What is a Hash Transaction ID and how to track it

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 What is the Hash ID (txid) of a bitcoin transaction

Today we’ll talk about a situation that can happen when sending any cryptocurrency payment. Sometimes the recipient may ask for a ‘hash of the transaction’ to confirm payment, and sometimes the same request can be received from the digital wallet or exchange support service when problems arise with the operation.

Usually, when faced with such a request, inexperienced users are lost, so today we will talk about what hash ID is, where to look for it and how it looks.

Hash ID (txid) is an identifier used to uniquely identify a specific transaction. All operations in the chain (incoming and outgoing) have an exclusive txid, which can be seen in the details of the transaction.

It usually looks like a random set of letters and numbers. Note that hashing is not the same as encryption, since the hash does not have a key that specifically addresses it to the original input. However, a hash can be reversed using brute force, although it is extremely complex and requires a lot of resources.

Rough hashes are the basis of mining on the blockchain. Hashes are great for security and anonymity. Important information can be hashed many times for added security.

In cryptocurrency, transaction details are hashed into 64-character identifiers to make them easier to find. Public keys are hashed into addresses that you give others so that they can send you coins.

How to find transaction id

It is easier to do this from a computer than from a mobile device. Some storages show the identifier in the wallet itself. To do this, just click on the payment you made, and then click on “Transaction ID” – a similar code (a1565db55d416d3ck149f35b6984e2015b9245e16c5cf512fc80e9d5fbf5d49d) is hash ID.

If the wallet does not provide you with such information, you can do this on resources that are tied to a specific cryptocurrency.

Hash searches for other cryptocurrencies are performed in the same way on their personal resources or on common search engines.

What is hash id for

In essence, a transaction hash is one of the foundations of the cryptocurrency world. After all, this money does not have a physical embodiment, and hashed records are the only confirmation of their existence and movement.

A hash is automatically created for absolutely every digital operation. And he, in general, you may never need. The need to search for this personal number arises only in problematic cases, for example:

  1. The addressee did not receive the transfer;
  2. The transaction was not written to the blockchain due to some technical error.

If you transfer the digital code of your hash to another person, be prepared for him to find out all the information about a particular transaction that this number identifies: public addresses of the recipient and sender, amount, time, date, etc. It is absolutely safe, as the possession of this data does not give access to assets and does not violate confidentiality.

Completion

Digital money is becoming more popular every day – the number of blockchains and the number of transactions in them are growing. Because of this, delays and failures associated with foreign exchange transactions may occur periodically.

In such a situation, hash ID is a necessary technology that ensures that no transaction (and with it the money) will disappear without a trace.

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