How to read BscScan

The blockchain is highly transparent to those who know how to read it. This article helps you get started with a blockchain explorer, so you can get insight in to all transactions on-chain.

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@enter.artPUBLISHED 9TH SEPTEMBER 2021


Below is the homepage of the Bsc blockchain explorer. Entering a wallet address will give you a breakdown of all transactions to and from the entered wallet. 

 

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This is not like a bank account where all transactions are generally private. We must remember that all transactions on the blockchain are public. This means you can search for any wallet address, transaction, NFT, or contract.

 

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How to see your funds:

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This is the GUI used by BscScan which enables you to look at how much BNB you hold. There is also a drop-down menu where you can see which tokens the wallet holds. Clicking the down arrow will give you a menu that will resemble the following:

 

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Here you will be able to get a breakdown of every coin, token and how many NFTs you have transferred into your wallet on the Bsc network.

Be aware that you will sometimes find tokens that are transferred into your wallet that you didn’t initiate. Again, ALWAYS be wary and cautious of these tokens. They are generally on contracts that have malicious intent. My suggestion is never to touch or transfer these tokens. The days of free “airdrops” are over, and there has been an increase in these types of malicious tokens in the past few months.


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Transactions: This will give you a list of all transactions.


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Internal Txns: This tab will open a list of all transactions when interacting with smart contracts, and the fees associated with them. This type of “transaction” is generally not considered a transaction because it is not directly made on the blockchain but rather is an interaction with smart contracts functions.

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BEP-20 Token Txns: This is probably the most important tab if you are an investor in $NFTART as a token. This will give you all the transactions that are associated with all BEP-20 tokens. BEP-20 tokens are Bsc’s response to Ethereum’s ERC-20 and basically have the same functionality but on a different blockchain. It is the grounds for who and how a token can be spent and the guided rules about how it is used.

Token Type

Enter.art uses the ERC-1155 token to represent the ownership of NFTs minted on the enter.art platform. The ERC-1155 token is the standard for multi mint token types. Before enter.art used the multi mint standard, the platform used the ERC-721 token type which was limited to single minted editions. This switch was necessary for the upcoming platforms like enter.audio.

Checking transactions

If the enter.art website is not updating as continually as it should, you can always check BscScan to make sure your NFT has been transferred or minted into your wallet. If you are an artist or collector, this is generally important to use to verify transfers to and from your wallet. I personally check BscScan every time I make a transaction to verify that a transfer has been initiated and completed.
Keep in mind that there are times when the blockchain is backed up because the validators are not able to process transactions fast enough. Validators are blockchain nodes that process transactions and check the authenticity of each transaction.

Getting Scammed/Dusted

God forbid, you find your wallet emptied, but if this happens, you will be able to see all transactions from your wallet to the wallet your funds were transferred to. Ninety-nine times out of a hundred it is too late to get what you had in your wallet back. The only recourse you have is to contact the SEC, FBI, or your local authorities. However, generally, these entities will not do anything for sums of even 10,000 - 100,000 as cryptocurrency is not considered legal tender in most if not all states or countries. You should guard your wallet passphrases and NEVER transfer unknown coins from your wallet as mentioned previously. This means that getting a hardware wallet is the most beneficial thing for those who hold large amounts of crypto or even those just wanting to keep their private keys safe.


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