How to Understand and Use Transaction Hash

What is Transaction Hash (TXID)?

Each transaction on the blockchain is identified by a unique code - this is called a transaction hash or TXID. This combination of characters is a unique label assigned to the transaction after it is recorded on the blockchain network. Essentially, the sender's address, the recipient's address, and the amount of the asset transferred are processed through a cryptographic function to generate this 64-character code.

Every crypto payment receives a unique Transaction ID when it is recorded on the blockchain. This code ensures that the transfer is permanently stored and can be verified at any time. The process of creating the transaction hash applies a secure hashing algorithm known as SHA-256, which provides a 256-bit unique identifier for each operation.

Practical Examples of Transaction IDs

The hash code of one of the most significant transfer transactions in blockchain history is as follows:

• Start of the Bucket: The ID of the historical Bitcoin payment sent to Hal Finney by Satoshi Nakamoto: F4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

• Famous Pizza Transaction: The transaction code of the Bitcoin Pizza event, which is famous in the crypto world: Cca7507897abc89628f450e8b1e0c6fca4ec3f7b34cccf55f3f531c659ff4d79

These examples show how everything, from the simplest transfers to historically significant transactions, is permanently stored on the blockchain.

Where Can the User ID Be Seen and How to Find It?

Search in Block Explorers

You can access block explorer sites like blockchain.com or blockchair.com to find your transaction hash. Paste your hash into the search bar of these platforms and press Enter. The system will show you all the information related to that transaction - status, timestamp, sending and receiving addresses.

Verification on the Crypto Platform

When you mine crypto through a centralized platform, the platform automatically provides you with the hash code of that transaction. You can occasionally check this code in your old payment document - this is a method of confirming that the funds have been received and verifying the full details.

Blockchain Transparency and Security

Transaction hashes are a perfect example of the open structure of blockchain. Anyone can search for any number of codes and retrieve complete information related to that transaction. This is related to transparency, which is one of the main features of blockchain.

However, the important point is that the transaction hash does not reveal the identity of the person. Although you cannot directly identify the sender and receiver based on the code, there are methods to determine who is actually conducting the operation from external information. Thus, blockchain is considered a pseudo-anonymous system - it is not completely anonymous, but it is not entirely open either.

What to Do When You Find an Incorrect Payment?

If your funds are sent to the wrong address or the wrong blockchain, you can start an investigation using the hash code from your payment history. You can search for that code in the block explorer to determine exactly what it is. Sometimes funds may be recovered, but there is never a guarantee. The best solution for this is to contact the platform's support team.

Transaction IDs are essential not only for monitoring but also for the reliability of crypto payments.