Thanks Ken, I’m glad you enjoy it! I’m enjoying your homework, For me, it’s sometimes hard to explain myself well in english. But I’m learning.
**1. Describe what Unspent Transaction Outputs (UTXO's) are.**
Your BITCOIN wallet can process input and output transactions. Your output transactions, meaning the transactions that have been sent to you, before your wallet adds them on your balance, those are called unspent transaction outputs. From the moment your wallet syncs with the network and find those outputs that are matching with your private keys it adds them to your balance and the become spendable.
When you create input transactions and they become valid and confirmed with your output balance, until the transactions reach their destination, those are UTXO’s also. Only when the user that those inputs belong to sync with the network and match his private key, those inputs can be spendable and can be added to his balance.
**2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?**
Your input transaction will never be validated from a Full node and so that transaction will never be complete.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
The fee can be specified by the wallet it self or on some wallets you can decide what the fee will be for you input. When a fee is fixed on a wallet, that wallets finds the last transaction that has been made on the network and with that fee it calculates your transaction fee. Fee is the payment to get your input transaction validated, confirmed and complete. That payment goes to the miners that take your transactions and adds them on the blockchain. Miners give priority to input transactions that have high fee value.
**4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?**
Its impossible for anyone to know where an input was sent or where an output goes to. Having multiple address can make that even harder.
Describe what Unspent Transaction Outputs (UTXO) are.
Is a transaction that you received but that you did not spent . when you spend it, it converts in an input transaction.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You can not make the transaction.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
It compares the previous fees in the network and creates a fee for your transaction.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
The blockchain is transparent. You can not increase or decrease the privacy.
1. Describe what Unspent Transaction Outputs (UTXO) are.
The total summary value of all unspent inputs.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You just cant spend more of the value of the inputs that you control, meaning, outputs are limited to spend less or equal of value of inputs.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Fee = total inputs - total outputs.
Its calculate in bytes, the amount of inputs and outputs for the transaction will increase the bytes of the transaction that needs to be broadcast over the network.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By sending the total value of 1 input to multiple outputs.
First it will combine multiple UTXO’S as inputs to cover the amount. only when the sum of all available UTXOs are not enough to cover the amount, the transaction will be invalid
- Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are what is generated by your wallet when you want to make a transfer value to another wallet. The sum total of the inputs in a wallet is the sum total of the Bitcoin in your wallet and the sum total that can be made into a valid UTXO…
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
If no single UTXO exists in a wallet large enough to cover a transaction, then it would select two or more if present - enough to cover the value of the transaction, including the transaction fee. If all added inputs in a wallet plus the transaction fee don’t cover the UXTO then the transaction won’t be permitted.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
A bitcoin wallet would automatically add in the transaction fee within the full transfer amount. The transaction amount is based on how quickly a user’s wallet wants the transaction to be; the faster the transaction the higher the fee would be. Miners will choose the highest fee due to the fact that they will be the ones benefitting from securing the network and get that fee. Some wallets provide a selection of fees – according to the blockchain – while others provide a single option fee.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Privacy can be increased when users can make a single transaction to multiple addresses, including the user’s several own ones. All addresses present in a transaction provide no information on who they belong to.
- UTXO’s are the inputs in your wallet.
- If the sum of all UTXO’s is bigger than your transaction than the transaction will execute.
- The fee is the difference between sum of all UTXO’s and the transaction outputs.
- Send to multiple outputs.
Homework on Bitcoin Transactions and UTXO - Questions
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are available for you to spent. The sum of the UTXO’s will be summed and can be used in a TX. SUM of input = the sum of output. The wallet constructs this. The wallet contains the private key and the available UTXO’s. The wallet reads this from the blockchain. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet constructs different UTXO’s by summing these UTXO’s -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Input = Outputs + transaction fee -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use different addresses and sent it back to yourself.
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Describe what Unspent Transaction Outputs (UTXO) are.
