Mastering the Art of Tracking Bitcoin Transactions through Blockchain using Node.js!

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Hey there, fellow crypto enthusiast! 🤓 Are you curious about keeping tabs on Bitcoin transactions on the Blockchain using Node.js? 🚀 You’re in for a treat! In a nutshell, you can monitor Bitcoin transactions by utilizing a Bitcoin library 📚 like bitcoinjs-lib, connecting to remote full nodes 🖥️ via the websocket (e.g., blockchain.info), subscriptions, and decoding raw transactions 🧩. By writing some sleek Node.js code, you’ll be on your way to observing those cryptographically secured transactions 🧪 in real-time, empowering you to dive deeper into the Blockchain universe! 🌌 Happy coding! 💻💥

Mastering the Art of Tracking Bitcoin Transactions using Node.js

🚀 Mastering the Art of Tracking Bitcoin Transactions through Blockchain using Node.js! 🚀

🕵️‍♀️💰 A world of anonymous transactions, decentralized ledgers, and cryptocurrencies – The Bitcoin Blockchain! Welcome to the cutting edge of technology where we’ll explore the art of tracking Bitcoin transactions using Node.js. Ready for the challenge? Let’s do this together! 🎉

📚 In this comprehensive tutorial, we will cover:

  1. Introduction to the Bitcoin Blockchain
  2. Understanding Bitcoin Transactions
  3. Get ready with Node.js and necessary tools
  4. Bitcoin Explorer API and its functionality
  5. Understanding Address Balance and Transaction History
  6. Create the Transaction Tracking Program
  7. Exploring further!

🔥 Strap in! It’s time to revolutionize your cryptocurrency tracking skills! 🔥

🌐 1. Introduction to the Bitcoin Blockchain 🌐

🤩 As a leading-edge technology, the blockchain not only allows us to send cryptocurrencies like Bitcoin 💸, but it also creates a permanent, transparent, and verifiable record of all transactions! 🌟

💡 The Bitcoin blockchain consists of:

  • Blocks: sequentially connected to form the chain
  • Transactions: residing within these blocks
  • Nodes: computers verifying and maintaining the network

🔗 By understanding and mining the data in the Bitcoin blockchain, we can keep a close eye on the transactional activities and add an extra layer of transparency to the world of cryptocurrencies. 💪

🔍 2. Understanding Bitcoin Transactions 🔍

⚡ Bitcoin transactions (TX) are the core component of the blockchain. A transaction represents the transfer of Bitcoin from one address to another. Here are some key elements to remember:

  • Inputs: Refer to the Bitcoin addresses sending the funds (Origin)
  • Outputs: Refer to the addresses receiving the Bitcoins (Destination)
  • TX size: Determines the transaction fee and processing time

🎓 Learning how to track Bitcoin transactions is crucial for analytics, trading, and fraud detection. With the know-how, you’ll be able to monitor suspicious activities and make informed investment decisions. 🧠

💻 3. Get ready with Node.js and necessary tools 💻

🎉 We’ll be using Node.js as our platform for tracking Bitcoin transactions. It’s a fantastic choice due to its excellent performance, scalability, and ease of use.

✅ Requirements to get started with this tutorial:

  • Install Node.js: Head over to the official Node.js website and grab the latest LTS version for your operating system. ✔️
  • Set up a code editor: You can use any code editor you prefer, such as Visual Studio Code, Sublime Text, or Atom. ✔️
  • Familiarize yourself with basic JavaScript: Basic knowledge of JavaScript would be helpful for this tutorial. (No worries! We’ll guide you through the entire process. 😉) ✔️

🔧 Let’s get those coding muscles warmed up and ready to rock! 🔥

🔐 4. Bitcoin Explorer API and its functionality 🔐

💥 In this tutorial, we’ll be using the Blockchain.com API as our resource for retrieving information about Bitcoin transactions. It’s a reliable and user-friendly API providing comprehensive access to the bitcoin blockchain data.

🎁 But wait, there’s more! You don’t even need to sign up for an API key to explore the Blockchain.com API!

📘 Here’s a list of functionalities offered by the API:

  • Get latest block information
  • Get transaction details
  • Get address details
  • Get blockchain charts data
  • And much more!

💼 Now that we’re familiar with the API and its features let’s see how we can use it to track Bitcoin transactions! 🚀

🔢 5. Understanding Address Balance and Transaction History 🔢

😮 Before we start tracking transactions, we need to understand how to check an address’s balance and transaction history. This will help us verify the transactions in the subsequent steps!

✨ To check an address balance: ✨

const axios = require('axios');

const BTC_address = '1AfLPx4CH9e4RUya8K3WqFvqSsuSByPtYd';

axios.get(`https://blockchain.info/q/addressbalance/${BTC_address}`)
.then(response => {
  console.log(`BTC Address Balance: ${response.data / 1e8} BTC`);
})
.catch(error => {
  console.log(error);
});

✨ To get an address’s transaction history: ✨

const axios = require('axios');

const BTC_address = '1AfLPx4CH9e4RUya8K3WqFvqSsuSByPtYd';

axios.get(`https://blockchain.info/rawaddr/${BTC_address}`)
.then(response => {
  console.log('Transaction History:', response.data);
})
.catch(error => {
  console.log(error);
});

🤯 Amazing! Now we know how to check an address’s balance and transaction history using the Blockchain.com API! 🌟

🚧 Note: To avoid hitting the rate-limit, refrain from making too many API calls in a short period.

🔨 6. Create the Transaction Tracking Program 🔨

🌈 We’re finally at the heart of our tutorial – creating the actual program to track Bitcoin transactions!

👉 Let’s dive into the code:

  1. Install axios and set up the required variables: 
    const axios = require('axios');
const fs = require('fs');
const file = 'tracked_tx.txt';

const BTC_address = '3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64';
const tracking_criteria = 10; // BTC
const interval = 60000; // 1 minute
  2. Define our trackTransaction function and create an interval-based poller: 
    const trackTransaction = async () => {
  try {
    const response = await axios.get(`https://blockchain.info/rawaddr/${BTC_address}`);
    const txs = response.data.txs;
    
    txs.forEach(tx => {
      let value = 0;
      tx.outputs.forEach(output => {
        if (output.addr === BTC_address) {
          value += output.value;
        }
      });

      if (value / 1e8 >= tracking_criteria && fs.readFileSync(file).indexOf(tx.hash) === -1) {
        fs.appendFileSync(file, `New Transaction: ${JSON.stringify({
          hash: tx.hash,
          timestamp: tx.time,
          value: value / 1e8,
        })}\n`);

        console.log('Transaction Found:', tx.hash);
      }
    });
  }
  catch (error) {

Disclaimer: We cannot guarantee that all information in this article is correct. THIS IS NOT INVESTMENT ADVICE! We may hold one or multiple of the securities mentioned in this article. NotSatoshi authors are coders, not financial advisors.

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