Monero transaction id
However as we said without the payment ID the exchange will not be able to recognize from where the payment came from. So what happens to my Monero deposit? The use of integrated address is same as the use of payment. However heres the catch.
For example Check out this Reddit post where users shared their experience on this situation. So please check the exchange service or the wallet provider before sending your Monero. It is completely optional and so you can leave it blank. Okay, but how about withdrawals? If you are withdrawing to your personal wallet then you dont need to enter the payment. It is because Monero works quite differently compared monero transaction id to Bitcoin and other altcoins. It is a hexadecimal string that consist of 64 characters long (32 bytes). So it becomes a lot harder for the user to forger the payment.
Have you ever wondered why exchange asks payment ID only for Monero deposits and not for Bitcoin, Litecoin or other cryptocurrencies? But before we see that; here is a quick monero transaction id overview to Moneros privacy feature which will help you better understand the need for payment IDs. Here in this post well explain what a Monero payment ID is, what is its purpose and when to use this. Example of Monero address: however the payment ID is random and it consist of 64 characters. Many exchanges (even the major ones like Binance) do not support the integrated address or compact payment ID feature yet.
Its core feature is offering complete anonymity and privacy to its users. So now what happens if I forget the payment ID carelessly or use incorrect payment ID while depositing? Likewise if you are sending payment to your friend or another address you own then you dont need the payment.
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To guarantee untraceable payments Monero uses a technology called Ring Signatures. Binance, Bitfinex, HitBTC, Huobi, Poloniex and every other crypto exchange that supports Monero trading states this clearly. Example of payment ID: youll find the use of payment IDs only on services monero transaction id that gets a lots of incoming transaction to the same Monero address. However it does not identify the receiver.
However the advantage of integrated address over payment ID is that it carries all information in a single string. Why exchange require payment ID for Monero monero transaction id deposits?
Monero integrated monero transaction id address is just your normal XMR address with some extra data bundled within. Unlike Bitcoin, Monero transactions are not available to the public. However if you are withdrawing funds from one exchange to another then the payment ID is mandatory.
Thy only support the old style payment IDs and there are still many cases of users deposing XMR without the payment. However since all deposits comes to a same address, exchanges uses payment Id to help identify from which person the transaction came from. Before making any XMR deposit to your exchange account make sure that you include your payment. In the case of Bitcoin and other cryptocurrencies; exchanges usually will create a new address for every user account and even for each individual payments. Monero GUI: Go to settings layout and enable transfer with payment ID label.
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