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How to make payments using Ethereum

Once your wallet’s balance shows that you have some ETH transferred to your wallet, you can spend your funds and pay to other people, online web sites, etc. using your Ethereum assets.

In order to spend your ETH coins, you simple need to open your wallet and choose ‘Send’ and proceed with providing the recipient’s Ethereum address, as well as the amount to transfer.

You may need to track your payments. To do this, the Etherscan web site helps. Etherscan allows you to explore, lookup, confirm, and validate transactions that have taken place on the Ethereum Blockchain. It has been widely used by the industry as the basic tool for data query and data analysis on the blockchain.

At a glance, the site is full of strings and confusing terms that might seem overwhelming. However, once you understand it, you will feel attached to it.

Just like one can track their packages on Amazon.com or their shipments on Fedex.com, the primary function of Etherscan is allowing people to check the historical transactions. Just enter your Ethereum address into the search box, you can view the balance, Ether value, as well as all the transactions made through (IN / OUT) this address.

Now let’s click on a random "TxHash" to see the details of a transaction from / to this Ethereum address.

Breaking down the data displayed:

  • TxHash: Also known as the Transaction ID, this is a unique identifier generated when a transaction is performed. It can be used to track and trace the status of a transaction. You may need this to inform online shopping websites which accept Ethereum regarding your payment.

  • Block Height: The block number in which the transaction was included.

  • TimeStamp: The time the transaction entered the blockchain (i.e., the time the block was mined).

  • From/To: The sending and receiving Ethereum addresses.

  • Value: How much ETH was sent and its equivalent USD value.

  • Gas Limit: The maximum amount of gas the sender is willing to buy for the transaction.

  • Gas Used by Txn: The actual amount of gas used for the transaction.

  • Gas Price: The price of gas in ETH. The gas price is decided by miners and measured in Gwei.

  • Actual Tx Cost/Fee: Gas used x gas cost in USD value.