Main conclusions

• A transaction ID (TXID) is a unique alphanumeric string that identifies each transaction on the blockchain.

• TXIDs are fully traceable on blockchain networks.

• Hash functions like SHA-256 or RIPEMD-160 generate these fixed-length alphanumeric TXIDs.

What is a transaction ID and how does it work?

Blockchain has huge advantages. Faster, cheaper, and more transparent transactions. It doesn't matter if you send or receive crypto, everything is recorded in a decentralized database.

The transaction ID (TXID) is basically a fingerprint. Letters and numbers that make each verified operation on the blockchain unique. With it, you can see everything. The amount sent. The date. The addresses. The confirmations. Everything.

When you make a transaction, miners or validators verify it. Then you receive your unique TXID created with hash algorithms. SHA-256, RIPEMD-160. Things like that.

SHA-256 generates a unique value from the initial data. RIPEMD-160 creates a 160-bit hash. It is widely used to shorten public keys. Quite secure, it seems.

Transaction ID Examples

TXIDs may seem random, but they are not. Every character matters. Look at these historical examples:

• The first transaction from Satoshi to Hal Finney (2010):

f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

• The famous 10,000 BTC pizza. A guy named László Haniec paid this for a pizza on May 22, 2010. About 41 dollars at that time.

a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d

• The largest Bitcoin transaction: 500,000 BTC. November 2011:

044e32f5e01d70333fb84b744cb936bf49acab518282c111894b18bcf3a63c12

The importance of the transaction ID

TXIDs are key to transparency. They allow you to track everything. Who sends, who receives, when, how much. They facilitate confirmations on the chain.

They guarantee authenticity. Each ID is unique. It is generated with specific data from the operation. It cannot be forged. It cannot be modified. It's like having irrefutable proof of each transaction.

Developers use them for forensic analysis. They look for patterns. They follow the trail of money. They detect odd things. It's fascinating how they can see behaviors on the network just by studying these codes.

They are great for managing chargebacks. A customer says they didn't authorize something? The merchant pulls out the TXID and boom! Concrete evidence. Date, time, amount, it's all there.

Communication improves with them. When there are disputes, the TXID is like the impartial referee. It shows what really happened.

And regarding integrity... any change in the data would alter the hash. So if the TXID remains the same, the data has not been tampered with. Very useful for verifications.

Where to find and how to verify the transaction ID?

When you move crypto, finding the TXID is easy:

1. Open a blockchain explorer like blockchain.com or etherscan.io.

2. Connect your wallet.

3. Go to completed transactions.

4. Click on the ID. Done.

Cryptocurrencies are decentralized. That's great. Anyone can verify everything on public explorers. Nothing is hidden.

In short, the TXID is like the ID card of each crypto transaction. Unique. Traceable. Verifiable. It makes the whole system more secure and transparent. Not bad for just a string of weird characters, right?