I imagine we will get into more details of wallets later?
Not in Bitcoin 101 particularly, but these concepts are described in more detail in our Privacy course.
That clarifies things a lot, thank you for the answer, Alko89!
And @Lorraine too 
So from the transactions point of view it matters very little where the UTXOs comes from as long as the wallet creating the transaction has access to them all.
Iâve been wondering how MetaMask can generate so many different addresses yet not need another mnemonic seed, and this answers that too. I was thinking: âwonât addresses run out, or wonât the chance of collisions increase when addresses are created willy-nillyâ but I wasnât taking into account the vast numbers that are involved.
This may be too technical for now but in general: A transaction can have inputs from many different addresses, at least if the root address controls them all?
Transactions can have many different inputs from al kinds of addresses, they donât have to be controlled from the same root key, some wallets are not HD wallets.
You can also have CoinJoin txs where many people create a joint tx where each one signs their inputs to the tx before sending it to the blockchain.
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Just a reflective question for the community? Why isnt there a wallet to rule all wallets? A wallet lets say linked to your Identity and that can be used on all platforms? like dowloaded to your desktop, tablets, mobile and browser (like metamask)? In real life i have one wallet and i can put all my cards in as well as different currencies. I dont need to get a new wallet for each currency i buy?
Do BTC miners receive blockchain rewards plus transaction fees?
Are blockchains on the block always filled to maximum bit size before they are appended to the chain?
There are multicurrency wallets if you donât need a new wallet for each currency.
https://swapspaceco.medium.com/top-7-multicurrency-wallets-2020-703889f5bd3b
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Yes miners get the block reward and the transaction fees
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Not necessarily but in most cases, it is filled to its max block size member the transaction fees are for miners.
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Noted, how long can a transaction stay in the mempool. If miners prefer to put transactions on the block with the highest fee, is it not possible that a transaction will stay in the mempool for ever since no miner wants to add it to the block?
Transactions stay for 14 days at which point you could rebroadcast the transaction to get it back in. But
I doubt that your transaction will stay unconfirmed for that amount of time.
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look, I am new to all this and i hear that no transaction is ever lost and anyone can see whats going on due to the transparency of everything but i have a gap in my understanding. if a hash function takes a set of transactions that have taken place(input) and outputs something that can not be used to reveal the input,⌠then how is any transaction historically retrievable? i must have missed something and id appreciate some clarity or guidance. I would just research it and find out but i guess this is part of the assignment to ask the forum. Thank You
. I hope this diagram will answer your questions.
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actually i have been looking for something that maps out the relation just like this. thank you!!! now if i can find one that displays the steps the hash function goes through from start to finish
Even though Iâm an old hand in crypto currency having to formulate a written answer definitely clarified the finer points of my understanding and I learnt a couple of new points. Helping me in discussions with friends that are still believe in the propaganda spread in the media about crypto.
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Hi,
When i want to storage crypto on a hardware wallet. How do I check if the ledger is not manipulated? I donât want that my private keys fall into scammers hands.
Has anyone recommendations?
Feel free to sent me a reaction.
I think the best thing you can do is to only buy them from the official store.
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Hi and Thanks in advance,
UTXOs and Transactions⌠I donât understand why All Inputs have to be spent. For example, I dontâ have to spend everything in my current bank account, because if I did then I would constantly be broke or have $0 in my bank account.
I think that I am not fully understanding. Can someone simplify for me?
Ivan uses the example of using two $5 notes to pay for a $7 item, where you would receive some âchangeâ. But what I donât understand here is that, We are not using cash, we are using a supposedly superior method of payment (blockchain) So if I want an item for a certain amount, why doesnât the wallet simply send THAT exact amount ??
I think I need it simplified/described in another way, Can you help me?
Thanks
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@Melanie - This article helped me understand a little better. I tried to paraphrase but was just making it more confusing so hereâs the link and a quote:
https://blog.komodoplatform.com/en/whats-utxo/
"Now letâs take our analogy one step further. When you buy an item in cash, you might not be able to provide the exact amount of money needed to pay for it. For example, letâs say you buy a cup of coffee for $3.50. You have $45 in your wallet but, chances are, you donât have exactly $3.50 to pay for the coffee.
Instead, youâll need to overpay with one (or several) of your bills and then receive a little bit of money in return. You might pay for the coffee with four $1 bills, in which case you would receive two quarters in return. Or you might pay for the coffee with a $20 bill, in which case you would get one $10 bill, one $5 bill, one $1 bill, and two quarters in return.
The same thing happens when you send cryptocurrencies. Letâs say that you have a total of 740 KMD. Imagine that your balance is in the form of 3 UTXO: one UTXO in the amount of 320 KMD, a second of 215 KMD, and a third of 205 KMD.
If you want to send a smaller quantity of KMD to a different address, your wallet must send at least one whole UTXO to complete the transaction. Just as you canât pay for a $5 item by tearing a $10 bill in half and handing one piece to the cashier, you cannot send half of a UTXO to complete a crypto trade. You must send the entire UTXO and then receive change."
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