Exchanges

What is Hash in trades?

TX hash is for Hash and uses for trades ID. This identifier is a string of numbers as identification for bitcoin transactions. In the blockchain, transactions are identifiers that are also unique. In the Etherium blockchain, each transaction block has a unique hash that considers as TxID.

If we want to introduce Bitcoin transaction ID as an example, it will be a string of numbers and considered to determine the transaction in the blockchain.

 

How to use Tx ID and Tx Hash

 

Suppose you are working on a specific blockchain. A TxHash ID generates when you make a bitcoin transaction or transfer some bitcoins to your e-wallet. With this ID, the transaction performed on the blockchain can be tracked. Of course, each ID also has items, including the sender’s address, recipient, amount, date, block height, costs, and the number of approvals.

Suppose you are trading a bitcoin with a person you have transferred a certain amount of bitcoins to the person’s e-wallet. The best way to track this transaction is to use transaction IDs or TxHash. With this option, you can easily track the transaction made in the transaction. If the transaction party asks you for confirmation of sending Bitcoin, you can provide the transaction ID as a transaction tracker. On the other hand, these types of IDs are extremely useful for confirming transactions.

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