What Is TXID or How to Find a Transaction in the Blockchain Ocean

TXID

Today the world of cryptocurrency has its own special terminology that is often not really clear for newcomers. If you are one of those and if you happen to listen to experienced cryptocurrency traders, professional miners or blockchain specialists talking to each other you might understand only adverbs and prepositions, while the rest may sound rather weird. In this article, The Coin Shark will help you figure out one important thing that every crypto-sailor should be aware of to start his journey over the blockchain ocean. And this is TXID of digital currency transactions. Today we will tell, what this four letter stand for, what is the function of TXID, how to find it and how to use it.

Contents:
(please, click the topic to scroll down to it)

  1. What is a cryptocurrency transaction and how is it carried out?
  2. What is TXID and why is it needed?
  3. How to use TXID?
  4. How to find TXID?
  5. Conclusion

1. What is a cryptocurrency transaction and how is it carried out?

Everyone is certainly aware of what is a transaction. Money are sent from one account to another, that is it. If we talk about digital currencies – then coins are transferred from one cryptocurrency wallet to another. However, how are cryptocurrency transactions carried out technically? What really happens behind the blockchain scene when cryptocurrency is transferred? Well, transaction is actually the information about assets transfer. This information is recorded into the blocks of blockchain of a particular digital currency. Each block contains a header and a list of transactions. The header includes transaction hashes, hash of the block itself, and hash of the previous block. In order to become a valid part of blockchain and to be written in the block, each and every transaction should be confirmed. The validity and correctness of each record is ensured and, thus, it is not possible to manipulate the information in the blockchain distributed database. The time spent on the confirmation of transactions is one of Bitcoin‘s (and some other virtual currencies) problems. It was initially planned that cryptocurrency transfers would be instant, however, it soon became clear that, given the multiply increased number of users, the confirmation of transactions can take more and more time. Bigger transactions, as well as transactions with higher commission fees set by the user are confirmed faster. Transactions are confirmed by miners when they create new blocks in blockchain by making calculations to find hash.

2. What is a TXID and why is it needed?

To put it simple, TXID is a transaction passport, a unique number that can be used to identify the current status of a particular transaction, as well as to find out whether it was actually recorded into blockchain or not. TXID (transaction ID) or a transaction hash is assigned to each cryptocurrency transfer. Actually, cryptocurrency exists as the recorded information. Digital coins do not exist physically, as well as electronic fiat money that are transferred between bank accounts. Therefore, sometimes it is very important to track the status of such a record.

TXID is assigned to a cryptocurrency transaction immediately when it joins the network and is its unique marker. It is generated randomly and looks like a sequence of letters and numbers. The total TXID size is 64 characters.

3. How to use TXID?

The transaction receives its TXID automatically, and users usually do not even care about it, unless there are some problems – their transaction is delayed, assets were not received, etc. In such cases it becomes necessary to check the status of the transaction, to find out whether it was recorded in the blockchain and confirmed or not.

You can use special services to track the transaction status. If you are interested in bitcoin transaction, there is the service blockchain.com that can help you with its BTC blockchain explorer. To check the Ethereum transaction, you can use Etherscan. In addition, there are also “multi-blockchain” services where you can find details about a number of cryptocurrency transfers and explore different blockchains. For example, SoChain can provide you with the information on bitcoin, Ethereum, Dash, Dogecoin, Zcash and Litecoin transfers. Users should just enter a hash of the needed transaction in the appropriate field and get the result.

4. How to find TXID?

TXID can be displayed right away in a cryptocurrency wallet when a particular transaction is carried out by a user. In addition, you can find TXID using the services mentioned above. To do this, you will need a sender’s cryptocurrency wallet address. For example, on blockchain.com it should be entered in the search box. The service will then show all transactions sent from this particular address, starting with the latest ones. TXID will be displayed in the gray box above the transfer information. This is how everyone can find all information about each and every transaction recorded into blockchain.


Source: blockchain.com

In this screenshot you can see all the information on the transfer of 10 thousand BTC, carried out in May, 2010 by one of early bitcoin developers Laszlo Hanyecz for the delivery of two pizzas. Back then it was very important for the developers and the community of the first cryptocurrency to show that bitcoin can really be used as a means of payment.

5. Conclusion

So, TXID is an important and useful element of every cryptocurrency transaction. It is the unique identification number of every transfer that can help users track transactions in the public blockchain and receive all necessary information about them. Accept of private keys and data on holders of cryptocurrency wallets, of course. Existing services provide easy access to the information stored in blockchain of a particular digital currency and allow users to quickly read the blocks and find the required data.

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The Crypto Market “Started Selling” Bitcoin by $4 500 by Black Friday or Top 5 Crypto-Services That Offer Discounts

What if it wasn’t collapse of the rate, but cryptocurrency market is preparing for the Black Friday? And it’s not an anti-record of the price tag of Bitcoin and other cryptocurrencies, but a huge discount? 🙂

All the news feeds are flooding with the information about “bad feeling” of the crypto market. Today, November, 20, 2018, the Bitcoin rate is hanging around the $4 500 mark, causing deep psychological trauma to the holders of cryptocurrencies. But, what if it is the time to rejoice and buy a cheap crypto ?

This is all, of course, “black” jokes on the grounds, that the world’s attention is focused within 2 events – the collapse of the cryptocurrency market and the upcoming Black Friday.

