Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#3261

UTXO are the possible Bitcoins on the blockchain which I can transfer with my wallet.

Different UTXO will put together by my wallet to cover my transaction

The wallet will calculate the moste reasonable transaction fee.The calculation is based by the difference be input and output.

There is also an output to my self next to the “main” output. For example: I have to pay 7 Bitcoin and I only have 5 and 4 Bitcoins UTXO so my output will be 9 Bitcoin …7 to pay the bill and 2 to my own wallet “back”. That gives an increase of privacy.

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#3262

You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then you won’t be able to make a tx. :slight_smile:

#3263
  1. They are txs that have arrived at your wallet (inputs) that have not been used since.
  2. You would have to tap into another UTXO, combine them, and then send yourself money back
  3. By sending an amount back to you minus your payment sent and minus the fee
  4. String 'em together!
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#3264

1 - UTXOs (Unspent Transaction Outputs) are the amounts of digital currency remaining after a cryptocurrency transaction is executed.

2 - then there is no transaction.

3 - A wallet will calculate the appropriate fee for a transaction taking into account current network conditions and transaction size.

4 - The correspondence between the owner of an input and the owner of an output do not necessarily need to be associated for the transaction to be executed. The address of the input and the address of the output could be cryptographically hidden.

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#3265

  1. Unspent Transactions or UTXOs are simply unspent money that you have received from other individuals that you have not yet spent. You wallet will query the blockchain to see how many UTXOs your private keys can spend.

  2. You would simply send more bitcoin needed for the transaction. The Correct amount to pay for the item or service will be sent to the intended person and the " Change" will be sent back to you.

  3. The Input = Output + Fees. The Wallet will recommend the suggested fee based on the size of the mem pool.

  4. By Sending yourself money. Each UTXO can have multiple inputs and multiple outputs.

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#3266

1 What is left that is available to be able to send from your private address
2 Transaction will fail
3 Transaction Fee you are willing to pay the miner as the complete a block
4 multiple addresses

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#3267

  1. UTXOs are unspent funds on the blockchain that your address has sole access to, this is your ‘Bitcoin’.

  2. The transaction would be declined by the network if you didn’t have the UTXO value to cover the transaction.

  3. The wallet either suggests a reasonable amount to set aside from the output (which places the transaction higher up the list of pending transactions to be mined), or a manual amount if it is overridden - This becomes the transaction fee.

  4. The fact that all output must be spent, and that some of this can come back to the sender, allows BTC to be spent to different channels. This makes it to hard to track which output goes back to the sender, or to any new address that you may have created.

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#3268
  1. UTXO are unspent change in your wallet.
  2. The transaction would not be valid.
  3. The fee is the difference between input and output.
  4. By using many inputs and outputs to each transaction.
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#3269
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXO = the transactions left unspent after transactions a transaction is completed.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    Much like centralised banking, the transaction would be declined.
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    Minus the amount sent by the amount delivered (input minus output).
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    Use multipel destination addresses and input addresses.
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#3270

You can use multiple UTXOs as inputs to a new tx. Of all your available UTXOs are not enough then the tx will fail. :slight_smile:

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#3271
  1. Unspent Transaction Outputs (UTXO) are transactions which left one wallet, reached other but was never used to create new transaction.
  2. All the URXOs are summed by the wallet and then amount required for your transaction is going to that special address and rest is going back to your address or whatever address you want except fees.
  3. Fee = inputs - outputs
  4. inputs and outputs of your transactions can be to your own addresses no matter how many addresses you can have.
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#3272

The wallet will only take as much UTXOs as required to fund the tx. Using more would only increase the fees and would be wasteful. :slight_smile:

#3273

1: they are the funds that you received from one or multiple people that are on the blockchaine that you haven’t spent yet

2: if you don’t have enough in a single utxo , your wallet will get more from another one… 5+5 instead of 10. But if u dont have enough in all ur utxo , it wipl be rejected

3:it will look on the blockchaine for previous fees and adjust depending on the amount of kb

4: use different addresses for each transaction

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#3274

A UTXO is a transaction that has been send and received, BUT not spent yet. So that makes it the amount in your wallet or so called balance.
2.
The transaction will be rejected. without any UTXO’s you don’t have balance.
3.
Input minus UTXO = fee. The blockchain bases this on previous fee’s
4.
Send amounts to others and your self in 1 TX

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#3275

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

    UTXO’S are unspent outputs from previous transactions.

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

    It will sum up all possible other UTXO’s that are equal to or more than the transaction amount you
    need and change will be credited to your account after deduction of transaction fees.

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

    The transaction fee is implied rather than specified.

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

    It is impossible to know which output went where, to the recipient, to the sender and there can be
    multiple outputs. That increases anonymity in transactions.

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#3276
  1. These are address/es for transaction with amount/s. Sum of all UTXO’s with transaction fee has to be equal to the sum of unspent transaction inputs. For one transaction there has to be at least one UTXO and one input.
  2. The difference between transaction and UTXO is going to become a fee this transaction.
  3. Wallet would suggest fee amount based on blockchain current state to make it more efficient for ones transaction to get to the blockchain.
  4. I don’t see any privacy. A bit anonymity till one tries to cash out or spend for real life item.

I think I am quite wrong, but I am not alone. I will review these answers after it will get clear to me.

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#3277
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    A: UTXOs are outputs from previous transactions that were sent to the account associated with your private key, that you have not spent yet in the form of inputs in another transaction.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    A: you will need multiple UTXOs to cover the transaction and you will pay whoever you are trying to pay as well as yourself so that the entire sum of those UTXOs is spent in the transaction.
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    A: the Wallet will look at past transaction fees and propose a fee that will quickly get you into the blockchain so that your transaction can be validated. When it is all said and done the fee will be the input minus the output.
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    A: you can pay for what you want and also pay a multiple accounts that you own so that way it is more difficult for someone to tell what you bought or who you are paying.
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#3278
  1. UTXO’s are transactions that are sent to someone from your wallet.
  2. If you do not have enough UTXO to cover your transaction , it will not go through.
  3. A bitcoin wallet will calculate the fee based on the output being subtracted from the input data.
  4. You can tell your wallet how much you are willing to pay for a transaction, or control the input and the output data.
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#3279

UTXOs are outputs of a transaction that have not been spent. The sum of all UTXOs represent the wallets balance.
They can be used as inputs to a new tx and once done they are considered spent. You can use multiple UTXOs as inputs to a tx. :slight_smile:

#3280

  1. UTXO’s are outputs from previous transactions that you have not yet spent.

  2. If you don’t have enough in a single UTXO your wallet will get the rest from another UTXO and send you back the balance if any.

  3. The wallet looks at past transaction fees and proposes a fee this will put you in the blockchain so that the transaction can be validated. The fee is the input minus the output.

  4. It is impossible to know which output went where. to the recipient, the the sender and there can be multiple outputs. This increases anonymity.

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