What is Cryptocurrency Transaction Hash ID?

A transaction hash, also known as TXID, serves as proof of validation added to a blockchain, and this guide explain everything about how it works.

By The 'Staunch

A transaction hash (transaction ID or TXID) is a series of unique alphanumeric characters that act as the identifier for a crypto transaction.

A transaction hash is an additional security layer on a blockchain preventing an abuse and fraud by providing a unique TXID.

When you exchange a crypto asset through an exchange platform, it’s common practice for the other party to ask you for the transaction hash.

Through block explorers, you can even use a unique transaction identifier (TXID) to search the status of a crypto transaction.

Finding transaction hash on a Blockchain

Transaction hashes are accessible through blockchain explorers, rendering all associated ID and details publicly visible.

On Binance for instance, all BSC transaction hashes are publicly viewable on the BSC Scan for any digital currency.

Once a transfer is created and submitted, a unique BSC trnsaction hash or TXID will be created on the blockchain.

The hash is created using Secure Hash Algorithm 256-bit (SHA-256) technology which basically makes sure that no transaction ID has the same hash.

In other words, there’s not posibility of mixing up hashes or compromising the ones that are on the chain already.

Every BSCScan transaction hash includes all the information as follows:

  • Sender address
  • Receiver address
  • Transfer date
  • Transaction fees
  • Amount of transferred fund
  • The block height
  • Number of confirmations.

If you send a certain amount of crypto to someone and want to check the progress, then you’ll have to use the BSC Scan to find your transaction details.

Using the BSC Scan transaction hash explorer, you can freely check all your transactions on the Binance smart chain using their TXID.

How to find BSC transaction hash

When transferring digital assets, you should always use a reliable crypto exchange, such as Binance.

It’s easy to use, practical and provides all the services you need to carry out transfers safely and secured.

When you withdraw cryptocurrency from a centralized exchange (CEx), the platform gets to show you the TXID of your transaction.

If you’ll like to learn more about the platform, then my review on Binance exchange will be all you need to read.

Now let’s see how you can find a BSC transaction hash TXID using BSC Scan on Binance easily and without confusion.

  1. Create or log in to your Binance account
  2. Use the Accounts tab to go to your wallet
  3. Choose cryptocurrency of your choice
  4. Click the transaction history page link
  5. Open any of the sent transactions
  6. Check transfers to see the transaction hashes.

Once you find the transaction ID, click on it to see evrything about the BSC transaction hash on BSC scan page.

What is a transaction hash ID?

Transaction hash ID is the same as TXID, which the alphanumeric values that represent your transaction details.

What is BSCScan transaction hash?

A BSC scan transaction hash is the unique string of alphanumeric chracters also known as TXID that represent your transaction details on the Binance Smart Chain (BSC).

What is transaction receipt?

A transaction receipt is the document with proof that a transaction went successful.

The document (Transaction Receipt) contain information such as; the sender and recipient addresses, transaction amount, gas fees and all other relevant details.

What is the difference between transaction hash and receipt?

Transaction hashes are used for tracking and verifying transactions on the blockchain network, while receipts serves as an evidence of successful transfer between parties involved in the transaction.

How is a transaction hash generated?

A transaction hash is generated using cryptographic algorithms that ensure maximum security and integrity.

How long does it take a transaction to have receipt?

It usually takes a few seconds to a few minutes for a transaction to create its receipt.

However, in some cases, especially during high network congestion, it may take longer due to the confirmation time.

Final words

Transaction hashes are very useful features when your transaction is taking some time to get a certain number of confirmation.

Either you or the person with whom you are exchanging assets may check the progress of that transfer.

However, it’s safe to track the progress of your digital funds on the particular blockchain of the cryptocurrency.

In terms of security and anonymousity, you can also use a virtual private network (VPN) to hide your transaction footprints online.

About the 'Staunch

Henry is the founder of Crypto Staunch. He studied accounting and finance at Godfrey Okoye University, but became a Cryptopreneur to pursue his interest in learning digital currency and asset investment. Since 2018, Henry Kings has writing about Crypto, DeFi & NFT to help other people get started in the space. His publications has been featured in Binance Square, Digest Africa, Tech Economy, International Business Times, CoinDesk and many other top Crypto media outlets.

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About The 'Staunch

Henry is the founder of Crypto Staunch. He studied accounting and finance at Godfrey Okoye University, but became a Cryptopreneur to pursue his interest in learning digital currency and asset investment. Since 2018, Henry Kings has writing about Crypto, DeFi & NFT to help other people get started in the space. His publications has been featured in Binance Square, Digest Africa, Tech Economy, International Business Times, CoinDesk and many other top Crypto media outlets.