In order to lighten the spirits, The Coin Shark has collected top 5 trading platforms where attractive discounts to the Black Friday are already waiting for you.

1. Bitcoin Black Friday

The most popular crypto platform, where the massive sales of goods are held for Bitcoin on the Black Friday. The platform will start sales on November,23, 2018 at 00:00 UTC.

2. Overstock

This trading platform works constantly. It’s advantage is the opportunity to save up to 70%. On holiday sales, the founders of the platform, decided that they could give more to their users.  On Black Friday 2018, there will be discounts on goods up to 70%. For payment method they accept Bitcoin and other cryptocurrencies. 

3. TradingView

The website for monitoring cryptocurrency, gives to all traders a good opportunity to buy a powerful tool for research and analysing of the rate with a 60% discount on a Pro, Pro+ and Premium versions.

4. Crypto Asylum

The manufacturer of hardware wallets Crypto Asylum, decided to keep up with the “black tradition”. He will arrange the sale of his products with a 20% discount, on all of his products. The discount is given if you pay for your goods using Bitcoin cryptocurrency.

5. LEDGER

The manufacturer of the hardware wallet Ledger Nano S, is also not far behind from “the black trends”. It’s users will be given a 21% discount, if they place an order between Black Friday and Cyber Monday, which will be on November,26.

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Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

OKEx upset its customers once again, this time the crypto exchange cancelled their investments too early, as a result, they lost quite impressive amount of money – $135 million.

These investments include Bitcoin Cash futures; OKEx has implemented such investments recently, however, they were not approved by any regulated business.

The exchange took all the measures due to Bitcoin Cash hard fork last week:

“Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. We expect an even greater volatility…The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins.”

Nevertheless, the disruption happened and caused drastic drop in cryptocurrencies’ prices. The Hong Kong-based OKEx decided to deliver the contracts before their due dates. It caused losses to some investors. According to Bloomberg, Qiao Changhe, one fund manager, lost $700,000.

We remind you

Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

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Cryptocurrency Prices Today, November 20: BTC Collapsed below $4500, Bitcoin Cash Lost 44% of Its Cost

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 15.72% over the past 24 hours. The price at the time of writing is $4505 per coin, but it remains quite volatile and decreases to the $4300 price point from time to time.

The rest of  cryptocurrencies are rapidly declining:

Bitcoin Cash lost 44% over the past 24 hours and costs $242 per coin;

Ripple minus 4.58% and costs $0.44;

EOS lost 14%, and its price is $3.69;

Litecoin fell by 14.37%, and its rate is $32;

Cardano lost 15.97%, and its value is $0.045;

Stellar dropped by 15.36% and is $0.19 in price;

IOTA decreased by 17%, and its cost is $0.41;

Dash lost 14.10%, and its price is $103;

Monero collapsed by 16.60% and costs $67.

Over the past day, Ethereum lost 16.15% and continues to decline in price. The cost of the coin is $133.

The total market capitalization dropped significantly to $145 billion. Bitcoin accounts for 53.6% of the total amount. In monetary terms, the volume fell to $78 billion.

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Poloniex Crypto Exchange Adds 6 USD Coin Trading Pairs

One of the major crypto exchanges in the world, Poloniex, decided to implement six more trading pairs which include Goldman Sachs-backed stablecoin USDC.

Users can trade the following trading pairs since November 16:

XRP/USDC
XMR/USDC
STR/USDC
DOGE/USDC
LTC/USDC
ZEC/USDC

Moreover, Poloniex claimed in its blog post that it had become the first crypto exchange to offer users the ability to trade tokens linked to Bitcoin Cash (BCH): Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC).

We want to remind you that such crypto exchanges as OKEx, Huobi, BitPay, Coinbase, Binance have already listed USDC stablecoin on their listings.

The Stablecoins: What Is It and Why Is It So Popular Now?

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SIM Swapping Has Become One of the Most Popular and Dangerous Types of Crypto Hacking Attacks

Hackers never sleep. They always come up with new ways to steal money, and when they find a good method, they stick to it. Recently, this has been the case for SIM swapping, an attack which can illegitimately get hold of cell phone users’ personal info and result in great money loss.

According to REACT Task Force, an organization that is fighting with crimes online, such type of attack has become so widespread due to its simplicity and efficiency, in other words, it is easy to pull off and it can bring a lot of money.

A representative of REACT mentioned:

It’s probably REACT’s highest priority at the moment, given that SIM swapping is actively happening to someone probably even as we speak right now.”

SIM swapping has already caused a couple of scandals involving major mobile providers in the US. We remind you:

AT&T and T-Mobile Are Sued by the People Affected by the Sim Swapping Hacking Attacks

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Are Crypto and Blockchain Jobs Still Relevant?

As it may be seen from the statistics taken from the job search site Indeed.com, the popularity of crypto-related jobs has begun decreasing as the hype over cryptocurrency slowly but surely fades away.


Source: Indeed.com

According to the graph, the employee’s interest in crypto jobs (blue line) has remained pretty much the same as one year ago, but did drop significantly compared with the November and December of 2017. As for the employer’s interest (red line), it has stayed quite stable, however, it is also starting to decline.

Crypto industry is a sphere where real specialists can get quite decent salaries. Hopefully, as the market stabilizes, the demand of jobs will increase as well.

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