Block Explorer

What does block explorer mean?

Block explorer is an online tool to view all transactions, past and current, on the blockchain. They provide useful information such as network hashrate and transaction growth.

Many people, even those familiar with cryptocurrencies, don’t really understand the value inherent in a blockchain explorer. But, there are many things that can be done and found by using a blockchain explorer, for Bitcoin and for other specific altcoins.

For example, the first transaction in any block is the income earned by miners. Other transactions show where the Bitcoin has been sent and received, and any associated network fees. This can be helpful for seeing fees you may have paid.

Most block explorers will also report on unconfirmed transactions, and whether mining difficulty is increasing or decreasing. This can help to show network congestion, and the possibility of rising fees.

And while the term “block explorer” indicates this tool is only useful for looking at block information, that’s not the case at all. Block explorers can be used to search for specific transaction IDs or wallet addresses, making them very handy for investigating your own transactions if necessary. And some block explorers also provide tools that report on network statistics, providing charts for helpful visual instruction.

Don’t underestimate the utility of the blockchain explorer, it provides tons of information, and is very useful in the blockchain ecosystem.