5 Reasons to Put Your Crypto Addresses under Real-Time Monitoring
MS in Digital Marketing | Writer with a focus on AI and tech trends. Occasionally living in Paris.
If you are fairly consistent in your daily routine, customization features of real-time transaction monitoring services can act as an extra pair of hands. 👆Pic credit: PARSIQ.
Businesses, traders, and individual users can benefit from the ability to monitor activity on their crypto addresses in real-time. Learn about the five reasons why you should put your crypto addresses under real-time monitoring.
Blockchain transactions can happen in near real-time, and such transactions push through as soon as each block is confirmed. However, not all platforms provide a means of monitoring these transactions, especially for offline wallets or those that are managed on platforms that do not provide instant notifications.
As such, you may not get real-time notifications if there are funds or tokens received on your crypto address, or if there are other movements or transactions. There may be ways of monitoring activity on your address but checking for these might still need manual intervention or having to constantly check for activity.
For anyone with crypto holdings, trades, or any transactions on the blockchain, one smart way to ensure the integrity of your transactions is to get real-time notifications on any of your preferred platforms, such as email, SMS or messaging app like Telegram.
automation, these alerts can provide much-needed information about the transactions as they happen — and this can even be configurable to detect blockchain activity as early as the mempool level, meaning you can get alerted of upcoming transactions even before they are fully confirmed on the blockchain.
Here are five benefits you can get from instant notifications.
1. Mobile notifications
Real-time tracking provides the ability to notify a user’s mobile device through Telegram for any movement that involves your wallet address. The most basic use case here would be to know whether you have received payments or other transactions on your wallet.
This can be particularly useful for businesses that accept crypto payments, or for traders who want to get up-to-date information about their transactions. With these Smart Trigger notifications, you no longer have to manually lookup transaction statuses on third-party blockchain explorers – saving you time and effort.
2. Confirmation of outgoing transactions
Blockchain transactions offer an unprecedented level of transparency when it comes to the ability to track and audit transactions. However, in lieu of manually having to confirm if a transaction has indeed pushed through (for example your payee has received the funds), you can get real-time notifications once there are outgoing transactions confirmed from your wallet address.
You can even get real-time statuses of transactions that are in the confirmation stage, which is helpful especially for blockchains like Bitcoin where the typical confirmation times are in the minutes range.
3. Market data
Transaction notifications can go beyond simply indicating the amount or value of the transaction. Another benefit is the ability to gain market data and insights. These can include the exchange value of the transaction (e.g., relative to fiat currency or other cryptocurrencies). This can be particularly useful when keeping track of your portfolio in a certain fiat value or as an exchange value compared with another currency type.
This also enables businesses to conduct proper audits on transactions, which can be important for compliance.
4. Risk data
Speaking about compliance, another benefit of being able to monitor transactions on your crypto address is gaining more intelligence over these transactions. This can help determine the origins of these transactions, such as if the funds came from a blacklisted address. Such insights can be configured not only one level deep, but a solution can be used to trace back the origin of transactions from multiple steps and sources–you can determine whether these are from blacklisted, greylisted or whitelisted sources.
Some exchanges ban or blacklist transactions that originate from blacklisted sources, and being able to keep track of these will be beneficial to compliance. There is also the risk of exchanges freezing funds that they receive from blacklisted sources, so understanding where your cryptocurrency originates from can help you make better decisions before depositing to an exchange.
Security is perhaps the biggest benefit of real-time monitoring of blockchain addresses. Instant wallet notifications provide the ability to be alerted of any incoming or outgoing transactions, even down to the blockchain mempool level. Thus, you can get alerted even before the actual transactions are confirmed.
Get immediate alerts in the event you are hacked, or when there are unauthorized outgoing transactions from your address. Receiving real-time updates will help in reporting or even stopping such incidents in a timely manner – rather than reacting after hacks occur.
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