How can you tell whether a cryptocurrency transaction was successful or not? This is made possible in the cryptocurrency industry by having transactions recorded on the blockchain. TXID, or “transaction ID,” is a hash number used to identify a specific blockchain transaction. A series of hashes, or transaction IDs, is used to keep track of every exchange that takes place on the Bitcoin (BTC) as well as Ethereum (ETH) blockchains.
Let’s discuss Transaction ID (TXID) and its significance in crypto.
What is TXID in Crypto?
To simply state, a blockchain is a digital ledger that records a series of transactions in chronological order (called “blocks”). To find out the time and date of a crypto transaction on the blockchain, you need a TXID.
By design, blockchain transactions cannot be altered, which eliminates the possibility of censorship and establishes a trustless network. So, TXIDs are a sure way to prove that money was spent. All of these transactions are permanently stored on the blockchain and cannot be removed. A public TXID can be used to find a deposit or withdrawal that can’t be found on a cryptocurrency exchange.
Some cryptocurrencies do not use TXIDs. Anonymous cryptocurrencies, like ZCash and Monero, are digital currencies that protect users’ privacy by hiding their payment history and balances.
Using block explorers, Bitcoin and Ethereum users can quickly see all past public transactions. Block explorers display real-time blockchain transactions and crypto balances. For Bitcoin, Blockchain.com is the most popular explorer, whereas Etherscan is the most popular explorer for Ethereum.
Bitcoin and Ethereum TXIDs both have 64 characters and may consist of letters, numbers, and random variations of the two. Although the TXID and wallet addresses share a similar encoding scheme, the TXID is only a record of a specific transaction that took place on the blockchain and has no further practical use.
Why is TXID Important?
You may trace the progress of a transaction with TXID in circumstances when there is a delay, such as with online transactions. This is one of the quickest methods to track a transaction.
The TXID can also be used as proof that money has been sent to a different public address. Simply enter the TXID into a blockchain transaction service to see whether your money was successfully sent.
Transaction fees are also shown in the Blockchain Explorer.
In addition, the TXID does not reveal any private information when shared.
Blockchain transactions are somewhat anonymous since just the transmitted money, the addresses involved, and the date of the transfer are made public.
The First TXID
The first transaction identifier (TXID) was recorded on Bitcoin in 2009:
0e3e2357e806b6cdb1f70b54c3a3a17 b6714ee1f0e68bebb44a74b1efd512098
This transaction hash of 64 characters reflects the first Bitcoin transaction in 2009 when Bitcoin creator Satoshi Nakamoto gave 50 BTC to a friend as a test. This transaction identifier can still be found on the blockchain. All Bitcoin miners have to download the whole blockchain, which records every transaction since Bitcoin started.
Another noteworthy example of a transaction ID going down in history is the pizza purchase made in 2010.
cca7507897abc89628f450e8b1e0c6 fca4ec3f7b34cccf55f3f531c659ff4d79
Over 10,000 bitcoins were exchanged for two pizzas in what is believed to be the first-ever Bitcoin transaction. Back in May of 2010, that sum was $40, but now it’s close to 700 million dollars.
How to Find a Transaction Id (Txid)
Follow these steps to find a transaction ID from your Bitcoin.com wallet:
- Open your wallet on Bitcoin.com.
- Choose either your Bitcoin Cash or Bitcoin wallet, depending on the kind of transaction you want to execute.
- You should now be able to see all of the transactions sent and received from the specified wallet.
- To get the transaction ID, just tap or click on the transaction.
- Then click the link that says “View on blockchain” below there.
- The block explorer will show the transaction ID with all the relevant data. Use the copy button that appears next to the txid to save the transaction identifier.
Final Thoughts
Most cryptocurrencies, from well-known ones like Bitcoin to shitcoin ones like Shiba, use a 64-character ID to track each transaction. These transactions and the transaction IDs that go with them will be stored on the blockchain forever, as long as the ledger is around. There are several different blockchains, and each one of them has its own block explorer, which allows the public to see all transaction IDs.
