You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would be invalid. :).
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- Describe what Unspent Transaction Outputs (UTXO) are.
Input transaction to wallet. Could be compared to a bill in fiat money. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
If you dont have any single UTXO you may combine it with other UTXOs. If the total is still below the output+fee you can’t complete the transaction. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It would suggest a fee that would allow the transaction into the blockchain at a reasonable amount of time. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You could provide an address different than the sender that you control as well to not allow people to see that you send BTC back to yourself.
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- Describe what Unspent Transaction Outputs (UTXO) are.
It is the amount accumulated of previous transaction to you wallet.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
In this situation then the note will check for another UTXO that can cover the asking amount, if not then the transaction will will be decline
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
Fee= UTOXs - Inputs
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
It is important to always generate new addresses, specially the outputs so it can be untraceable to the sender
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- It is a sent transaction from other wallets. Unspent funds on your balance.
- The wallet will combine the UTXOs together and the “change” will be sent back to you wallet
If they are not large enough the transaction will not go through. - It would be the difference between your output and the recipients input
- By making transactions to different adresses and different UTXOs and in the same time
sending transactions back to my wallet
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO is the amount of money unspent that is available to be spent that is stored in the wallet. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction will be rejected
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee is determined by the bitcoin wallet checking the history of the transaction fees on blockchain. The transaction fee is determined by the speed you want the transaction to be recorded on the blockchain. Miners choose to work on transactions with higher fees first because fees are how they get paid.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You can create outputs to multiple recipients and include an output to your private key that will in return appear as an input in your wallet.
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You are right my answer it’s not full.
1.The UTXO is the tracked balance that’s been left in your wallet after transactions
2.The amount in your wallet determines the price and size of a transaction,if you do not have the UTXO it will be declined, use moire
3.Your wallet confirms with the blockchain what your fee is for the transaction
4.using multiple than inputs and outputs and use a different address for each receiving transaction
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The sum of all UTXOs is the amount available to be spent.
You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would be rejected. 
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Unspent Transactions are the total of your inputs that can be spend
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The transaction won’t be possible
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It would specify by a difference between the inputs and outputs
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Using many inputs and outputs
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It seems that I didn’t understand the question fully. Thanks man
Homework - UTXOs
Describe what Unspent Transaction Outputs (UTXO) are.
The sum of inputs to a specific address that have not been spent yet. The wallet shows the balance.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet translates and displays the sum of all UTXO on the blockchain. So, it will use additional UTXO’s to cover the transaction including fees. If there are no additional UTXO’s designated to the same address. The transaction want be validated and there for void.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet specifies a fixed fee or a sum (several options) that is equal to a fee that will cover the transaction in a rinsible time.
The Output is equal = Transaction + Fee + Difference (sum of used UTXO’s)
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Increase the number of Addresses
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UTXO’s are outputs of former transactions. They are used as inputs for new transactions. They are also used to calculate your balance.
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The wallet would source from multiple UTXO’s, otherwise the transaction will be declined.
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The fee is calculated by subtracting the output from the input.
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You could use multiple different addresses when performing transactions.
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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.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are the unspent inputs (BTC received). -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You spend enough combined UTXO’s to cover the amount needed to send. The difference in sent back to the sender minus the transaction fee. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
It would look for the higher transaction fee to incentivize it being added to a block. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
The transaction inputs and outputs can be sent to multiple addresses. The ‘change’ sent back can be to a different address than the original wallet generated by the original wallet. This can help protect anonymity.
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UTXOs are unspent outputs of previous transactions. It’s what your wallet keeps track of to calculate your balance.
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It would add more UTXO’s until you have enough to make the transaction. If you don’t have any more, the transaction will be declined.
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The fee is calculated. Input - output = fee. A wallet will choose the best fee, that still get’s your transaction on the blockchain in a reasonable amount of time. As miners will first confirm transactions with the highest fees.
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Output of a transaction can partially go to an adres that you control. Or to different adreses someone else controls. Making it impossible to follow what amount is going to who. Use different adreses to receive funds…
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are inputs that have not yet been spent. Once they have been transacted, they then turn into spent transactions. -
What would happen if you don’t have any single UTXO that is large enough to cover your transaction?
If your wallet had another UTXO to cover the full transaction then it could use that as well to complete the TX. If it did not then you are SOL. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The bitcoin wallet would search the blockchain to find the most pertinent fee available to make the transaction move faster and then include that fee into the transaction total. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
One input can be applied and can create multiple addressed outputs.
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1: UTXO’s are input transactions sent to one’s wallet; they remain UTXO’s until they are sent as an output transaction, thereby becoming a UTXO for the next wallet.
2: You can’t make the transaction if you don’t have enough UTXO to cover costs.
3: Transactions fees are deducted from the input; remining input UTXO is sent back to wallet as a UTXO.
4: The blockchain will create new encrypted transactions.
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- Unspent/remaining balance from output
- The transaction would be declined.
- The fee will be automatically deducted from each output and are calculated specifically to each miner. From here your wallet will notify you of that specific fee and cost for it.
- Multiple inputs and outputs per transaction or possibly using your private key to secure your privacy.
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Transactions on Bitcoin are not encrypted and can be viewed by anyone. The most basic method you can use to increase privacy on Bitcoin is to use a new address every time you receive funds or when you are sending change back to yourself.
From the explorer it will not be possible to determine what part of the tx was used to pay a service and what went back to you.
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Homework on Bitcoin Transactions and UTXO
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Describe what Unspent Transaction Outputs (UTXO) are.
Basically UTXOs are entry that belongs to one address on the blockchain. In other words if you have a new empty wallet and you start to receive funds, all different transaction that you receive is an UTXO. The wallet then query the blockchain about which UTXOs can spend and gives your “balance”, but there are no coin at all, exists only UTXOs. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
In case you do not have any single UTXO that entirely cover for the amount of the transaction you have to use many UTXO until the sum of your UTXO is equal to the amount of the transaction plus the transaction fee. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Usually some wallets gives to possibility to the user to chose how much he/she wants to pay for the transaction, otherwise the transaction fee would be the difference between the input and the output, where the input is equal to the sum of UTXOs used, the output is the sum of the bitcoins you need to transfer to other wallets that are not yours plus the bitcoins that you are transferring in other wallets that belongs to you. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
When you make a transaction you can use more UTXOs than the BTC that you really need to transfer (input) in order to make multiple output in which many are wallets that belongs to you, so it will difficult to understand what is the real transaction.
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