One of the most important things in the blockchain ecosystem is the TXID. In principle, the Transaction ID (TXID) results from cryptographic hash processing of raw transaction information within the blockchain network to create a unique code representation.
TXID acts as a special mark or identity used to monitor, verify, and prevent duplicate transactions on the blockchain.
To understand more about Transaction ID (TXID) in the crypto world, from understanding to tips on using TXID, see the full review below!
What is TXID?
Quoting cryptowallet.com, a transaction ID number (TXID) or transaction hash is a random string of characters identifying each transaction verified and added to the blockchain.
You can find the TXID in the blockchain explorer depending on the blockchain used. This can be useful for verifying basic transaction data such as the amount sent, date of transfer, sender/receiver address, and the number of network confirmations received by the transaction.
For example, here is the TXID of the first Bitcoin transaction ever sent by Satoshi Nakamoto to Hal Finney:
f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
This is the TXID of the famous Bitcoin Pizza transaction, which is:
cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79
You can also check these transactions by copying their TXIDs into Bitcoin block explorers, such as blockchain.com, blockchair.com, and more.
When you withdraw crypto assets from a centralized exchange (CEX), the TXID of your withdrawal transaction will be displayed.
If you want the TXID of a past transaction, you can find it on the Transaction History page. If you click on the TXID for a particular withdrawal,, it will take you to the relevant transaction in the blockchain block explorer.
If you send funds to the wrong address (or the wrong blockchain), the TXID in your withdrawal history will help you determine how to recover your funds.
Although the ability to recover funds sent to the wrong address is not guaranteed, contacting support on the platform you withdrew from is better.
Why is TXID Important?
Quoting metatime.com, TxID indicates the location of a transaction on the blockchain. Each transaction is stored in interconnected blocks on the blockchain network.
It is used to determine which block the transaction is in and the order of the transaction.
Through the TxID, the status of a transaction can be tracked, and information about when it occurred can be obtained. The TxID is also used to verify that the transaction has been executed and confirmed.
Once the TxID of a transaction is recorded on the blockchain network, the transaction is considered to have occurred and can be verified by other users. Since the TxID represents the unique ID of the transaction, it can be used to verify whether a transaction has occurred.
Crypto asset transactions, such as trade confirmations, may experience some issues. TxIDs are an important source of information for monitoring and resolving such issues.
Using the relevant TxID, the status and progress of the transaction can be checked, and support providers can be contacted if needed.
TxIDs can also be used to verify the integrity of a particular transaction. The transaction data is associated with a hash value via the TxID. Any changes to the transaction data will change the hash value.
Consequently, TxID is important because it plays a fundamental role in crypto asset transaction-related operations such as tracking, verification, troubleshooting, and ensuring data integrity.
How to Find and Use TXID
Quoting metatime.com, the TxID is usually determined by the blockchain network that processes the transaction. Cryptocurrency networks generate TxIDs by processing transaction data and using certain algorithms.
For example, to generate a TxID for a transaction on the Bitcoin network, the following steps need to be followed, among others:
Transaction Data Preparation
When a transaction is executed on the Bitcoin network, a transaction data packet is created with the transaction details, the transaction sender’s address, the transaction receiver’s address, the amount transferred, and other necessary data.
Signing
The transaction data is digitally signed by the user performing the transaction. This is used to verify the transaction and show that it has been authorized.
Hash Generation
The transaction data and its digital signature are combined using a specific hash algorithm, such as SHA-256, and a hash value is created. This hash value represents a unique credential that will be used as the TxID.
TxID Determination
The resulting hash value is designated as the TxID and represents the identity of the transaction on the blockchain.
How to Check TX ID on Transaction History on INDODAX Account
Quoting help.indodax.com, the following is a guide on how to check TX ID or TX Hash on transaction history in an INDODAX account which is important to know:
- Please log in to your INDODAX account.
- If you access the website, navigate to the “Wallet” menu. Select the digital asset you want to check, then click the “History” tab. Adjust the month and year of your transaction. The TX ID will be displayed in the description column in the transaction history.
- If you use the app, open the “Wallet” menu. Search for the asset you want to check the history of using the search field. Select the transaction for which you want to check the details. The TX ID will be visible in the transaction details section.
Tips for Using TXID Effectively
As tips for using TXID in crypto transactions effectively, you can follow these steps, among others:
- Check your transaction history on the crypto platform you are using, such as INDODAX.
- In the transaction history, you will find the TxID (Transaction ID) or TxHash (Transaction Hash) column, a unique identification for each transaction verified and entered into the blockchain.
- Use TxID to check the transaction status, including the amount transferred, the date of transfer, and the sender and recipient addresses.
- If you experience any issues with the transaction, such as an address error or missing funds, provide the TxID to the crypto support team for assistance.
- You can also use the Block Explorer to get more information about the transaction, such as the amount transferred, transaction status, etc.
The above are some tips for using TXID effectively in crypto transactions. It should be noted that TxID can be a useful tool in managing your transactions and checking their status.
However, it is also important to understand that TxID cannot guarantee the recovery of lost funds.
Conclusion
In conclusion, TXID plays an important role in the crypto ecosystem as a unique identity used to track and verify every transaction within the blockchain.
In this regard, it is important to understand and use TXID wisely in crypto transactions to ensure the security and success of the transaction.
By checking the TXID, users can ensure that the transaction has been executed correctly and avoid the risk of double transactions or other errors.
Furthermore, understanding TXIDs also helps users monitor the status of their transactions and obtain information about the timing and details of related transactions.
In maintaining the security and integrity of crypto transactions, users need to recognize the importance of TXID and utilize it effectively in their transaction activities.
That was a complete discussion of TXID, from understanding how to find it to tips on using it.
Furthermore, you can also read other interesting articles in the articles collection on INDODAX Academy.
By utilizing the facilities provided by INDODAX Academy, it is hoped that you will gain a deeper understanding of the blockchain world.
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