Everything you need to know about the transaction ID in cryptocurrencies

How do transaction IDs work?

Every time you make a cryptocurrency transaction, the blockchain network generates a unique identifier called TXID ( transaction ID) or transaction hash. This code is created by applying a cryptographic algorithm to the details of your transaction: source address, destination address, and amount transferred.

The tx id acts as an immutable digital receipt. In Bitcoin, for example, the SHA-256 algorithm is used, which produces a 64-character hexadecimal string. Once the transaction is confirmed on the blockchain, this identifier remains permanently and verifiably recorded.

Why the tx id is important

The transaction ID is fundamental for several reasons:

• Verification: Allows you to confirm that your transaction was processed correctly
• Registration: Maintains a transparent and accessible history of all transactions
• Troubleshooting: If something goes wrong, the TXID is your main tool for investigating and resolving issues.

Historical examples of transactions in Bitcoin

The first Bitcoin transaction, sent by Satoshi Nakamoto to Hal Finney, has this TXID: F4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

Another famous example is the Bitcoin pizza transaction, which marked a milestone in cryptocurrency history: Cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79

Both transactions can be publicly verified using any block explorer, demonstrating the radical transparency of blockchain technology.

How to find your transaction ID

When you withdraw cryptocurrencies from a trading platform, the system automatically provides you with the TXID. This number appears in your transaction history within the withdrawals section.

With this identifier in hand, you can:

• Access any blockchain explorer (such as blockchain.com or blockchair.com)
• Copy the tx id in the search bar
• View all public details of your transaction in real time

Although the TXID does not directly reveal the real identities of the participants, it does show sensitive information about the transaction. If you accidentally send funds to the wrong address or blockchain, this identifier is crucial to start a recovery investigation. However, remember that recovery is not always possible, so it is advisable to contact the customer service of the receiving platform.

The transparency of blockchain

Block explorers transform the TXID into a public auditing tool. Anyone can inspect any transaction, address, or balance without the need for permissions, which is one of the most revolutionary features of cryptocurrencies compared to traditional financial systems.