Have you just completed your first (or maybe not the first) cryptocurrency transaction in Bitcoin, Ethereum, XRP, or any other currency? Suddenly, the recipient asks you to send him a TxID? Usually, this incomprehensible term is requested to send as proof of payment.
So what is TxID, and how can it help when dealing with cryptocurrencies? Changelly is here to help you understand the basics of digital money transactions.
Tx Hash is the hash of the transaction. It is also known as the Transaction ID (TxID). It consists of alphanumeric characters and represents the identification number specified for the Bitcoin transaction.
Every transaction that takes place on the Bitcoin blockchain has this unique identifier. Likewise, transactions on the Ethereum blockchain will have a unique Tx Hash, and every transaction on the Litecoin blockchain will also have a TxID.
Here is an example of a Bitcoin transaction ID. By the way, this is the TxID of Laszlo Hanyecz, who sent 10,000 BTC for pizza in May 2010.
This unique identifier is a long string of letters and numbers used to identify a specific transaction on the blockchain.
Why Is It Important to Find Your Transaction ID
Why does anybody need this Transaction ID? All transactions on the blockchain are publicly available. After you make a payment or transfer coins to another address, the transaction will be broadcast, and a TxID will be generated.
If you know the TXID number of the sender, it can affect the movement of the transaction. For example, if a transfer problem is detected due to a low commission, the transfer can be canceled to create a new transaction with increased fees and faster verification. With the ID, the status of the transaction can be easily tracked.
Anyone who has a TxID will find out all the details of the transfer, such as:
- sender’s address
- recipient’s address
- total amount sent
- transfer date
- block height
- a number of confirmations
The transaction hash and identifiers do not contain personal information, so it is entirely safe to share it with anyone.
You can share this information with your service provider to let them know about the transfer status. You can share your Transaction ID with the merchant to confirm that the transaction was successful. We can say that the transaction ID is proof of the payment.
How to Check Transaction Hash
Most cryptocurrencies operate on public ledgers, the information in which is available to all users. First of all, you can find your transaction in the blockchain explorer. Depending on the blockchain in which the transaction took place, you need to look for it in that one.
You can find the TxID in the transaction log of the cryptocurrency wallet from which the transaction was made. Also, special services have been developed. They allow you to track a transaction id. For instance, you can check Bitcoin, Ethereum, Litecoin, XRP in its blockchain explorers.
To find the TxID for a particular transaction, you need to know any other information related to it. The recipient’s public address provides the most convenient access. The search for a transaction is carried out on the cryptocurrency website in which the payment was sent.
Here is a basic algorithm for exploring your transaction:
- Fill in the ‘Search’ gap with the public address. The service will show you all transactions which match the public address. Find the one you need.
- Since the list can be very long, you can add some more info like the sum of the transaction. It can help to find the necessary information faster.
In some cases, one TxID number can include several transactions at once. This case is called a multiple withdrawal transaction. For such operations, the search engine will only display the first payment matching the identifier, tracking the rest impossible.
The cryptocurrency world differs a lot from traditional payments or bank transactions. You won’t find any receipt for your purchase. However, it’s relatively easy to find its alternative in transaction identification. This is the only tool that allows you to get all the details about a transaction. TxID is proof of the successful payment.
The most reliable way to find a necessary transaction is to use a ledger of the wallet or a particular blockchain explorer. The more information you know, the faster you can detect the transaction.
About Changelly & Changelly PRO
Changelly provides an ecosystem of products and services that enables customers to have a one-stop-shop experience when engaging with crypto. Operating since 2015, Changelly acts as an intermediary between crypto exchanges and users, offering access to 160+ cryptocurrencies that can be effortlessly swapped within 10 minutes on desktop and on-the-go via Changelly mobile app.
In 2020, Changelly has branched out to accommodate the needs of traders. Changelly PRO has been built to provide a fully compliant, regulated, and easy to use platform focused around the needs of the customer, effectively enabling retail buying and selling of digital tokens and coins. Piggy-backing the great support system found within Changelly, Changelly PRO will provide the community with high limits, effective pricing, fast execution, and 24/7 live support.