Bybit Glossary

Blockchain has many benefits, one of which is enabling faster, cheaper, and more transparent transactions. Whether you are sending or receiving digital coins like Bitcoin, you can easily locate the transactions on the blockchain. This is thanks to the transaction ID.

A transaction ID or TIXD is a unique string of characters used to reference transactions on a blockchain. It is given to every transaction that is verified and added to a blockchain. This means all blockchain transactions come with a transaction ID.

Here are several instances where transaction ID has been used in mainstream media

  • “Finding a cryptocurrency transaction ID (TIXD)”(Wirex)
  • “How to find any Bitcoin transaction on the Blockchain” (Bitcoin.com March 27, 2019)

Also referred to as hash or transaction hash, transaction ID has its benefits.

One, TXID comes in handy when you need proof that you are the one who sent Bitcoins. The recipient of your transfer may request it from you to prove that you sent the payment successfully. TXID is more like a digital receipt of your blockchain transactions. It is safe to share.

Two, TXID also helps in times of delayed transactions. Once in a while, blockchains undergo maintenance leading to delayed transactions. TXID helps ease your worry by enabling you to verify the state of your transaction in the blockchain.

How to Find Bitcoin Transaction ID

Blockchain explorers offer the best avenue for finding transaction IDs. They are the Google of Blockchain and cryptocurrencies

You can use a blockchain explorer to access different details related to transactions on different wallet addresses and blockchains. 

A blockchain explorer will help you know the amount transacted at any given time, sources and destination of funds, and transaction status. 

Several blockchain explorers exist to help with getting relevant transactional information for different cryptocurrencies. For Bitcoin, there is https://www.blockchain.com/explorer.

Using a blockchain explorer is a pretty straightforward process. Once on the page, the “Search” area is where you enter the information specific to your crypto transaction, preferably the crypto address you made payment with. The next step is to click on search.

When you click on search, all crypto transactions that involve the crypto address will be displayed, newest to oldest. There you will find your Bitcoin transaction ID. You can click on the transaction ID to find the full details of your crypto payment.

Depending on the cryptocurrency wallet you use to find transaction ID, you can either use a built-in blockchain explorer or an external one. Not all cryptocurrencies offer built-in blockchain explores.

Of the many blockchain explorers available, it is always best to ensure you use the right blockchain explorer for results. Some blockchain explorers, for example, only support Bitcoin transactions. Therefore, any other crypto coin won’t work in them.  You won’t find a thing. 

Sometimes it can be hard to find transaction IDs. In such cases contacting the customer support of the specific crypto coin for assistance is always the best option. 

Blockchain has many productive features, one of which is transparency. Transparency creates accountability, which deters unscrupulous behavior on the distributed network. Thanks to transaction IDs, you can check your transactions at all times regardless of where you are.

Transaction IDs offer the best way to track and monitor the state of your cryptocurrencies. The IDs create a level of transparency that was not there before in the financial sector.

The post Definition: Transaction ID appeared first on Bybit Blog.



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