What is TxID and what is it for?
Since crypto-currency does not physically exist (unlike paper money), the transfer process in the blockchain network is somewhat different from banking. For starters, you do not receive a standard receipt that the money was successfully sent. Instead, the transaction identifier (TXiD) serves as a transfer confirmation.
Before a cryptocurrency transaction (transfer, withdrawal, or a coin purchase) is added to the main blockchain, it must be verified by miners. TXiD is the main tool for confirming any cryptocurrency transaction, which allows miners to verify them.
A transaction ID (TXiD) is a unique set of letters and numbers assigned to every transaction on the blockchain network. It is automatically generated by the system and is a sequence of 64 letters and numbers. Simply put, this is the identification number of a cryptocurrency operation, which allows you to track the funds movement and confirm its authenticity.
This is cryptographically encrypted information, so do not be afraid that TXiD will fall into the wrong hands. Transferring this information to others is completely safe. Not all blockchain transactions are lightning fast, so the TXiD can be requested by the funds recipients, as a guarantee that you have really sent them.
The process of finding a transaction ID on all cryptocurrency exchanges is almost the same (iD is always in the history of your transactions). For example, how to find TXiD if the operation was carried out on WhiteBit exchange?
- Log in to your WhiteBit account.
- Go to the “Orders” section in the top right corner.
3. Select “Active” (if the transaction has not been completed yet), or “History” (if it was completed).
4. Find the transaction you need manually or use search filters.
5. Click on the TXiD of the transaction you need and the code will be copied to the clipboard automatically.
6. Now you can forward this code to the funds recipient who requires confirmation.
TXiD is the link between sender and receiver. Thanks to this tool, you can not only prove that you have transferred funds, but also make sure that the required amount of coins will be deposited to your account. If the other party does not fulfill the requirements (this can happen with P2P trading), the transaction ID will be the main reason for a cryptocurrency exchange support service to approve your refund.
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