What Is Bitcoin Transaction ID and Why Is It Important For Transactions [2021]

Most people think the Bitcoin transaction ID is a simple thing, but it is more complex than it seems. When you send the payment, you have performed one or two steps to complete this process. But behind this, the wallet or network has to perform too many steps to do this.

So, do you want to know about the transaction ID? If so, you have landed in the perfect place. After reading the complete information related to the Transaction ID, we guarantee that you will quickly find the solution to your query. 

The transaction ID is a unique alphabet and numbers combination. You won’t find the same transaction id for different transactions. Generally, the system generates the transaction ID when the transaction process is done successfully.

Bitcoin Transaction ID: Overview

After sending the payment, it might be possible that the other person requests the transaction ID. It is to make sure that the amount is successfully sent or not. The best part of every digital currency is that it will provide you the proof of payment transfer.

Suppose you want to check that the payment is successfully sent, then for this, the transaction ID is present. With the help of this ID, you will go to the transaction details page. However, the transaction ID is current in the form of numbers and letters.

What Is A Transaction hash/Hash ID?

What is a Bitcoin transaction ID? Do you understand the meaning of it? If not, then let me explain it to you. The other names of transaction ID are txid, tx hash, and also transaction hash. It is present in letters and numbers; you can say it is a string of numbers and letters.

The transaction ID is used to know the transaction details. When you go for the Bitcoin transaction ID lookup, you find every ID different for every asset.

Ethereum transaction ID is:

0xa6ccd529d3ee87405b0b6415b9d14682568f4a5f3d1b3239dd4417d43d86d574

The bitcoin transaction ID is:

8741d088c4ae3b01417a954cf68aa1ab37d3cb8d550d999a126b5660bc9d5e62

With the help of transaction ID, you can easily check all transaction details, but you can do this on the block explorer. Every asset contains its block explorer, and with the help of this, you can check sender address, amount, receiver address, time, fees, and other things.

How to Find Bitcoin Transaction ID

To find the Transaction ID, you have to click on the link present in your wallet. Other than this, you can also go to your asset block explorer and search the transaction ID. But remember that every asset contains its block explorer.

It means you cannot use the Ethereum block explorer for Bitcoin. So, we recommend you always find the correct block explorer for your asset. Some block explorers for different assets include:

For BTC: https://www.blockchain.com/

For LTC: https://live.blockcypher.com/ (Make sure to set it to LTC, not BTC!)

For BCH: https://bch.btc.com/

For ETC: https://gastracker.io/

For XLM: https://stellar.expert/explorer/public/

For XRP: https://xrpscan.com/

For ETH: https://etherscan.io/

For ERC20: https://etherscan.io/

For EOS: https://www.eosx.io/

Why Might You Need A Transaction ID?

There are too many reasons to have the transaction ID. But the two primary reasons include:

Delayed Transactions

The first common reason is the delayed transactions. If you are in tension about the delay, then you have the opportunity to check the transaction details on the block explorer. If the transaction details are present, then it means your transaction is processing.

Proof of Sending

The second common reason is sometimes you need to send the proof of your transaction to another person. For this, you have to provide the transaction ID to confirm that you have sent the payment. You can use the transaction ID as proof of transaction.

What If Your Transaction Isn’t Found On Block Explorer?

Suppose you are facing this problem then first you don’t have to take tension about it. We will explain this in simple words. So, the first thing is that you might be using the wrong block explorer.

Like you need the transaction ID for Bitcoin, and you are using the Ethereum block explorer. If you are doing this, then you will find nothing. To avoid this problem, you should use the Bitcoin.com explorer to redirect you to the exact page when you face this issue.

If you can’t find the transaction details, it might be possible that the transaction ID is incorrect. It means that you have to check your transaction ID. The block explorers are error-free so that a tiny mistake can lead you to this situation.

In most cases, the user did not copy the transaction ID very well, or some numbers or letters are missing. That’s why the block explorer doesn’t have the transaction ID. So, at the time of copying the transaction ID, be careful and copy the whole ID.

What If Your Transaction Has Been Sent to the Wrong Address?

The next problem that the different users face is they sent the transaction to the wrong address. The bad news for you is that it is challenging to solve this problem. Usually, the exchanges will solve this problem if you send the transaction to the wrong address.

However, the main work of the exchanges is to control the movement of the payment. It means they can quickly reverse the amount into your wallet. But the main problem is that if you are not sending the price with the help of exchange, it is impossible.

In this situation, no one can reverse your transaction. Bitcoin doesn’t provide you with the other person’s details; you don’t have the chance to meet the person and reverse your payments. To avoid this problem, you always have to check the address two times before sending.

How Do You Use Block Explorer to Find Transaction Details?

All the steps to find the transaction details with the help of block explorer include:

Select the Transaction Within Your Wallet

First, you have to open the wallet and then choose the transaction option to know more details. Too many wallets and different exchanges always show you the recent transaction details to learn more.

Find the Unique Transaction ID

We all know that every transaction comes with a unique ID. This ID is a mixture of numbers and letters; it is called a unique ID. The Bitcoin wallet always provides you with the transaction ID, and other exchanges and wallets also offer this.

View On Block Explorer

If you are a regular user of the bicoin.com wallet, you have to press the option “view on the blockchain,” You will be automatically redirected to the Block Explorer. The second option for you is to directly copy the transaction ID and search in the block explorer.

Conclusion: Bitcoin Transaction ID

The Bitcoin transaction ID is the most important thing, and everyone should know about it. After reading the article, we hope you have grasped its details and learned how to find Bitcoin transaction ID. 

So, we have finished our part of the story. If you want to know more about your query, you can ask us in the comment section.