Crypto Terms:
Letter T
What is Transaction ID (TXID)?
Meaning:
Transaction ID (TXID) -
a unique string of characters that identifies transactions on the blockchain.
Let's find out Transaction ID (TXID) meaning, definition in crypto, what is Transaction ID (TXID), and all other detailed facts.
When a transaction is created and added to the blockchain, it's assigned a transaction ID (or a transaction hash) as a unique identifier. You can find information about a certain transaction using its TXID in a block explorer. Every blockchain has various explorer options. This helps to validate basic transaction details. You can find out the transfer date, the sent amount, the sending and receiving addresses, and how many network confirmations were received.
For instance, the following is the TXID of the first Bitcoin transaction that was ever made. It was sent from Satoshi Nakamoto to Hal Finney:
f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
Note that the TXID of your withdrawal transaction is displayed when you withdraw crypto from a centralized exchange (CEX). If you want to be taken to the relevant transaction in that blockchain's block explorer, simply click on the TXID.
Besides, you can use the TXID from your withdrawal history to figure out if you can get your money back if your transferred funds end up in the wrong address. Though keep in mind that there's no guarantee that you will.
decentralized distributed ledger<\/strong><\/a> that is made up of a series of discrete blocks of data. Each block contains information on transactions that occurred within a specific time period, as well as a unique identifier (<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hash/">hash) that allows it to be distinguished from other blocks in the chain.<\/p>\n<p>Only when the blockchain has been updated to reflect the transactions on the public ledger, they are considered genuine. Depending on the chain, transactions must be certified by a number of network participants known as miners or <strong>validators<\/strong>. <\/p>\n<p>Therefore, transaction triggers can be set up to group various transactions and execute them when certain conditions are met. This is convenient and provides <strong>assurance<\/strong> for users in various ways. For instance, users can create a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-stop-loss-order/">stop-loss order<\/strong><\/a> to cancel their positions on decentralized platforms when the prices of the assets they have borrowed fall below a specific limit. This way they can <strong>mitigate losses<\/strong> and manage risks.<\/p>\n<p>Since cryptocurrencies are <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-volatility/">volatile assets with prices that vary too quickly for consumers to react, this can be quite useful. Especially during <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bear-market/">bear markets<\/strong><\/a>. Besides, it <strong>eliminates the need for constant monitoring<\/strong>, which can be both impractical and time-consuming.<\/p>\n<p>Users can also set transactions triggers in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bull-market/">bull markets<\/strong><\/a>. For example, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-limit-order/">limit orders<\/strong><\/a> on <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-exchange-dex/">decentralized exchanges<\/strong><\/strong><\/a> can be used to make a profit when the price of cryptocurrency rises to predetermined levels.<\/p>","definition":"triggers that group various transactions and execute them if certain conditions are met.","status":"published","meta_title":"What are Transaction Triggers? Definition & Meaning | Crypto Wiki","meta_description":"Transaction Triggers meaning: Transaction Triggers - triggers that group various transactions and execute them if certain conditions are met.","meta_keywords":null}"
:prev-section="{"id":787,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Fee","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-17T09:22:22.000000Z","slug":"what-is-transaction-fee","title":"What is Transaction Fee?","section":"T","keyword":"Transaction Fee","content":"<p>A <strong>transaction fee<\/strong> is a particular payment that a user must pay in return for using the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain to complete a transaction. The transaction takes place from one <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">cryptocurrency wallet<\/strong><\/a> to another.<\/p>\n<p>To specify, originally, transaction fees were developed to manage fraudulent acts on the Bitcoin network.<\/p>\n<p>As an example, all Bitcoin transactions are routed via a backlog known as the <strong>memory pool,<\/strong> sometimes known as the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mempool/">mempool. Therefore, if the mempool is full, the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-miner/">miners will decide which transactions to validate first.<\/p>\n<p>Keeping that in mind, usually, higher-fee cryptocurrency transactions are handled first. As a result, some <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin users may desire to boost fees if they believe their transaction will be completed in a quicker manner.<\/p>\n<p><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum costs, on the other hand, are calculated in gas, which is a minuscule part of ETH. By comparing Ethereum and Bitcoin you would notice that transaction fees are more essential in Ethereum. This is because it offers <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a>, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">decentralized apps<\/strong><\/a>, and other, more advanced features.<\/p>\n<p>To specify, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a>, the creator of Bitcoin, revealed transaction fees after being influenced by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-adam-back/">Adam Back’s<\/strong><\/a> hash system. The hash system was <strong>supported by<\/strong> the concept of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">proof-of-work (PoW)<\/strong><\/a> consensus algorithm. Since then, other blockchains have followed the steps of Bitcoin and implemented similar fees as a way of managing the process of mining.<\/p>\n<p>Essentially, transaction fees are quite adaptable and can differ depending on how busy the blockchain is at the given moment. Users that want to speed up a transaction may choose to pay a higher transaction fee. In that case, miners who are compensated to validate transactions will then often validate that particular transaction first.<\/p>","definition":"is a payment that a user is obligated to pay in return for using the blockchain to complete a transaction.","status":"published","meta_title":"What is Transaction Fee? Definition & Meaning | Crypto Wiki","meta_description":"Transaction Fee meaning: Transaction Fee - is a payment that a user is obligated to pay in return for using the blockchain to complete a transaction.","meta_keywords":null}"
:model="{"id":1014,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Financial_transaction","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-17T09:23:56.000000Z","slug":"what-is-transaction-id-txid","title":"What is Transaction ID (TXID)?","section":"T","keyword":"Transaction ID (TXID)","content":"<p>When a transaction is created and added to the blockchain, it's assigned a transaction ID (or a transaction hash) as <strong>a<\/strong> <strong>unique identifier<\/strong>. You can find information about a certain transaction using its TXID in a <strong>block explorer.<\/strong> Every blockchain has various explorer options. This helps to validate basic transaction details. You can find out the transfer date, the sent amount, the sending and receiving addresses, and how many network confirmations were received.<\/p>\n<p>For instance, the following is the TXID of the <strong>first Bitcoin transaction<\/strong> that was ever made. It was sent from <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a> to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-hal-finney/">Hal Finney<\/strong><\/a>:<\/p>\n<p style=\"text-align: center;\"><strong>f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16<\/strong><\/p>\n<p>Note that the TXID of your withdrawal transaction is displayed when you withdraw crypto from a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-centralized-exchange-cex/">centralized exchange (CEX)<\/strong><\/a>. If you want to be taken to the relevant transaction in that blockchain's block explorer, simply click on the TXID.<\/p>\n<p>Besides, you can use the TXID from your withdrawal history to figure out if you can get your money back if your transferred funds end up in the wrong address. Though keep in mind that there's no guarantee that you will.<\/p>","definition":"a unique string of characters that identifies transactions on the blockchain.","status":"published","meta_title":"What is Transaction ID (TXID)? Definition & Meaning | Crypto Wiki","meta_description":"Transaction ID (TXID) meaning: Transaction ID (TXID) - a unique string of characters that identifies transactions on the blockchain.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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current-chapter="T"
current-section="what-is-transaction-id-txid">
