What is transaction ID?

A transaction ID, also known as a TX ID, is a unique identifier that is assigned to a cryptocurrency transaction on a blockchain network. This ID is generated by the network when a transaction is initiated and is used to track the transaction's status and confirmations. The transaction ID is typically a long string of letters and numbers and can be used to look up the transaction on a blockchain explorer, which provides details such as the amount sent, the time of the transaction, and the wallet addresses involved. Transaction IDs are important for verifying and confirming transactions on a blockchain network.