Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#3562
  1. Describe what Unspent Transaction Outputs (UTXO) are.

They are input transactions that confirm what goes through your wallet and confirm what can do out of your wallet.

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

It would not be confirmed by the nodes and the transaction would not be completed.

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

If would subtract the input from the output to determine the fee. The exchanges could also recommend the fee.

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

You would send the difference of your transaction to another wallet the pertains to you and no one would know.

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#3563
  1. UTXOs are transactions that you have recieved and now you can spend them.
  2. I would use two UTXOs that are large enough to cover for my transaction and then i would send the remaining SUM back to my wallet(Minus transaction fee).
  3. It looks at a previous fees in blockchain and suggests a SUM of fee that will get your transaction to the blockchain reasonably fast.
  4. To recieve funds, use many different wallets and when sending funds back to myself,then use many recievers. Basically many Inputs and Outputs.
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#3564

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

#3565
  1. UTXO are the transactions that you have received and are available for spending.
  2. The transaction is invalid and will be declined.
  3. The fee is the difference between the output amount and the input amount.
    4.To increase the privacy of the transaction, we can use different addresses while sending funds back to us.
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#3566
  1. Received transaction that is’t spent.
  2. it would be declined.
  3. It would find a correct fee on blockchain and putt it to the output.
  4. Use different addresses
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#3567

That makes sense, thanks! :+1:

#3568

1: UTXO is the remaining balance in a wallet that the wallet keeps track of.
2:If you do not have UTXO large enough the transaction is declined.
3:The wallet calculates the difference between the input and output and comes up with the fee.
4:Privacy can be increased by using different addresses when receiving money.

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#3569
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXOs are TXs given to you and those can be spent.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    The TX will not go thru
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    The fee is - input equals output + fee and fee is suggested by the wallet in order to give us the best option for the transaction to go thru
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    I would send a portion of the TX to a different wallet address that i own
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#3570

The sum of all UTXOs is the wallet balance.

You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would be declined.

The fee is not part of the output but is inclined as the difference of inputs and outputs (inputs - outputs = fee) :slight_smile:

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#3571

  1. An unspent Transaction UTXO is the BTC you have in your wallet or the funds that has been sent to you.

  2. It would use any other UTXOs that you have to make up the transaction and send back the change to you.

  3. A wallet creates a transaction fee. (fee=input-output)

  4. You could use a different address for the change to be sent back to your wallet.

1 Like
#3572

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Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101

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3553

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  1. UTXOs track and store how much currency balance is available for spending.
  2. The transaction would not be possible.
  3. The transaction fee is equal to the input minus the output.
  4. All inputs and outputs have separate, distinct addresses. The outputs could be going to one source, separate sources, back to the original owner, or any combination thereof. As a result, privacy is achieved.
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#3573
  1. Describe what Unspent Transaction Outputs (UTXO) are.

UTXO Are all the transaction input received by a wallet and not yet used as an Output.

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

The transaction will be discarded by the network

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

The fees are calculate based on the average of precious transaction and it will be the total of the input used minus the output

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

The more output you generate the harder will be to understand where the money actually went and to whom.

2 Likes
#3574
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXO are transaction that have users wallet have not used yet and he still have have them
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    It would use more then single UTXO and send the change back
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    Fee is difference betwen transactions input and output. Higher fees are proceed faster because of the incresed incentivive to miners, and fees are usually choosen manually.
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    Increase of privacy can be done by creation of multiple output address
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#3575

You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would not be possible. :slight_smile:

#3576
  1. (UTXO) are unspent transaction outputs that you can use as inputs in your upcoming transaction
  2. It would combine another UTXO and send the change back to yourself
  3. it estimates a smart fee by checking the latest transactions on the blockchain
  4. By specifying more than 1 output we wouldn’t entirely know if such an amount went to this exact output. We also don’t know if the output is yourself or another person.
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#3577
  1. The balance left in your wallet.
  2. no transaction, your low on funds.
  3. Your wallet uses the blockchain to calculate your fee for you. Difference between the input and output is your fee.
  4. Increasing the number of outputs would increase privacy.
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#3578

  1. UTXOs are the some of all receiving transaction to a wallet.

  2. Insufficient amount to spend ( invalid transaction).

  3. Sum of input amount minus output amount in the wallet.

  4. To increase privacy, the use of deferent addresses in each transaction is recommended.

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#3579

@Alko89 Thank you very much, now that I see well I overlooked the question. I thought it meant if I don’t have enough UTXO at all to match the amount :slight_smile:

#3580

The sum of all your UTXOs is your balance.

You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would not happen. :slight_smile:

#3581
  1. Describe what Unspent Transaction Outputs (UTXO) are.

UTxOs are a kind of available balance that can be used as the inputs for the new transactions.

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

Then the transaction would be invalid, and would not be sent to the blockchain.

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

A wallet calculates it based on the blockchain latest transactions

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

You can increase the privacy by sending the coins to more than one address, then nobody can really know who does these addresses belong to. The output can lead to other address also owned by you.

1 Like