cryptocurrencies and blockchain technology, transparency is a key pillar. All transactions and data recorded on a public blockchain are, in principle, accessible to anyone. 

This is where blockchain explorers come into play. Think of them as search engines for blockchains, allowing users to view and analyze a wide range of on-chain information.

This comprehensive guide will walk you through how to effectively use a blockchain explorer to track transactions, wallet addresses, blocks, and other essential data. 

Whether you're a trader, investor, developer, or simply curious about blockchain technology, learning how to navigate these tools is incredibly useful.

What is Blockchain Explorers?

Blockchains like Bitcoin and Ethereum are designed to be highly transparent—enabling anyone to view wallet balances and transaction histories! 

While cryptocurrency data can sometimes seem complex, blockchain explorers are built to be user-friendly. These tools are especially helpful if you’ve ever asked questions like:

• How much crypto do I currently have in my wallet?
  
   
• What transactions have I made in the past?
  
   
• How much gas did I pay in fees?
  
   
• Has my transaction been confirmed on the blockchain?

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How to Use a Blockchain Explorer

Using a blockchain explorer is quite straightforward. Let’s take Blockchain.com as an example. To begin, enter the transaction ID or wallet address you want to search for into the search bar. In this example, we’ll use a Bitcoin wallet.

Once entered, you’ll be able to see detailed information about the wallet—including the wallet balance, total number of transactions, and the full transaction history.

At the top of the page, you'll find a wallet summary, which shows the current balance and total amount of cryptocurrency held.

Below that, you’ll see a list of all past transactions—complete with details like transaction dates, fair market value, and associated fees.

Blockchain explorers like Blockchain.com also offer a "Charts" or "Analytics" tab, where you can view wallet activity and value over time.

How Does a Blockchain Explorer Work?

A blockchain explorer interacts with the public data layer of the blockchain—allowing users to search and view information related to wallets, transactions, and blocks. These tools hold real-time data about blockchain activity, with records going all the way back to the very first block on the network!

How Can You Benefit from Using a Blockchain Explorer?

Blockchain explorers are valuable tools for conducting on-chain analysis—essentially, using blockchain data to predict future price movements. Here are some of the ways on-chain analysts leverage explorers:

• Transaction Volume: One of the simplest ways to do on-chain analysis is by tracking whether transaction volume on a particular blockchain is increasing or decreasing. This data is typically available on the explorer’s homepage.
  
   
• Whale Behavior Analysis: “Whales” are investors who hold large amounts of cryptocurrency. Some analysts use on-chain data to observe whether whales are buying, selling, or holding certain cryptocurrencies.
  
   
• Ownership Patterns: On-chain analysis can help identify the types of investors holding certain assets. For example, analysis might reveal that Bitcoin is being accumulated by "diamond hands"—wallets that rarely sell their BTC.

Also Read: XRP's April Surge: Ripple's Legal Victory and Optimism

Conclusion

It’s worth noting that performing deep on-chain analysis with a blockchain explorer can be challenging, especially since you can usually only view one wallet at a time. Dashboards like Dune Analytics may provide a more comprehensive view of blockchain activity by aggregating user data and offering broader metrics.

FAQ

What is a blockchain explorer?

A blockchain explorer is an online tool (usually a website) that allows users to view all transactions recorded on a public blockchain like Bitcoin or Ethereum. You can search for data using a transaction ID, wallet address, or block number.

What kind of information can I see with a blockchain explorer?

You can view transaction details (sender, receiver, amount, fees, time, confirmation status), wallet balances, address transaction history, block details (included transactions, creation time, miner), and sometimes market data.

Is it safe to use a blockchain explorer?

Yes, blockchain explorers are safe to use for viewing public data. You don’t need to enter any personal information or private wallet keys. These tools only display information that is already publicly available on the blockchain.

Which blockchain explorer is the best?

The best explorer depends on the blockchain you want to examine. Some popular options include:

• Bitcoin: Blockchain.com, Blockchair
  
   
• Ethereum: Etherscan, Blockscan
  
   
• BNB Smart Chain: BscScan
  
   
• Polygon: Polygonscan
  
   

Can I find out who owns a wallet address through a blockchain explorer?

Generally, no. Wallet addresses are pseudonymous. Explorers show public addresses, but not the identity of the owner—unless the owner has publicly linked their identity to that address.