Transaction ID (TXID)

What Is a Transaction ID?

A transaction ID (TXID), also known as a transaction hash, serves as a distinctive identifier that uniquely labels each transaction on the blockchain. It is a unique string of characters that can be verified and added to the blockchain.

Upon a transaction being added to the blockchain, it is assigned a unique transaction ID, generated by applying a hash function to transaction details, including the sender's address, the receiver's address, and the amount of cryptocurrency being sent.

Depending on the specific blockchain in use, one can locate the transaction on a block explorer by searching for the transaction ID. Transaction IDs are invaluable for transaction verification, record-keeping, and troubleshooting purposes.

Here are examples of transaction IDs:

The TXID of the first-ever Bitcoin transaction sent by Satoshi Nakamoto to Hal Finney is: F4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

The TXID of the famous Bitcoin Pizza transaction is: Cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79

Bitcoin utilizes the SHA-256 (Secure Hash Algorithm 256-bit) cryptographic hash function to generate transaction IDs. This function takes transaction data as input and produces a 256-bit hash, represented as a 64-character long hexadecimal number.

Transaction IDs are accessible through blockchain explorers, providing transparency by making all associated transaction details publicly visible. While these IDs do not explicitly reveal the real-world identities of the sender and recipient, there are methods that can potentially establish these connections. Users can search for these transactions by inputting the TXIDs into a Bitcoin block explorer, such as blockchain.com or blockchair.com.