In today's article, I will explain what TXID (transaction ID) is and when it is used, supported by a few examples to make it easier for you to understand. TXID is a system that can be encountered by almost anyone involved in cryptocurrencies. The purpose of this system is to ensure that crypto transactions have unique transaction numbers. In other words, it is a system developed to prevent your transactions related to #Cryptocurrencies from getting mixed up and to ensure privacy.
What is a Transaction?
A #transaction refers to an operation or process. In the context of cryptocurrencies, a transaction represents the transfer of crypto assets. To give an example with Bitcoin, a transaction is the transfer of value between Bitcoin wallets included in the blockchain network. Bitcoin wallets hold a private key, which is used to sign transactions and provide proof that they originated from the wallet owner. The signature also prevents any modification to the transaction after it has been made.
What is TxID?
TxID is the abbreviation for transaction hash/ID and is a descriptive expression used to identify a specific transaction. TxID refers to a unique transfer identity created for your crypto transfers. All transactions in blockchain have a unique TXID. These expressions are unique and consist of 64 characters. They are automatically assigned to each crypto transaction and consist of random letters and numbers. To put it simply, if you go to a bank and receive receipts as proof for your transactions, in blockchain transfers, your receipt is the TxID.
How is the TXID of Bitcoin and Ethereum represented?
Bitcoin transaction:
44e25bc0ed840f9bf0e58d6227db15192d5b89e79ba4304da16b09703f68ceaf
And here is an example of a #TXID for an Ethereum transaction:
0x2446f1fd773fbb9f080e674b60c6a033c7ed7427b8b9413cf28a2a4a6da9b56c
As you can see, they are unique transfer identities consisting of random letters and numbers with 64 characters.
When is TXID Used?
TXID allows you to view all the details related to a transaction. When you successfully withdraw your coins, you will have the TxID information for that transfer. Similar to a logistics number, you can use the txid to track the progress of the transfer. If your withdrawal transaction is successful and there is a record on the blockchain, you may be asked to provide the transaction's txid to the platform where the deposit was made so that they can assist you if needed.
In cases of delays in transactions such as online purchases, you can use TXID to track the status of the transaction and obtain information about its progress. Additionally, TXID serves as proof that funds have been transferred to another public address. By submitting the TXID to blockchain transaction services, you can verify whether the funds have been successfully sent or not.
You can find out the TXID from the withdrawal history or transaction history.
