YOUR BEGINNER’S GUIDE TO NAVIGATING BSCSCAN

Welcome to this simple guide on how to navigate BSCscan! If you’re new to the crypto world, this guide is tailor-made for you. BSCscan is like the Google of Binance Smart Chain; it helps you search for transactions, wallet addresses, and much more. In this guide, we will look at some of the basic functions, that you can explore on the network.

Getting Started: Accessing BSCscan

To get started, open your web browser and visit https://bscscan.com.

You will see a search bar at the top, statistical information about the Binance Smart Chain, and other details.

Some of the data presented on the home page:

• BNB PRICE
  This shows the current price of Binance Coin (BNB) in US dollars and in Bitcoin. The figure in parentheses indicates the price change percentage in the last 24 hours.

• BNB MARKET CAP ON BSC
  This indicates the total market capitalization (value) of all Binance Coins (BNB) that are circulating on the Binance Smart Chain.

• TRANSACTIONS
  This shows the total number of transactions that have occurred on the Binance Smart Chain. “M” stands for million, and “TPS” stands for Transactions Per Second, indicating the network’s throughput.

• MED GAS PRICE
  This is the median cost of “gas,” which is the fee needed to execute a transaction or smart contract on the Binance Smart Chain. It’s denoted in Gwei and its approximate USD equivalent is also shown.

• LATEST BLOCK
  This indicates the number of the most recently confirmed block in the blockchain. The figure in parentheses is the time since the block was added, measured in seconds.

• VOTING POWER
  This is the total amount of BNB that is currently being used to vote for validators on the network.

• BSC TRANSACTION HISTORY IN 14 DAYS
  This is usually a graph or table that shows the historical data or trend of transactions on the Binance Smart Chain over the last 14 days.

• LATEST BLOCKS
  A list of the most recent blocks that have been added to the Binance Smart Chain, typically including their number, miner, and timestamp.

• LATEST TRANSACTIONS
  A list of the most recent transactions that have been confirmed and added to the Binance Smart Chain, typically including details like transaction hash, sender, receiver, and amount.

Searching for a Wallet Address

To search for a wallet, paste the wallet address you want to check into the search bar and click ‘Search’ or the magnifying glass.

Understanding the Wallet Information

After searching for a specific wallet, its site will open. This site involves information such as the current balance, tokens it holds, the history of all the transactions, and more. Let’s check them out:

• OVERVIEW: BNB BALANCE, BNB VALUE & TOKEN HOLDINGS
  At the top of the wallet page, you’ll find the overall BNB balance and its equivalent value in USD. 
  The section of “Token Holdings” displays a list of all the different tokens that the wallet currently holds, along with their quantities. It’s similar to viewing the different types of funds or stocks you might hold in a traditional investment portfolio. It provides a comprehensive view of the wallet’s diversification in various assets on the blockchain. 

• MORE INFO: PRIVATE NAME TAGS, LAST TXN SENT, FIRST TXN SENT
  This section may provide additional details like any private name tags assigned to the address, the most recent transaction sent from this address, and the first transaction ever sent. It’s like glimpsing into the account’s activity and history.

• MULTI-CHAIN: MULTICHAIN ADDRESSES
  Here you can see if this wallet address is associated with multiple blockchain networks, indicating whether the user operates across different chains.

• INFO BELOW: TRANSACTIONS, TOKEN TRANSFERS, ANALYTICS, COMMENTS
  Transactions: Lists all the transactions involving this wallet, allowing you to view the specifics of each transaction.
  Token Transfers: Shows all token movements to and from this wallet, illustrating the diversity of its assets.
  Analytics: Offers analytical data related to the wallet’s transactions, giving insights into the wallet’s behavior and trends.
  Comments: This section might contain any public comments or notes left by other BSCscan users regarding this address.

Searching for a Transaction 

To search for information about a specific transaction, you need to use the transaction hash. A transaction hash is a unique identifier for a specific transaction, composed of a combination of random numbers and letters. It is generated once the transaction is confirmed.

Understanding Transaction Details

When you search for a specific transaction and access its details page, you’ll find quite a lot information about that transaction. To ensure it doesn’t feel overwhelming, let’s break down and explain each piece of information step by step.

• TRANSACTION HASH:
  Here, you’ll find the specific transaction hash you looked up. It serves as a unique receipt or reference for this particular transaction.

• STATUS:
  This tells you if the transaction was successful or if it faced any issues, like running out of gas* or encountering a smart contract error.

• BLOCK:
  The block number tells you where in the blockchain this transaction resides. Imagine the blockchain as a book, and the block is a specific page in that book.

• TIMESTAMP:
  This is the exact date and time when the transaction was confirmed. It helps in tracking when a specific movement of funds or interaction took place.

• TRANSACTION ACTION:
  Gives a concise description of the transaction’s nature, like transferring funds between addresses or interacting with a specific smart contract.

• FROM / TO:
  These are the wallet addresses involved in the transaction. “From” is the sender’s address, and “To” is the receiver’s address. It’s like seeing the payer and payee details in a bank transaction.

• VALUE & TOKEN
  Here, you’ll see the amount and type of cryptocurrency that was transferred in the transaction. 

• GAS LIMIT & GAS USED BY TRANSACTION:
  The “gas limit” is the maximum amount of gas* units the sender is willing to use for this transaction. “Gas used by the transaction” indicates the actual amount of gas units consumed to complete the transaction.

• GAS PRICE:
  This represents the cost the sender is willing to pay for every unit of gas*. It’s the “fee rate” for conducting the transaction.

* Gas: In the context of blockchains like Binance Smart Chain and Ethereum, “gas” refers to the unit that measures the amount of processing effort required to execute operations, like making a transaction or running a contract. Think of it as the “fuel” for transactions and smart contract interactions.

Searching for a Token

Last but not least, yes, you can also look up different tokens! To delve into information about a specific token, enter the token’s name, symbol, or contract address into the search bar and click ‘Search’. 

Tokens are digital assets issued on the blockchain, each with its unique contract address and set of functionalities. 

Understanding Token Details

When you search for a specific token and view its page, you’re presented with an organized set of details about that token. Let’s unpack these sections for a clearer understanding:

• NAME & SYMBOL:
  This represents the official designation of the token. The name is its full title, and the symbol is a shortened version, often used in trading platforms and wallets.

• OVERVIEW:
  Max Total Supply: This indicates the maximum number of tokens that can ever exist for this specific asset. It gives an idea of its scarcity.
  Holders: Shows the total number of addresses that currently own this token. It’s a gauge of its distribution and dispersion.
  Total Transfers: Represents the cumulative number of times this token has been sent between addresses.
  

• MARKET:
  Price: Reflects the current trading value of the token in relation to major cryptocurrencies or fiat currencies.
  Fully Diluted Market Cap: Represents the market value if all the max total supply of the token was in circulation.
  Circulating Supply Market Cap: The total market value of the tokens currently in circulation, which is calculated by multiplying the token price by the circulating supply.

• TOKEN CONTRACT:
  Here you’ll find the unique contract address associated with the token. This address identifies its specific location and identity on the blockchain. It’s crucial for tasks like adding the token to wallets or smart contract interactions.

• INFO BELOW:
  Transfers: Lists recent transactions involving this token, showcasing its activity and movement.
  Holders: Displays a breakdown of addresses holding the token, offering insights into its distribution.
  Info: General information and links related to the token, including its website, whitepaper, and community channels.
  Contract: Shows the code and functionalities embedded in the token’s smart contract.

Conclusion

And there you have it! As you delve deeper into the world of cryptocurrency, mastering the basics of BSCscan will definitely serve you well.