Trading cryptocurrencies can be a really fast and easy process when you get the hang of it. When you have your crypto wallet and trading account set up on a cryptocurrency exchange platform like Coinbase, you can start trading any of the most popular digital assets like Bitcoin (BTC), Ether (ETH), ERC20 tokens, etc.
However, there is also the matter of transaction hashes that you need to take into account when you start exchanging digital currencies on the market. In this guide, we’re going to take a look at what a transaction hash is and how it works.
What Is the Role of a Transaction Hash?
A transaction hash, transaction ID, or TXID is a series of alphanumeric characters that act as the unique identifier of every cryptocurrency transaction. With the transaction hash, people can verify that a payment has really been realized on the blockchain of the digital currency they are using for the exchange.
Transaction hashes serve as an additional security layer on each cryptocurrency’s blockchain and prevent transaction abuse and fraud by providing each transfer with a unique TXID. When you exchange bitcoins or another crypto asset with someone through an exchange platform, it’s common practice for the other party to ask you for the TXID or tx hash.
How to Search the Blockchain for Your TXID
All transaction hashes are publicly available and viewable on the blockchain of the specific digital currency. The moment a transfer is created and submitted, it gets its unique TXID on the blockchain. The hash is created using Secure Hash Algorithm 256-bit (SHA-256) technology which basically makes sure that no transaction IDs can have the same hash, so there isn’t a possibility of mixing up or compromising transfers.
When you have the TXID, you can easily track its progress. The transaction hash includes all the essential information about a transaction including the sender and receiver addresses, transfer date, paid transaction fees, total amount of transferred funds, blockchain height, and the number of miner confirmations the transaction has so far.
So, if you have sent a certain amount of bitcoins to someone and you want to use your TXID to check how the transfer is making progress on the Bitcoin blockchain, all you have to do is go to blockchain.info to find the transaction details.
It’s the same with other cryptocurrencies, you just have to use a block explorer website for the appropriate blockchain. For example, if you’re exchanging Ethereum based assets, then you can’t use a Bitcoin block explorer to find your specific transaction. Instead, you have to use Etherscan.io to find your transfer details.
Using a blockchain explorer, you can freely check all the latest transactions on the blockchain but you can’t see their details unless you have their TXID.
How to Find Your Bitcoin Transaction Hash on Coinbase
When exchanging cryptocurrency, you should always use a trusted exchange platform, such as Coinbase. It’s easy to use, practical, and provides all the services you need to carry out transfers. Let’s see how can you find your transaction hash on Coinbase:
- Log in to your Coinbase account.
- Use the Accounts tab to go to your wallet and choose BTC.
- Here, you’ll find your BTC transaction history. Click on one of these sent transactions.
- A pop-up window will appear. Select View Transaction and you will see the transaction hash.
A Few Words Before You Go…
Transaction hashes are a very useful feature when your transactions take some time and you or the party with whom you are exchanging assets want to see the progress of the transfer. It’s a safe and easy way to track the progress of your funds on the selected cryptocurrency’s blockchain.