A Transaction ID (TXID) is a unique identifier that is assigned to each transaction on the blockchain. It is essentially a string of letters and numbers that is used to track and verify transactions in the cryptocurrency network.
How does a TXID work?
When you send or receive cryptocurrency, the transaction is recorded on the blockchain. The TXID is created as a reference to that transaction, allowing anyone to check its details. It’s like a receipt for your transaction, showing where the money came from and where it’s going.
What can I do with a TXID?
- Track your transaction: You can use the TXID to check the status of your transaction on the blockchain.
- Verify payments: Share the TXID with someone to prove that a payment has been made.
- Check confirmations: See how many confirmations a transaction has received, which ensures it has been processed by the network.
Where to find a TXID?
- Wallet: After sending a transaction, your wallet will usually display the TXID in the transaction history.
- Blockchain explorer: You can also find the TXID by entering your wallet address or transaction details in a blockchain explorer (like Blockchain.com or Etherscan).
Why is a TXID important?
The TXID is critical for transparency and security in cryptocurrency transactions. It provides a public record of every transaction and ensures that funds are sent and received as intended.
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