What is a TXID?
TXID is a unique identifier assigned to a cryptocurrency transaction. It may also be called a transaction hash or Transaction ID.
When cryptocurrency is sent, the network creates a unique sequence of letters and numbers. This identifier can be used to locate the transfer in the blockchain and check its status.
A TXID can be compared to a bank transfer reference number, but cryptocurrency transactions are checked through a blockchain explorer instead of a banking application.
What does a TXID look like?
A TXID is usually a long combination of letters and numbers. Its format depends on the cryptocurrency and blockchain network.
For example:
7f3b8e1d6a42c95f7d8b04e3c58a91f21c6e789d3d0a123456789abcdef01234
A TXID should not be confused with a wallet address. A wallet address shows where funds were sent, while the TXID identifies one specific transaction.
Where can I find the TXID?
After sending cryptocurrency, open the transaction history in your wallet or exchange account and sеlect the relevant transfer.
The identifier may be displayed under one of the following names:
- TXID;
- Transaction ID;
- Transaction Hash;
- Hash;
- Transfer ID;
- Blockchain transaction identifier.
There is usually a copy button or a link to the blockchain explorer next to the TXID.
How can I check a transaction using the TXID?
To check a transfer, open a blockchain explorer for the network used to send the cryptocurrency.
- Copy the TXID from your wallet or exchange.
- Open the appropriate blockchain explorer.
- Paste the TXID into the search field.
- Open the transaction result.
- Check the status and number of confirmations.
It is important to use the explorer for the correct network. For example, USDT may be transferred through TRC20, ERC20, BEP20 or another supported network.
What information is available in a blockchain explorer?
A transaction page usually displays:
- transaction status;
- sender address;
- recipient address;
- transfer amount;
- network fee;
- transaction time;
- block number;
- number of confirmations.
This information helps confirm that the funds were sent to the correct address.
What do transaction statuses mean?
Pending or Unconfirmed
The transaction has been created but has not yet received the required number of confirmations. The funds may already have been sent, but the network is still processing the transfer.
Confirmed or Success
The transaction has been included in the blockchain and confirmed. The recipient may credit the funds after the required number of confirmations has been reached.
Failed
The transaction was not completed successfully. Depending on the network, this may happen because of an insufficient fee, a smart contract error or another technical issue.
Not Found
The blockchain explorer could not locate the TXID. This may be caused by a copying error, an incorrect network selection or a delay before the transaction appears publicly.
What are network confirmations?
A confirmation means that the transaction has been included in a block and accepted by the network.
Different services require different numbers of confirmations. A transaction may already be visible in the blockchain while the recipient is still waiting for the required confirmation threshold.
The more confirmations a transaction receives, the more secure it is generally considered.
Why can a cryptocurrency transfer be delayed?
A delay does not always indicate a problem with the exchange or recipient. Possible reasons inсlude:
- high blockchain network load;
- a low network fee selected by the sender;
- an insufficient number of confirmations;
- technical processing by a wallet or exchange;
- the use of an incorrect network;
- an incorrect recipient address;
- a temporary security review.
What should I do if the transaction is taking too long?
First, locate the transaction using its TXID and check the current status.
If the transaction is still pending, it is usually necessary to wait for the blockchain network to process it. The recipient generally cannot change the fee or speed up a transaction created by the sender.
If the transaction is confirmed but the funds have not been credited, provide support with:
- the exchange order number;
- the TXID;
- the cryptocurrency name;
- the selected network;
- the amount sent;
- the recipient address.
This information will help the support team locate and review the transfer more quickly.
Can a cryptocurrency transaction be cancelled?
In most cases, a confirmed cryptocurrency transaction cannot be cancelled or forcibly reversed.
For this reason, users should carefully check the wallet address, network, cryptocurrency and amount before sending funds.
If funds were sent to an incorrect address, only the owner of that address may be able to return them.
Why should I save the TXID?
The TXID is the main proof that a cryptocurrency transfer was submitted.
It may be required:
- when contacting support;
- to check the transaction status;
- to confirm payment for an exchange order;
- to investigate a crediting issue;
- to verify the selected network;
- to resolve a disputed transaction.
Is it safe to share a TXID?
A TXID does not provide access to a wallet and cannot be used to control funds. It can normally be shared with customer support to verify a transaction.
However, never share:
- your seed phrase;
- your private key;
- your wallet password;
- backup codes;
- two-factor authentication codes.
A legitimate cryptocurrency exchange will never ask for your seed phrase or private key.
How can I avoid transaction errors?
- Make sure the sending and receiving networks match.
- Check the first and last characters of the wallet address.
- Confirm the minimum exchange amount.
- Do not send funds after the order has expired.
- For a large amount, consider sending a small test transaction first.
- Keep the TXID until the exchange has been completed.
Conclusion
A TXID is a unique cryptocurrency transaction identifier that allows a transfer to be checked directly in the blockchain.
It can show the transaction status, amount, recipient address, network fee and number of confirmations.
When exchanging cryptocurrency through UnionXBit, keep the TXID until your order is completed. If a transfer is delayed, provide the transaction identifier to the support operator so the payment can be located and reviewed quickly.
