Transaction hash and confirmation

What is a transaction hash?

Transaction hash (transaction ID) is a unique cryptoassets transfer identifier. It is the identification number of the transaction and consists of alphanumeric characters. As soon as a transfer is created, a unique hash identifier (hash, TxID, Transaction hash) is immediately generated. Each transaction that passes through the blockchain is publicly available and has a unique ID.

Transaction ID example:

5f6c5c0a28f16522356fcb99073af0dd4f5f4fdb2305e497832127ba78ea5987.

The transaction hash contains all the information about the transfer:

- status (success, pending, error);

- date and time of the transaction;

- transaction amount and fee;

- sender and recipient addresses;

- the number of confirmations, etc.

Why do you need a transaction hash?

In addition to the fact that the transaction hash contains encrypted information about the transfer, you can use the transaction ID to:

- quickly find a transfer on the network (for example, in such blockchain explorers as Blockchain.com - more details about this can be found in other articles);

- view detailed information on the transaction;

- resolve controversial issues on exchanges, for example: coins were never credited to the balance, and the time for processing the transaction has already passed.

Transaction confirmation

Transaction confirmation is the process of including (writing) a transaction in a block.

The more confirmations a transaction has, the more secure it is. The time and speed it takes to process each transaction depends on the processing power of the miner's equipment (the one who processes cryptocurrency transfers; see Mining: what is it and how does it work?) and the amount of the fee.

Transactions with a higher fee are processed and added to the block first. The number of confirmations depends on the cryptocurrency and the platform itself (wallet, service, exchange, etc.). For some wallets, for example, three confirmations are enough to transfer cryptocurrency, for some - 6 or more are required.