Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#6158

Do you mean with a service like Tornado cash? (tho banned now)

#6159

  1. UTXOs are Outputs from previous transactions you have not spent, once used they are STXOs tho the new amount given to the next person has a UTXO.

  2. If you don’t have a UTXO large enough for a transaction, multiple UTXOs will be combined in the transaction such as: price 0.8 Inputs 0.4, 0.3, 0.2, Outputs 0.8 to the person, 0.1 back to my Wallet, minus the TX fee.

  3. The wallet specifies the TX fee by looking at past transactions and their fees, and based on that data presenting a result that is most likely to be accepted.

  4. multiple outputs can make you, and the person you transact with harder to track.

1 Like
#6160

  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXO’s are what BTC you have received or have leftover in your wallet

  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    It’ll then combine other UTXO’s in order to cover for the transaction

  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    It’s the difference in the input and output

  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    The more outputs the harder it is to track which leads to you

2 Likes
#6161

Concise, to the point, well done :+1:

1 Like
#6162

1 transactions that are waiting to be spent

2 transaction would fail

3 outcoming - incoming = fee

4 increase the number of outputs and generate new output addresses

1 Like
#6163

The tx wouldn’t fail if you combine one UTXO with another to make up the sum you need. If combining won’t make up the total you need, then yes it would fail.

1 Like
#6164
  1. Utxos are simply the output of a transaction. Once an UTXO, signed using the Private Key, is approved it becomes an input for another transaction, an so on…also once an UTXO is approved, it can’t be spent again, because, due to the hashing process, it couldn’t be reversed.
  2. The transaction will never be approved, so will never be “put” into a block and the into the BlockChain.
  3. Basically the difference between the Input and the Output. So, simply speaking you can spend your Utxos + the (current) fee to cover the amount of the price.
  4. Changing the address (Ex.Wallet) of the UTXO output
1 Like
#6165

1 The amount that was send to you by a previous TX.
2 You spend multiple UTXOs.
3 Input-Output=Fees.
4 For privacy make an program that constantly makes different private keys and constantly makes TX with multiple inputs and outputs and shuffles the BTC, tho this may be expensive due to the fees.

1 Like
#6166

UTXOs are the output from a previous transaction.
The transaction would be rejected by the blockchain.
The wallet would subtract the output from the input to determine the fee.
You can send an output back to yourself using a different address from the address you used for the input.

1 Like
#6167

  1. UTXO is a total balance left in your wallet.

  2. The transaction will decline on the blockchain.

  3. A transaction fee would be unspent transaction - minus - spent transaction then = transaction fee.

  4. By randomly generating different outputs addresses.

1 Like
#6168

  1. Describe what Unspent Transaction Outputs (UTXO) are.

    • The UXTOs are the available balance that you can spend.

  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?

    • The transaction will be rejected

  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?

    • The wallet will suggest the fee based the previous fees transaction into the blockchain.

  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?

    • I can generate more than 1 or 2 output addresses including different addresses for myself
1 Like
#6169
  1. UTXOs are transactions which you haven’t spent yet.
  2. The transaction would be rejected.
  3. By subtracting outputs from inputs.
  4. By using multiple wallet addresses.
1 Like
#6170
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXO’s would be the sum of all unspent transactions or balance from any previous spend.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? Your transaction would not complete and therefore be rejected by the blockchain.
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction? It would calculated prior to the transaction and included in the input and the difference would be sent to another address you control.
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? By specifying a different address where the output would be redirected to, but which you also own and control.
1 Like
#6171

UTXO are transactions left over from a previous one to reduce the cost on the blockchain for future transactions.

If a single transaction is not enough to cover then blockchain will reject.

Transaction fee is calculated when the transaction is done.

Address created from the UTXO can add another layer of privacy.

1 Like
#6172

1.UTXO are the amount remained after a transcation completes
2.Wallet will use more UTXO until it is equal to the amount your sending
3.It subtracts inputs and outputs for fee
4.By using more addresses for input and outputs

1 Like
#6173

  1. Describe what Unspent Transaction Outputs (UTXO) are. Leftover from each transaction.

  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? Transaction will not be executed.

  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    Input = Output + TX Fee

  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? Send to several recipients at the same time.

1 Like
#6174
  1. The balance shown in your wallet
  2. the transaction would not go through
  3. input = output + transaction fee…and it proposes a fee that will get you into the blockchain fast enough based on looking at previous transactions
  4. generate a new address each time you do a transaction
1 Like
#6175
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    A. UTXO’s are the balance in your wallet.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    A. The transaction will decline.
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    A. Your wallet automatically will find the right transaction fee required for a transaction.
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    A. By having multiple transactions going out from the one input.
1 Like
#6176
  1. Unspent Transaction Outputs (UTXO) are the data created from a previous transaction. The total value of all UTXOs connected to a single wallet display your “balance,” or the remaining unspent transactions outputs available for your use.
  2. The transaction will be denied because there are no available UTXOs to meet the minimum transaction amount requested.
  3. The transaction fee is the difference between the transaction inputs and transaction outputs. Also, when sending a transaction, you can choose the fee manually in an attempt to expedite the transaction speed or save more by reducing the amount of the fee, thereby potentially reducing transaction speed.
    4.If you create different addresses each time you do a transaction, all the bitcoin will be moved to that new address (minus the fee or payable amount). Since addresses are not linked to an identity it is hard to try to link utxo’s to an individual.
1 Like
#6177
  1. The remainder balance in your wallet that it keeps track of.
  2. The transactions will not be completed if there isn’t enough funds
  3. The wallet will check the blockchain and come up with the correct fee.
    4 Several addresses and outputs can result from one input.