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Today the world of cryptocurrency has its own special terminology that is often not very clear to newcomers. If you're one of those and if you happen to listen to experienced cryptocurrency traders, professional miners or blockchain specialists talking to each other you could only understand the adverbs and prepositions, while the rest might seem rather strange. In this article, The Coin Shark will help you understand an important thing every crypto-sailor should be aware of to start his journey over the ocean blockchain. And this is TXID of digital currency transactions. Today we will say what this letter represents, what is the function of TXID, how to find it and how to use it.
Content:
(please, click on the topic to scroll to it)
- What is a cryptocurrency transaction and how is it performed?
- What is TXID and why is it necessary?
- How to use TXID?
- How to find TXID?
- Conclusion
1. What is a cryptocurrency transaction and how is it performed?
Everyone is certainly aware of what a transaction is. Money is sent from one account to another, that's how it is. If we talk about digital currencies, coins are transferred from one cryptocurrency portfolio to another. However, how are cryptocurrency transactions performed? What really happens behind the blockchain scene when the cryptocurrency is transferred? Good, transaction it is actually information about the transfer of resources. This information is recorded in the blocks of blockchain of a particular digital currency. Each block contains a & # 39; header and a list of transactions. The header includes transaction hashes, hashes of the block itself and hashes of the previous block. To become a valid part of the blockchain and to be written in the block, each transaction must be confirmed. The validity and correctness of each record are assured and, therefore, it is not possible to manipulate the information in the distributed blockchain database. The time spent for confirming the transactions is one of Bitcoin(And some other virtual currencies) problems. Initially, it was planned that cryptocurrency transfers would be instantaneous, but it soon became clear that, given the increasing number of users multiplied, transaction confirmation can take more and more time. Larger transactions and higher commission transactions set by the user are confirmed more quickly. Transactions are confirmed by miners when they create new blocks in blockchain by performing calculations to find the hash.
2. What is a TXID and why is it necessary?
To put it simply, TXID is a transaction passport, a unique number that can be used to identify the current status of a given transaction, as well as to find out whether it was actually registered in blockchain or not. TXID (transaction ID) or transaction hash is assigned to each cryptocurrency transfer. In reality, cryptocurrency exists as recorded information. Digital coins do not exist physically, just like electronic money that is transferred between bank accounts. Therefore, sometimes it is very important to keep track of the status of that record.
TXID is assigned to a cryptocurrency transaction immediately when it joins the network and is its unique indicator. It is randomly generated and looks like a sequence of letters and numbers. The total TXID size is 64 characters.
3. How to use TXID?
The transaction receives its TXID automatically, and users usually do not even worry about this, unless there are some problems – their transaction is delayed, resources are not received, etc. In these cases it becomes necessary to check the status of the transaction, find out if it has been registered in the blockchain and confirmed or not.
You can use special services to monitor the status of the transaction. If you are interested in the bitcoin transaction, there is the service blockchain.com that can help you with its BTC blockchain explorer. To verify the Ethereum transaction, you can use Etherscan. In addition, there are also "multi-blockchain" services where you can find details on a number of cryptocurrency transfers and explore different blockchains. For example, SoChain can provide you with information on bitcoin transfers, Ethereum, Dash, Dogecoin, Zcash and Litecoin. Users simply enter a hash of the required transaction in the appropriate field and get the result.
4. How to find TXID?
TXID can be displayed immediately in a cryptocurrency portfolio when a particular transaction is performed by a user. Also, you can find TXID using the services mentioned above. To do this, you need the address of a sender's cryptocurrency wallet. For example, on blockchain.com it should be entered in the search box. The service will then show all the transactions sent by this particular address, starting with the most recent ones. TXID will be displayed in the gray box above the transfer information. In this way everyone can find all the information about each transaction recorded in blockchain.
Source: blockchain.com
In this screen you can view all the information on the transfer of 10 thousand BTC, performed in May 2010 by one of the first bitcoin developers Laszlo Hanyecz for the delivery of two pizzas. So it was very important for developers and the first cryptocurrency community to show that bitcoins can really be used as a means of payment.
5. conclusion
So, TXID is an important and useful element of every cryptocurrency transaction. It is the unique identification number of each transfer that can help users to track transactions in the public blockchain and receive all the necessary information about them. Acceptance of private keys and data on holders of cryptocurrency portfolios, of course. Existing services offer easy access to the information stored in the blockchain of a particular digital currency and allow users to quickly read the blocks and find the required data.
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