Whenever you make a transactions on your mobile payment applications, they generate a transaction ID. But what is a transaction ID in the crypto space? A transaction ID (TXID) is a unique code that is used to recognize a particular crypto transaction. It is a sequence of alphanumeric characters and behaves as the identification number for a specific transaction. Every transaction in the crypto space is assigned its unique transaction ID, which is visible to everyone present on the blockchain.
Transaction hash is another name for transaction ID. Crypto wallets generate a TXID as soon as the transaction is executed. This number can then be put into a blockchain explorer to read the details of the transaction.
The data that can be attained using the transaction ID includes the transaction fees, time of the transaction, status of the transaction, and the number of confirmations made. These are basically the proof of payment, similar to receipts in the traditional world.