Ethereum Transaction Process Analysis

Overview of Ethereum Transactions

Ethereum transactions involve transferring value (ETH) or interacting with smart contracts on the blockchain. This guide explains the complete transaction lifecycle from initiation to confirmation.

Checking Coinbase Balance

All operations occur on a private chain using the Geth JavaScript interactive console. To check your coinbase account balance:

> web3.fromWei(web3.eth.getBalance(eth.coinbase), "ether")
240

This shows the coinbase contains 240 ETH available for transfers.

Preparing the Transaction

Recipient Address

You can transfer ETH to either:

• Externally Owned Accounts (EOAs)
• Contract accounts

For this example, we'll send 1 ETH to this deployed contract address:

0x2bda4364bb076187f0ef0067a61ccb95d636e383

Verify the current balance:

> web3.fromWei(web3.eth.getBalance("0x2bda4364bb076187f0ef0067a61ccb95d636e383"), "ether")
0

Executing the Transfer

1. Unlock your coinbase account:

   personal.unlockAccount(eth.coinbase, "account_pwd", 10000000000)

2. Initiate the transaction:

   > eth.sendTransaction({
    from: eth.coinbase,
    to: "0x2bda4364bb076187f0ef0067a61ccb95d636e383",
    value: web3.toWei(1, "ether")
   })

👉 Learn more about Ethereum transaction security

Transaction Confirmation Process

Monitoring Transaction Status

Geth logs will display transaction details like:

I1112 11:51:15.338680 eth/api.go:1185] Tx(0xb3515f0245f0f14f2756e45f402a8dd058b387e596ca50fb3ec9213390596c17) to: 0x2bda4364bb076187f0ef0067a61ccb95d636e383

This indicates the transaction is pending confirmation.

Mining Confirmation

On private testnets:

1. Start mining: miner.start(1)
2. After one block is mined, stop mining: miner.stop()

👉 Understand Ethereum mining in depth

Verifying the Transaction

Check the contract balance again:

> web3.fromWei(web3.eth.getBalance("0x2bda4364bb076187f0ef0067a61ccb95d636e383"), "ether")
1

The balance now reflects the successful transfer.

Automated Transaction Monitoring

Sample script output for confirmed transactions:

============ NEW DEPOSIT ============
TXID: 0x3102e122728fd768a58a9e2667dd6b05e3325768e63e69ff60349af41f15d6ec
RAW: {"address":"0x2bda4364bb076187f0ef0067a61ccb95d636e383","blockHash":"0x32dc9feeff2f2dc4c6c72c30a175caee5ef25d8b1656044fab1494e6d189c52d","blockNumber":83,"logIndex":0,"transactionHash":"0x3102e122728fd768a58a9e2667dd6b05e3325768e63e69ff60349af41f15d6ec","transactionIndex":0,"event":"Deposit","args":{"_from":"0xbd2d69e3e68e1ab3944a865b3e566ca5c48740da","_band":"88","_value":"1000000000000000000"}}
PAYLOAD: {"txid":"0x3102e122728fd768a58a9e2667dd6b05e3325768e63e69ff60349af41f15d6ec","block":83,"amount":"1","address":"0x2bda4364bb076187f0ef0067a61ccb95d636e383","band":"88","asset_key":"eth"}
PUBLISH
=====================================

FAQs

How long do Ethereum transactions take?

Transaction confirmation time varies by network congestion. On private testnets with mining enabled, it typically takes under a minute.

What's the minimum ETH transfer amount?

There's no minimum, but you must have enough ETH to cover gas fees.

Why unlock accounts before transacting?

Unlocking provides temporary access to sign transactions while maintaining security.

Can I cancel a pending transaction?

Once broadcasted, transactions cannot be canceled but can sometimes be replaced with higher gas fees.

How do gas fees affect transactions?

Higher gas fees prioritize your transaction for faster inclusion in blocks.

What's the difference between EOAs and contract accounts?

EOAs are user-controlled wallets, while contract accounts execute code when receiving transactions.