It’s a distinctive string of characters created by hashing the transaction details, which include the sender’s and receiver’s addresses and the amount of cryptocurrency transferred.

Once a transaction is confirmed on the blockchain, it receives a unique TXID. This ID is generated using a hash function — for Bitcoin, it’s SHA-256 — which processes the transaction data to produce a 256-bit hash, displayed as a 64-character hexadecimal number.

Two notable examples of TXIDs are:

The first Bitcoin transaction by Satoshi Nakamoto to Hal Finney: F4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
The famous Bitcoin Pizza transaction: Cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79
You can explore these transactions by entering their TXIDs into a Bitcoin block explorer, such as blockchain.com or blockchair.com.

Finding Your Transaction ID

Transaction IDs are publicly visible on blockchain explorers, making all transaction details accessible. Although these IDs don’t reveal the real identities of the parties involved, they can be traced back to specific transactions or addresses.

On centralized exchanges like Binance, when you withdraw cryptocurrency, the exchange provides you with the TXID of your transaction. This can typically be found in your Transaction History. Clicking on a TXID will direct you to the blockchain’s block explorer transaction.

In cases where you mistakenly send funds to the wrong address or blockchain, the TXID in your withdrawal history is crucial for investigating potential fund recovery. However, recovery is not always possible, and it’s advisable to contact the platform support team you’re sending funds to for assistance.