Answer: Unspent transactions in your wallet. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Amswer: If you have sufficient funds including multiple UTXO’s on your wallet, the wallet will configure the amount automatically. In some wallets you can choose the amount. If not enough funds, the tx will be rejected and the tx amount will have to be adjusted. - How would a bitcoin wallet specify the transaction fee when creating a transaction? Answer: the wallet looks at the previous tx fees and chooses a “reasonable” amount. This exact amount can be obtained by subtracting the the output from the input.
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How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Answer: Mutliple outputs and inputs are possible at any given time, and multiple outputs can be created from a single input. Transactions or portions of a transcaction, can be sent back to oneself including more than one address, making the tx more difficult to track.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
Output of a blockchain transaction that has not been spent. These might be used for the purpose of future transactions.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet will calculate the UTXOs individually as the total balance. If it’s enough to pay the transaction, the transaction will be executed.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Through the difference between all inputs minus the outputs in a transaction
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By generating new output addresses you can increase the difficulty of tracking your transactions
ok, i did not understood the question. Of course, you can unify the utxo to make a larger tx. thanks
1 Like
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A UTXO is used to create a transaction.
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Your transaction would be cansled.
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It would subtract the itput by the output.
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It is impossible to tell from the outside who is sending who money.
- The unspent transaction outputs are the unspent bitcoins in your wallet
- It will add up all the unspent transaction outputs in your wallet and try to cover the transaction that you want to make
- It is the difference between output transaction and input transaction
- We are doing the transaction on public keys. We do not know who owns the keys
1.Unspent transaction outputs (UTXO) are the sum, or balance of the inputs your wallet has on a given moment. In other words what is free to spend.
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If you do not have a large enough UTXO to cover your transaction, you or someone else first need to send an UTXO to your wallet, otherwise the transaction will be rejected as invalid.
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A bitcoin wallet will specify the transaction fee when creating a transaction as the difference between thetotal of your UTXO minus all the transactions you are sending including back to your own wallet - so they need to be slightly less. You can calculate the fee you want to pay otherwise the wallet will calculate it.
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You can increase privacy by increasing the number of output adresses, this, by itself, will not prevent scrutiny but will make it much harder.
- The money went into the wallet and still there
- You use 2 or more for the transaction and the change you will send back to you
- The fee will be written
- You can use different address…
Homework on Bitcoin Transactions and UTXO - Questions
Describe what Unspent Transaction Outputs (UTXO) are.
Transactable amount of inputs that can be spent as outputs that your private key can initiate.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would be declined.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
fee = inputs - outputs
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use multiple addresses and send many outputs at the same time, so its harder to indentify the returning amount.
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UTXO’s are the output of a transaction.This is now the new unspent portion of the previous input.
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Your transaction would be declined.
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by scanning the previous fees that made at into the block and calculate and average or something similar.
4 you can have several inputs and several outputs with only one output that really matters. it would be like throwing down some signs in baseball.
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UTXO´s are the input´s for another Wallet I sent my BTC to. Also UTXO´s are my Inputs of the past.
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my transaction will be declined from the Blockchain
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The wallet specify the “best” fee automatically but it is allways like this: input - output = fee
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When i sent BTC from one of my Wallet´s (or a address) to e.g. 4 other Wallets (addresses) which i also own or have the key´s for.
Describe what Unspent Transaction Outputs (UTXO) are.
They are the amounts received from a previous transaction that is used to calculate your balance.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would be rejected as their is not enought to complete the transaction. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It calculates the transaction fee by taking input - output = fee - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
by using multiple wallets for outputs
- Describe what Unspent Transaction Outputs (UTXO) are.
They are the transaction amounts that have come into your wallet. The transaction
outputs from another to you. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet would add enough UTXOs together to cover the amount and send the
remainder back to your wallet. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
Some wallets may not visually specify to the user at all. Others may show a fee that is suggested from current fees on the blockchain. Large enough to get your TX on the chain. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Never reuse addresses.