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What is transaction ID (TXID) and what is it used for?

Today, the world of cryptocurrencies has its own terms that are often not clear to newcomers. If you are one of these people and if you are constantly talking to experienced traders, you may just understand the adverbs and prepositions, while the rest may seem weird. On the other hand, if you have recently made a payment with cryptocurrencies, the person will definitely receive it and ask you for a transaction link or hash as proof of payment. In this article, we want to introduce you to an important phrase, transaction ID or TXID, and explain how it works.

What is transaction ID (TXID) and what is it used for?
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What is a transaction ID?

Simply saying, a "TXID" or "Transaction ID" is a transaction receipt containing letters and numbers or a unique phrase that can be used to identify the current status of a particular transaction as well as to determine whether the transaction is registered in the blockchain or not. The transaction ID is assigned to each encrypted currency transfer.

There are no physical digital coins and there are only fiat money which are transferrable between bank accounts as well as digital wallets, therefore, it is important to keep track of its transactions.

The transaction hash (TXID) is assigned to that particular transaction immediately after a transaction joins the network and it is also a unique indicator. TXID is randomly generated and is a sequence of letters and numbers that usually has 64 characters. You can also check the amount of transferred currency, transaction fee, wallet of origin and destination along with date and time and other details by using blockchain search engine.

In addition, sharing transaction ID is secure because it does not contain any personal information and activity in the field of digital currencies is not identified and only the origin and destination wallet addresses play a key role. Bitcoin, Ethereum, Ripple and other cryptocurrency transactions have a unique transaction hash 

Functionality and necessity of having a transaction ID

All blockchain transactions are publicly available. After payment or transfer of currency to another address, the transaction is broadcast and the transaction receipt is generated. Traders can easily track the status of a transaction using the transaction link.

Transaction IDs do not contain personal information, so sharing them is completely secure. But how useful are these transaction hashes?

As we have said, TXID is useful in many ways. For example, you can share this information with your service provider to let them know the status of the transfer. Also, sometimes you may have trouble sending or receiving currency from another person, and by checking the transaction ID, you can be informed of its status and take the necessary steps.

How to check the (TXID) in bitcoin transactions?

Here are some steps you can take to check your TXID on the web:

TXID

  • Enter the Blockchain explorer website and enter the sender's address

Search for the “Blockchain Explorer” website in your browser and then select "Explorer".

  • Select Bitcoin Blockchain

In this step, go to the left part of the search box and select the "Bitcoin Explorer" option. Then enter the sender's wallet address in the search field and click on the "Search" option.

  • Select the relevant transaction link

At this point, you can see a list of transaction IDs. Since you can check the transaction or hash link and transaction date, click on the 64-digit phrase including letters and numbers to be taken to the next page.

Conclusion

By studying this article, we found that Transaction Link (TXID) is one of the most important parts for people who intend to work in this field. This is the unique identification number of each transfer that can help users track transactions in the general blockchain and get all the necessary information about them. On the other hand, it provides easy access to the information stored in the blockchain of a specific cryptocurrency and allows users to read the blocks quickly and find the required data.





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