Bitcoin Block Explorer is a web tool that provides information about Bitcoin blocks, transactions, and addresses. It was launched to provide in-depth, unbiased, and real-time reporting on Bitcoin blocks.
What is a block explorer?
A block explorer is a browser similar to Google Chrome or Mozilla that specifically provides detailed information and browsing tools for blockchain-based assets such as Bitcoin. Traders can use block explorers to track their transactions and provide detailed information surrounding asset prices and other related news.
However, many users do not fully appreciate and understand the potential of these explorers. Without these browsers, Bitcoin users would not be able to gain valuable information on much more than just tracking their transactions. When using any sort of blockchain explorer, a user has complete access to any and all blockchain data.
Bitcoin Block Explorer
Bitcoin Block Explorer allows users to explore the Bitcoin blockchain and provides up-to-date coverage of cryptocurrency and blockchain-related news. It is important to remember that you can only explore Bitcoin’s blockchain with this particular block explorer – you will be unable to explore Litecoin or Ethereum’s blockchains. To do this, you will need to use a block explorer specific to these cryptocurrencies.
The web tool allows you to explore all previously mined blocks on the blockchain. It also gives a live feed of blocks that are being added to the blockchain, so you are constantly aware of what is happening. Alongside this, Bitcoin Block Explorer allows users to see all their latest transactions and the current hash rate.
Not only can you see all current transactions, but users are also able to check the history of any public Bitcoin address and analyse its balance, how many transactions it has received, and much more.
Using Bitcoin Block Explorer
When using Bitcoin Block Explorer, users can drill into a certain block and see detailed information about each block and its transactions. Users can use the tool to focus on the Merkle root, which contains the necessary information to be able to validate the transparency of a certain block.
You can then see all previous block information that is linked to that Merkle tree and explore the mining difficulty adjustments. This is useful for miners as it means they can work out the nonce required based on the mining difficulty. Nonces are random numbers that are experimented with by miners to find a block hash.
Why use a block explorer?
There are many different reasons to use a block explorer. They are an invaluable resource that all Bitcoin users need to be taking advantage of. Having block explorers makes all cryptocurrency transactions immutable and transparent. When the public has access to the blockchain ledger, it allows for a truly decentralised system.
Block explorers give users the ability to review blockchain transactions. Having this information available allows miners and traders to evaluate when the best time to create new blocks is.