Yes, I do agree, but they are a swell temporary service. That fact that they provide changing addresses is fine as long as the new bitcoin address is assigned to you… Lol.
Now that I think about it I think exchanges mostly do this because the periodically aggregate funds from these addresses to their own larger wallet and after that the address is emptied out and the user gets a new one.
Not entirely sure as I mentioned I avoid using these services and didn’t put to much thought in how they actually work. It probably depends on the provider as well how and why does it use the method it does and are mostly proprietary.
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- inputs received to my address from other addresses, which have not been used in any outputs form my address yet
- then multiple UTXOs are used and sent in the output, even if it is more than the transaction requires, and any unspent outputs, minus fees, are returned
- it checks the blockchain for recently verified transactions and estimates what a reasonable fee at that moment should be.
- use a wallet that uses disposable addresses that are newly generated for each transaction
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UTXO are the results of a transaction that can be used for new transactions as inputs
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Transaction will be denied
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The transaction fee is equal to Inputs - outputs. It is implied that transaction will automatically xalculate it without specifying the fee. There is always a minimum amount we have to pay but above that we can chose
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Every transaction input and output are hashed. So noone really knows who i got the coins from or whom i am sending it to. Also i can send the coins back to myself as different outputs.
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- UTXO is the input you can spend on your next TX. The wallet adds up all your UTXOs and thats your balance.
- wallet will add up your UTXOs and proceed. if you have still not enough - TX will be rejected.
- Input = Outpu - Fee --> the wallet calculates and proposes a fee
- use several addresses
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- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are the amount of a cryptocurrency such as BTC that can be spent.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Nothing, the UTXO will not be spent.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
It will look on the blockchain to previous fees to have your transaction get on the blockchain fast enough.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use more transaction inputs and outputs
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- UTXOs are outputs that came from a previous transaction and are waiting to be processed to become the inputs of the next transaction
- the question can be interpreted in two ways> a) not enough balance to cover the transaction and the transaction will not go through. b)more than one UTXOs will be joined to cover for the transaction
- the bitcoin wallet consults the previous fees in the block and calculates an average fee that will be accepted by miners so that the transaction could go through
- using different addresses
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- Describe what Unspent Transaction Outputs (UTXO) are.
- OTXO are input sent to your private key, that have not been spent. Put all UTXO together and you have your total balance.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
- You will use more than 1 UTXO, so if you have a OTXI of 0,2 and a UTXO of 0,4, you want to send 0,5, you will send both OTXO’s and return the “change” to yourself.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
- Input minus Output = transaction fee
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Create several output can give more anonymity.
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• UTXO are outputs from previous transactions that are sent to you
• If there is no single UTXO that is large enough to cover for your transaction, your wallet will combine several UTXO to create new tx
• Wallet will check the recent applied fees and give you suggestion which fee will ensure your tx goes through. Too low fee will make your tx to be very slow all not pass at all. Fee is then calculated as difference betwen output and input
To increase privacy you can send your unspend btc value to a different address for which you hold private key.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are similar to change left over when you make a purchase at a store. Basically “left over change” from a previous transaction.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would not be valid therefore it would not be processed. You would need to use more than one UTXO.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The difference between inputs and outputs.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Increased privacy can be created by using many different addresses when you want to receive it.
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UTXOs are credits in your wallet that have not been spent
You can not send the transaction unless you combine inputs ie UTXOs
the transaction fee is the difference from the UTXO to the input of the reciepient.
you could send a dual transaction where one transaction is sent back to yourself on another address.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
UTXO means unspent transaction output, it is created by bitcoin transaction, it is a spendable chunk of bitcoin recognized by network and available to owner.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The bitcoin wallet would gather all smaller UTXOs belonging to me and if their sum is large enough to cover transaction they would be used as an input for this transaction. If sum of available UTXOs is not large enough transaction would be declined.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Fee = Inputs - Outputs
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use multiple different output addresses.
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You can do it in one transaction. In fact you have to when you are sending funds, if you don’t specify the remainder to an address you own it would be considered as a fee to the miner. Depending on the size of transaction (like having an UTXO with 10 BTC and only sending 1 BTC to someone) you could make a miner very happy. 
- Describe what Unspent Transaction Outputs (UTXO) are.
-These are the unspent transaction amounts available for your wallet to spend. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
-Then several UTXOs are combined (assuming they are available) to cover the transaction. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
-The bitcoin wallet looks at previous transactions and proposes an appropriate fee amount. Once the transaction is made, the fee is automatically calculated and deducted from the UTXO amount. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
-You could create any number of wallets / addresses and send transactions between them to help obfuscate ownership.
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Unspent Transaction Outputs (UTXOS) are inputs to you wallet totaling to your total balance held by your wallet.
If you don’t have a single UTXO that is large enough to cover your transaction, multiple UTXOs will be utilized until your total meets or exceeds the amount required in the transaction. Should the transaction be over the amount, the remaining balance will be sent in a transaction to yourself.
A bitcoin wallet specifies the transaction fee by subtracting the output from the input.
One could use the notion of transaction inputs and outputs to increase their privacy in transactions by sending to multiple wallets in smaller increments than received in their UTXOs creating multiple transactions on the blockchain going back and forth to the same wallet as well as others, making it very difficult to track.
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1 . It finds the amount of BTC received that is unspent and puts it into an balance
2. It will check for all the received payments and add them up together to cover the transaction
3 . The difference between the input and the output
4. By giving an different address for each received transaction
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- Describe what Unspent Transaction Outputs (UTXO) are.
total of cryptomoney available in the wallet balance. Actually I think altcoins are compute as a sum of Bitcoin. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? The transaction is refused . no transaction; - do ivans course try get a well paying job in block-chain to get more input UTXO to my wallet. Then try UTXO again.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
UTXO minus UTXO input = fee
I understand also that a mempool is involved - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
use a private blockchain
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- UTXO’s are outputs that have been sent to you and has not been spent yet. It is waiting for you to use it as an input.
- The transaction would not happen.
- It doesn’t specify it uses the most recent fees from previous transaction. But you could chose to lower or raise the fee to be accepted in the block first.
- You could just send funds to yourself using multiple outputs to the same input.
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UTXOs are funds sent to a wallet as an input transaction. These can then be spent in new transactions.
If there are more than one UTXOs where the sum can cover your transaction they will be combined and the remaining funds not needed for the transaction will be sent back to you.
It looks to the blockchain for previous fees and proposes one that will allow the new transaction to be added to the blockchain in a reasonable amount of time. The amount sent subtracted from the UTXOs is the fee.
A large number of inputs going to a greater number of outputs would increase privacy. Many of the outputs could be going back to yourself which would be difficult to view from the outside.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are the amount of BTC you can access through your private keys, i.e. the sum of UTXOs is your balance of bitcoin you can send. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Transaction cannot be initiated with insufficient amount of UTXO. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
A bitcoin wallet equates all inputs and outputs including a Tx fee. So, the Tx fee amount = Sum of inputs - sum of outputs. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You can use many UTXOs as inputs and send them to many recipients simultaneously in a single transaction.
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