A transaction ID (TXID) or transaction hash is the random string of characters that identifies every transaction which has been verified and added to the blockchain.
Depending on the blockchain used, you can then find the TXID in a blockchain explorer.
This can be useful for verifying basic transaction data like the amount sent, the date of transfer, the sending/receiving address, and the number of network confirmations that the transaction has received.
For instance, this is the TXID of the first-ever Bitcoin transaction sent by Satoshi Nakamoto to Hal Finney:
This is the TXID of the famous Bitcoin Pizza transaction:
You can check out these transactions too by copying the TXIDs into a Bitcoin block explorer, such as blockchain.com, blockchair.com, and many more.
When you withdraw cryptocurrency from a centralized exchange (CEX) like Binance, the TXID of your withdrawal transaction will be displayed. If you want the TXID of past transactions, you can find this on your Transaction History page. If you click on a TXID for a given withdrawal, it’ll take you to the relevant transaction in that blockchain’s block explorer.
If you send funds to the wrong address (or blockchain), the TXID in your withdrawal history will help you in looking for ways to recover your funds. Although being able to recover funds sent to the wrong address isn’t guaranteed and it’s best to contact support on the platform that you’re withdrawing to.
Why is it important to know your TXID?
Knowing the transaction ID of your blockchain transaction is important in so many ways. For instance, if you experience a transaction delay, such as in online purchases, you can track the status of the transaction using the TXID. This is mostly one of the fastest ways to track the status of your transaction.
Also, the TXID serves as evidence that funds have been transferred to another public address. By typing the TXID in blockchain transaction explorer, you can verify whether the funds were successfully sent or not. You’ll also see the transaction fees in the transaction details.
It is worth noting that the transaction details displayed don’t include personal information about the sender or receiver. This is one of the advantages of blockchain transactions. The only public information revealed is the amount transferred, the date of the transfer, the transfer fee, and the addresses involved in the transaction.