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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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

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WWF Will Handle the Supply Chain with the Help of Blockchain

The Australian division of World Wildlife Fund has decided to integrate the blockchain technology into its supply chains in order to track down and store data on various kinds of food.

WWF partnered up with the company BCG Digital Ventures to create a blockchain-based platform called OpenSC and bring the plan into reality.

According to the official announcement of WWF Australia:

OpenSC enables businesses to track their products – anything from food to tissue paper – by adding a unique blockchain code at the product’s point of origin, such as the moment a fish is caught at sea.”

Moreover, OpenSC will allow its users to scan a special QR-code on the food they want to buy in order to see the information on a specific product: from its properties to how it traveled in the supply chain.

This is not the first time an organization or company of a global scale is turning to the blockchain technology. We remind you:

Ford Will Fight Child Labor in Africa Using Blockchain

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

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

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

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Is Bank of America Going to Cooperate with Ripple?

As we all know, the crypto market is still in a deep recession. The collapse of cryptocurrencies at the end of last year negatively influenced all coins, however, some of them suffer less than others.

One of such coins was Ripple. Not only did it manage to outrun Ethereum in the rating, its blockchain platform keeps being implemented widely by the world’s largest companies in various spheres.

We remind you:

Ripple: 13 Financial Institutions Have Joined RippleNet, Surpassing 200 Customers All Over The World

Recently, there appeared rumors on the Internet, saying that the second largest financial institution, Bank of America, might be considering forming a partnership with Ripple Labs and incorporating the blockchain technology into its system, according to Fintech News.

Currently, the bank is using SWIFT technology for international transactions, which proved to be quite inconvenient, slow and insecure.

It is still unclear whether Bank of America wants to fully apply Ripple technology or create a similar app, but its main intention is to let the customers make transaction between various banks in a safer and easier way.

Neither of the sides have officially commented on the matter so far.

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Ford Will Fight Child Labor in Africa Using Blockchain

According to the report made by Reuters, an American major car manufacturer Ford is partnering up with such giants as IBM, LG Chem and Huayou Cobalt to create a joint blockchain platform which will track down cobalt coming from Congo.

This project is aimed at helping children who are working at cobalt mines in Congo against their will and against any human rights.

The blockchain platform is going to analyze the supplies of cobalt coming from Congo to be later utilized to produce lithium-ion batteries (which can actually be found in Ford cars) and, if it is coming from mines where child labor is applied, make sure it never makes its way into the world market.

Moreover, the future plans in this direction involve using AI chemical analysis in order to identify cobalt from other metals in the supplies, since they often merge together naturally, making it impossible to distinguish between them.

This important step in fighting child labor in Africa has been in the making since the December of last year, however, the companies taking part in its implementation chose to keep it quiet until recently. The trials of the platform that will soon be conducted are going to track cobalt form Huayou mines to LG chemical plants and finally to Ford vehicles.

We remind you:

The UN Will Use Blockchain to Develop Healthcare in Africa

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