A transaction ID (TXID) is a vital component of digital transactions, serving as a unique identifier that ensures the traceability, security, and verification of transactions across various platforms and technologies.
It is worth noting that TXID is used in both blockchain and traditional finance systems, serving as a transaction identifier in both cases.
In this article, we are going to explain the meaning of TXID and highlight the main things you should know about it.
Key highlights:
- A transaction ID (TXID) is a unique identifier for digital transactions, ensuring traceability and security on various platforms.
- In blockchain, a TXID (also called transaction hash or hash ID) consists of a 60+ characters long string of letters and numbers.
- Checking a TXID is simple using a blockchain explorer, where you can find detailed transaction information, like the amount sent, recipient address, fees, and more.
What is TXID?
A transaction ID (TXID) is a string of letters and numbers that serves as a unique identifier for each transaction. Imagine it as a digital fingerprint; it’s distinctive, immutable, and allows for the tracking and verification of transactions across the blockchain network. This uniqueness is vital in a system where trust and transparency are paramount. In blockchain, a transaction ID is sometimes also referred to as transaction hash or hash ID.
Contrasting blockchain, traditional online transactions also utilize TXIDs, but the approach differs slightly. In banking and online purchases, TXIDs help track payments and ensure the right allocation of funds, acting as a crucial tool for both financial institutions and customers.
How to check TXID?
To check for a TXID of a particular transaction is very easy. All you need is a blockchain explorer. For the purposes of this guide, we’ll be using BTC.com’s explorer.
Step 1: Search for the blockchain address
First, you need to provide your blockchain address. For this guide, we’ll be using one of Binance’s Bitcoin cold wallets, which is coincidentally the top entry on the Bitcoin-rich list.
Step 2: Open the address
Click on the address from the list of search results.
Step 3: Check the list of transactions
Virtually every blockchain explorer features a list of past transactions, where you’ll be able to find transaction IDs (highlighted in red in the image below). You can click on the transaction ID to explore each transaction in more detail.
Step 4: Examine transaction details
Each transaction features information about the time, number of confirmations, destination address, fees, transaction size in bytes, block height, and more.
The bottom line
Transaction ID is attached to every transaction on the blockchain and serves as a unique identifier. It consists of a unique string of numbers and letters, usually over 60 characters long. With a transaction ID, you can quickly find the characteristics of the transaction, including the amount sent, destination address, fees, and other similar information.
To explore other blockchain-related terms, check the following articles:
Source: https://coincodex.com/article/37435/txid-meaning/