The ID card of blockchain transactions — Understanding TXID

On the blockchain, each transfer has a unique identification number, which is what we commonly refer to as the Transaction ID (TXID), also known as the transaction hash. Simply put, it is the unique identifier generated by the blockchain for each transaction.

Why do you need to understand TXID?

When you withdraw crypto from an exchange or transfer to a friend, the most common question is “Where did my money go?” At this point, TXID comes in handy—it can help you track the flow of funds and verify whether the transaction has been successfully recorded on the blockchain.

How is the TXID generated?

The transaction ID is encrypted through a hash function that includes all transaction details, such as sender address, receiver address, and transfer amount. For example, Bitcoin uses SHA-256 (Secure Hash Algorithm 256-bit) encryption, which ultimately produces a 64-character hexadecimal string.

Each transaction added to the blockchain is automatically assigned this unique transaction ID, becoming a permanent record of that transaction.

Practical methods to query TXID

Query from the exchange

When withdrawing cryptocurrencies from centralized exchanges (CEX) like Binance, the platform will automatically display the TXID for that transaction. You can find it directly in the transaction history page. Clicking on the TXID will take you to the blockchain explorer for that blockchain, where you can view the full transaction details.

Query via blockchain explorer

You can also manually copy the TXID into a blockchain explorer (such as blockchain.com or blockchair.com) to search for transaction details. Since all blockchain transaction information is public and transparent, anyone can view data related to specific transactions or addresses.

Famous TXIDs in history

There are two of the most famous transactions in Bitcoin history:

The first Bitcoin transaction: Sent by the creator Satoshi Nakamoto to Hal Finney, with TXID: F4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

Bitcoin pizza transaction: The programmer bought pizza with 10,000 bitcoins, with TXID: Cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79

What to do if a transfer goes wrong?

If you accidentally transfer to the wrong address or blockchain, the TXID from the withdrawal history will be a key clue for recovering funds. Using the TXID, you can accurately trace the flow of funds and then contact the recipient platform’s customer service for assistance. However, please note that even with a TXID record, there is no guarantee that funds can be recovered, so always double-check the address and blockchain type before transferring.

Balancing privacy and transparency

Although the TXID itself does not directly reveal the sender’s and receiver’s real identities, the public nature of blockchain transaction information means that, through certain analysis methods, it is still possible to establish links between transactions and identities. This is the characteristic of blockchain being “transparent but anonymous.”