The “TxID” in cryptocurrency refers to a Transaction ID. It’s a unique identifier that is generated whenever a transaction occurs on a blockchain network. Here’s how it works:
- Unique Identifier: Each transaction gets a unique TxID, which is like a digital fingerprint.
- Tracking Transactions: The TxID is used to track and verify the status of a transaction on the blockchain.
- How It’s Formed: It’s usually a long string of numbers and letters, generated by hashing the transaction details.
- Useful for Proof: If you need to prove a transaction happened or check its status, you can use the TxID to find it on the blockchain.
In simple terms, it’s like a tracking number for your crypto transactions, ensuring everything is transparent and traceable.