What is the meaning of txid in the context of cryptocurrencies?

3 answers

• Jan 27, 2022 · 3 years ago
  A 'txid' in the context of cryptocurrencies stands for transaction ID. It is a unique identifier assigned to each transaction that occurs on a blockchain. The txid is generated through a cryptographic hash function, ensuring its uniqueness and immutability. It serves as a reference point for verifying and tracking transactions on the blockchain.
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• Jan 27, 2022 · 3 years ago
  When you make a transaction using a cryptocurrency, the txid is like a digital receipt. It allows you and others to verify that the transaction has taken place and that it is recorded on the blockchain. Think of it as a digital fingerprint for your transaction.
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• Jan 27, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, explains that a txid is a string of letters and numbers that represents a specific transaction on the blockchain. It is an essential component of the blockchain technology, as it enables transparency and accountability in the cryptocurrency ecosystem. With a txid, you can easily trace and verify the details of any transaction.
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