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Author Topic: Can you track bitcoin transactions once it has gone to an exchange?  (Read 54 times)
yat97
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September 07, 2021, 03:31:15 PM
 #1

Like Binance international for example.

If you know a bitcoin address sent we'll say 200 dollars in btc to a bitcoin exchange address. can you see what happens to it after? Like if it gets exchanged to other coins or even just sent to another wallet?

I know the exchanges can, but can individuals like you or I?
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September 07, 2021, 03:38:00 PM
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AFAIK, the funds move from one address to another until they end up in one of the main hot wallets where they process (and batch) withdrawals but if you're trying to track that specific 200 USD, then that's impossible.

You can keep track of the exchange's hot wallets here: https://www.walletexplorer.com/

As for ethereum and the ERC20 tokens, then it's even easier, just type the exchange name in etherscan's search box (same applies to BSC and polygon network), and the address will show.

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September 07, 2021, 03:40:23 PM
 #3

Like Binance international for example.

If you know a bitcoin address sent we'll say 200 dollars in btc to a bitcoin exchange address. can you see what happens to it after? Like if it gets exchanged to other coins or even just sent to another wallet?

I know the exchanges can, but can individuals like you or I?

No. It is not possible to track the actual usage of an individual's amount.

As whatever amount you send to a particular BTC address always displays the total amount having with it on the blockchain, according to BTC whitepaper fundamentals.

And this total amount includes many transactions with small amounts.

So as an Individual user, never keep track of such fat and cold wallets of Exchangers for a specific amount.

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September 07, 2021, 03:54:05 PM
 #4

Typical exchanges give you something that represents the crypto you sent to them to trade with on their platform. So, they collect and store your coin somewhere and then let you to trade with something that represents the coin. Your transactions on the centralized ones isn't transparent and can't be tracked as far as I can tell. And your transactiona doesn't take place on the Blockchain unless you are using some sort of decentralized exchange that enables you control your coin and trade peer-to-peer on Blockchain
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September 07, 2021, 04:03:46 PM
 #5

The exchanging between coins happens off-chain using a typical database simply because Bitcoin and other coins use a different blockchain. The only thing you can track concerning your bitcoin is the movement between your wallet, Binance's (bitcoin)hot wallet, Binance's (bitcoin)cold wallet, and the eventual withdrawal to an external (bitcoin)wallet.

yat97
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September 07, 2021, 04:06:24 PM
 #6

Thank you guys very much. This is pretty much what I thought but just making sure!
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September 07, 2021, 05:14:04 PM
 #7

No, its not impossible for someone to track up that specific coin once it would be deposited into the exchange yet conversions or trades will surely be next in line whenever someone do make out some deposit
and even they would make out directly withdrawal from exchange after deposited.

Thank you guys very much. This is pretty much what I thought but just making sure!

And since this had been cleared out and answered then it would be good if you do lock this thread to prevent further replies.

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