- Unspent Transaction Outputs (UTXO) are inputs sent from wallets of other users that become unspent transaction outputs that can be spent by the private key stored in the wallet they were sent to.
- Then your transaction is denied. You can’t send UTXO’s you don’t have.
- Using the formula of: Input = Output + TX Fee
- Because your never sure if the output amounts were for a real-world purchase between to parties or the outputs are sent to addresses controlled by the sender. You never really know since you could have many outputs but one input for example .
- Its crypto that you have left that you can spend, Send.The UTXO it that check your balance in your wallet.
- The transactions will not work. The UTXO is to small and will not be able to do the transaction.
3.It will check the resent fee on the Blockchain and will show you the fee. - To send output to diffrent adresses. Increase outputs.
1- Funds that are coming into your wallet but not turned to an output yet
2- Your wallet will combine all UTXO’s to cover amount
3- By subtracting the output from the input to create a separate tx for fee
4- By sending UTXO’s back to yourself
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What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
UTXO’s will be combined added to cover the transaction fees
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Some wallets let you choose the fee. Otherwise the wallet gets the best fee. To see how high the fee is you can calculate the difference output-input.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Send it to different addresses.
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UTXO are the outputs from a transaction
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My wallet would check which UTXO my private key can spend. It is important that the summery of all the UTXO is larger to cover the transaction. Then the wallet would konstrukt the transaction. So the singel UTXO dont need to be as big as the transaction.
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It would specify like that: the SUM of Inputs - the SUM of Outputs = the Fee
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because nobody knows who the owner of the public key are. So for example you can transaction to 10 public key which all you own.
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- Amount of bitcoin I have on the blockchain
- The transaction can’t take place
3.it is calculated automatically based on previous transactions fee so the transfer can take place in a reasonable fast way - Resend to myself bitcoin on several wallets for which I have the private keys
First it will check for more utxo’s you own to combine them as multiple inputs. only if the total amount of all your utxo’s can’t cover the amount, the transaction will fail
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO is like change (money yet to be spent) from a transaction which has already taken place -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Use multiple UXTO’s to complement the sum which is needed for transaction. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Transaction fee = Input - Output -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By using a large number of inputs and outputs in order to MIX your transaction thus making it harder for you to be identified. So using multiple addresses
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A UTXO is the output of a previous transaction that is unspent. Once the transaction output is spent it is no longer a UTXO. The sum of all of the UTXOs your private key can spend is your wallet balance.
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If you don’t have a single UTXO that is large enough to cover for the transaction, your wallet will use multiple of your UTXOs to cover for the transaction.
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The fee is specified by subtracting the total of the outputs from the total of the inputs.
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Privacy is increased because there can be multiple inputs and multiple outputs, and you don’t know who owns the private key for each address. You can increase privacy by using a new address for each transaction.
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A UTXO is a bitcoin transaction that has been received, and still sits in the recipient’s wallet. It becomes “spent” when it is moved out of the wallet into a new wallet.
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The transaction would try to use more than one UTXO to complete the transaction.
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Fee = input - output, set by either the sender or the network
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Privacy can be increased by transferring bitcoin between multiple private wallets, or by using a mixer.
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UTXO are previously received transactions which have not been spent yet. Thus, they specify the available amount to be spent in ones wallet.
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Multiple UTXOs are combined and the remainder is sent back to yourself.
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The difference between the input and the output amount.
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Always generate new outputs - Never reuse an address to receive funds.
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- An UTXO is your available BTC to spend.
- Then can’t make the transaction.
- The difference in inputs and outputs.
- You can send money to a different address that is under your control.
1. Describe what Unspent Transaction Outputs (UTXO) are.
UTXO stands for the unspent output of the transaction. Which means basically, whats left over from the transaction that the sender can use again in later transaction.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transcation would not be valid nor accepted by the miners.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee is implied and not specified.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Through branching transactions to multiple receiver destinations you can create a level of privacy that would be hard to track manually.
Describe what Unspent Transaction Outputs (UTXO) are.
They are the outputs of transactions which have no been used yet in another transaction.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet would add additional UTXOs until you have enough and any remaining amount would be spent to an address you control less the amount of the transaction fee you are willing to pay.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
It would estimate the amount based on previous transactions in the proceeding blocks then calculate the amount of bitcoin (satoshi’s) per byte needed to get into the next few blocks. The fee is calculated by the size of the transaction in bytes times the price you are willing to pay in satoshi’s per byte. The transaction fee is not actually specified but rather the difference between the input - output.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You could include more UTXOs than are needed for the transaction and return the excess to an address that you control.
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- Describe what Unspent Transaction Outputs (UTXO) are.
Input from a source that can be used to be spent in another transaction.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
My wallet can calculate my UTXOs, if the sum is enough to pay my transaction, the transaction can be executed.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
A bitcoin wallet recommend a reasonable fee, bases on the current and previous transaction fees.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Always generate new addresses, especially the outputs, so that it is hard to tell which output goes back to the sender.
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It doesn’t actually sit in a wallet, but on a public key wich only the correspond private key can spend. your wallet wich has your private key can check the blockchain wich UTXOs on those public keys it can spend and will show the sum of it as your balance
an utxo is just an amount that you can spend that has been sent to your public key. you can own multiple UTXO’S on multiple public keys that your private key can spend.
when you don’t have a single UTXO to cover the transaction, your wallet will combine more smaller utxo’s together. only if the total amount of all your utxo’s can’t cover the amount, the transaction will fail.
UTXO’s are your unspent funds which your wallet can broadcast to the network.
TX will not be accepted, if it cant balance it to the right amount from another UTXO.
The fee will be equal to the input minus the output. Wallets often calculate this, and some wallets you can choose how much to pay in fee,
but the lower the fee the higher the propability for a longer waiting-period to be accepted by the miners.
By creating many outputs to multiple wallets privacy is increased. Using a different address for receiving each transaction.
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To me, it is sort of like this: a transaction of ten units has an input of ten units and an output of ten units. It must be an even swap of value in totality. Whatever is returned in change, so to speak (minus the transaction fee), is an output that returns to the address as unspent output. This is how I visualize it. Please help me if I am out of whack!
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It seems to me that the blockchain is queried regarding the status of the ledger for the specified address. The blockchain tabulates how many units of unspent transaction outputs are assigned to that address. Is this right? Help me Ivan! I’m lost here!
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This one is bizarre!. It seems to me that the transaction fee is sort of like an auction, a bid/ask system. Recent transaction fees are assessed and bid on to establish a fair market price. It’s a maker/taker system I think.
Again, anyone please correct me if I am wrong. I am still trying to figure it all out at the grass roots level!
- Hmmm good one! Well, you could output to different addresses and therefore different wallets,all of which are created through the private keys. (which only you control)
Your wallet will not broadcast utxo’s, But will construct a transaction using your available utxo’s as input. The transaction will be broadcasted to the network and end up in the mempool of every node until a miner adds it into a block.
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