Each transaction in the Bitcoin blockchain has a unique number. With its help, you can check the status of the transaction and familiarize yourself with information about its details: the amount of the transfer, the amount of the fee, the addresses of the sender and the recipient. To find out the ID of a bitcoin transaction, it is enough to open the history of transfers in the wallet or on the exchange. IDs do not contain personal data, so it is safe to share them with other users.
General principle of Bitcoin transactions
The Bitcoin blockchain is a chain of digital signatures. When one user sends cryptocurrency to another, it authenticates the hash (identifier) of the previous transaction, the public key of the next and adds this information to the end of the code. Transactions are public. Anyone in the chain can see the date and time of the payment, the amount transferred, the digital addresses of the parties and other data. But only the owner of the private key has access to the coins.
The payment signed by the sender goes to the mempool, where transactions are waiting for confirmation. Miners choose them according to the principle of price priority. The higher the transaction fee, the faster it will be carried out.
According to the BitInfoCharts service, the average fee on the Bitcoin network in December 2021 was 0.00005 BTC ($2.32). During periods of high activity, the transaction price goes up and the confirmation time increases.
The speed of transactions is also affected by their weight. This indicator includes:
- The number of addresses from which the coins (inputs) came. Each weighs about 149 bytes.
- The number of recipients of the transfer (outputs). Each weighs about 34 bytes.
There can be any number of inputs, outputs – no more than 2 (one for payment, the second for return of change). In addition, the weight of the transaction itself is taken into account – 10 bytes. If a user received 5 transfers totaling 1 BTC and wants to pay with digital money for a purchase, the weight of the new transaction will be: 148 * 5 + 34 + 10 = 784 bytes.
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What is TxHash / TxID
Payments in the Bitcoin network can be compared to regular money transfers. Wallet addresses in the blockchain correspond to bank accounts, and transaction identifiers (TxHash or TxID) correspond to transaction numbers. The hash of a cryptocurrency transaction consists of a specific set of numbers and letters that is never repeated. For example: 93437a722a87fd37766cc4b25fb38de1651b172361e85e1483f0ba20144acbe1. This code reflects the status of the transaction in any blockchain browser (Blockchair.com, Blockchain.com):
- Pending –pending.
- Confirmed – confirmed. The transaction record is posted on the network.
The system rejects the payment if the user has set a low commission or has not specified it at all. Such transactions are not displayed in the blockchain, and the coins are returned to the sender.
TxID will show the basic parameters of a bitcoin transaction:
- Digital addresses of the sender and receiver.
- The amount of the transaction.
- The transfer fee.
- The fee per byte.
- The date of the transaction.
- The number of network confirmations.
- The number of the block in which the transaction information is recorded.
With the help of the identifier, you can track the entire history of coins. The entry and exit addresses are usually listed at the bottom of the page. The hash is also used as a check (sent to the service provider to confirm the payment).
| Platform | Date of creation (year) | Number of visitors for November 2021 (people) |
|---|---|---|
How to find a bitcoin transaction ID (BTC)
Transaction IDs allow investors and traders to monitor the status of assets. They provide settlement transparency that is not available in the traditional financial sector.
Bitcoin transaction IDs can be retrieved from wallets, exchangers and cryptocurrency exchanges from which the coins were sent. If you can’t find the TxHash on your own, it’s worth contacting support for help.
Blockchain Wallet
One of the oldest Bitcoin reviewers offers a cryptocurrency storage service. You can view the transfer ID on Blockchain.com immediately after sending or receiving coins. The ID number is generated automatically. You can also find the desired hash in the history of transactions by selecting the line with the relevant amount and payment date.
Transaction data is stored in the blockchain. They can also be accessed in the Explorer section. The algorithm of actions is as follows:
- Enter the wallet address in the search bar.
- Select from the list of transactions relevant by date and amount.
- TxID will be specified in the corresponding field. You can click on it to view the transaction data.
Core and Electrum wallets
Searching for the transaction ID in Bitcoin software clients follows the same algorithm:
- Log in to your account.
- In the Transactions section, select the desired payment.
- Double-click on the designation.
- The window that opens will show basic information about the transaction, including the TxID.
Coinbase
A popular service for trading cryptocurrency and storing coins can provide users with data about all transfers since the creation of the account. On the Coinbase platform, you should look for transaction information in the “Accounts” tab. If you select a BTC wallet, a list of all deposits and withdrawals will appear. Here you can find the desired record and click on view to find out the ID.
Exchanges
Many trading platforms store information about incoming and outgoing payments. The transaction hash is available in the Bitcoin wallet history. On Binance, it looks like this:
- Log in to your personal account.
- Go to the “Wallet” section.
- Select “Overview” from the menu.
- Click on “Wallet History.”
- In the opened list of deposits and withdrawals, select the desired transaction. The identifier is located in the TxID field.
By clicking on the identifier, the user learns the status and details of the transaction. The search system in the mobile application works similarly.
Frequently Asked Questions
🔎 How else can I track a bitcoin transaction?
If you specify the address of the sender’s or receiver’s wallet in the browser search, the service will display all related transfers.
💻 On which platforms can I verify a BTC payment?
Blockchain.com, Blockchair, Bitcoin.com, CoinMarketCap and other reviewers are popular in 2021.
❓ Where does the change come from when sending Bitcoin?
A BTC wallet can contain any number of addresses. For convenience, the balance displays the total number of coins. When sending bitcoin, all currency from one address is included in the block. After confirming a BTC transaction, the unspent amount is returned to the owner. It is referred to as change.
💡 How do I know the TxHash of a bitcoin withdrawal from the OKEx exchange?
You can see the identifier in the “Assets” section. The “Withdrawals” tab contains a list of all payments. The number is listed in the TxID column.
🔑 What is a bitcoin transaction ID?
Any coin transfer on the blockchain has its own unique number. TxID consists of letters and numbers given in any order.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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