-
Unspent transaction outputs are the balances left over after a transaction is complete. They are relevant because no coins actually exist and they are what keeps track of the circulation of transactions that represent bitcoin quantities. Like the double entry accounting equation, quanties in bitcoin are always equal to output so no matter how coins are spent the total in circulation can be audited. The utxo is the footprint of transactions goin in or out a wallet at any given time.
-
If you dont have a enough to cover your fee then it wont go through
-
Wallets dont specify the fee just calculate output minus input
-
From my understanding the new adresses created from what us unspent is in itself secure because its based on the private key and so only your wallet would know that that utxo is available so i dont see a need to create multiple addresses
thanks man, very new to all this, cant get it all processes at time being 
You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would not go through.
The question is about privacy, not security. Even if addresses are private on the blockchain what to do when you withdraw from an exchange where you did KYC? 
!. UTXO’s are the amount of bitcoin that a certain private key is able to transact, with the bitcoin to be spent coming from another users transaction that held a specific amount of the UTXO now accrued.
2. Then the transaction wouldn’t be approved of because the ledgers would not approve of it upon request.
3. By taking the initial UTXO and then subtracting the UTXO from when it was an input, it generates the fee.
4. Having several addresses associated and several outputs with one input to increase the anonymity.
-
Describe what Unspent Transaction Outputs (UTXO) are.
The remaining balance after executing a cryptocurrency transaction such as bitcoin. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You will have to combine single UTXOs to cover the transaction and fee. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet will calculate the fee by subtracting the output and the input. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
The wallet will track the OTXOs and verify that the private key can spend. The transaction inputs produce the output public keys, but the transaction is irreversible. The total of the input transaction is equal to the output.
I hear ivan saying kyc all the time but idk what that means
- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are the balance left in your wallet that it keeps track of.
UTXO are the balance you received from someone that not yet being spent. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would be declined if your UTXO is not large enough to cover it. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet checks the blockchain and figures out the correct fee. - 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.
The sum of all UTXOs for that key is the amount a key can spend.
You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then the tx would not be approved.
Why would this improve privacy? Privacy can be increased by not reusing addresses and create a new one every time you receive funds or send change back to yourself.
Know Your Customer, its that annoying thing you have to do on (mostly) every exchange today that requires you to send the pictures of id cards, yourself and utility bills.
Its a “anti money laundering” scheme, but it also deanonimizes users because now when you withdraw your funds from an exchange they can link the withdraw address to a physical entity.
- Describe what Unspent Transaction Outputs (UTXO) are.
The total amount of UTXO’s that belong to you are the balance of your wallet - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
first your wallet will check if a combination with other UTXO’s that are yours can fulfill the amount needed, if that isn’t the case the transaction will be rejected. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It detracts the output UTXO(s) from the in put UTXO(s), that is you r fee. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You can heve many different inputs and many different outputs, which increases privacy, especially because nobodu can see which output belongs to you.
-
UTXOs are inputs received from an earlier transaction that lay in wait until the wallet owner initiates their own transaction - in other words, they are the previous outputs which have yet to of been used by the receiver.
-
The wallet would attempt to combine the insufficient UTXO with another. If it cannot find two (or more) UTXOs that cover the transaction in full no transaction will occur.
-
The wallet will look at previous transaction fees present in the blockchain and come to a similar figure.
-
Use different addresses/wallets to obfuscate where the ‘change’ (or, excess currency that derives from UTXOs that are of a greater value than the full cost of the transaction) goes to once a transaction is completed.
-
UTXO come from other wallets spent transactions, they become UTXO for the wallet that they are sent to.
-
It would be combined with another UTXO to cover the cost, miner fee, and send the change back to your wallet. If no other UTXO are available than they transaction would not execute.
-
It would use the average of other transactions that are processing in order to make it into a block in a timely manner.
-
Make sure to send the leftover UTXOs to a new address under your control.
- UTXOs are unspent outputs from a previous transaction
- It would be impossible to do the transaction
- The fee is the difference bewtwwen the inputs and outputs transactions
- By generating new outputs to more addresses
- UTXOs are the balance that wallets keep track of.
- Use multiple or the transaction will fail to be authenticated.
- The Fee will be based on the amount of bytes sent in a transaction. This will be calculated before hand.
- No one knows which out put goes to which address. Nor can they tell how much has paid to each address.
You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then you would not be able to do the tx.
You can check on explorer and get the exact balances for every address in the blockchain. If you’re using a new address for each tx then it would be hard to link all of them to the same wallet holder.
Homework 1/19/21 BTC Transactions & UTXO
- Describe what Unspent Transaction Outputs (UTXO) are.
Outputs from other transactions that haven’t been spent. My remaining balance, what is remaining for me to spend of send. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction is cancelled and/or declined by the wallet - How would a bitcoin wallet specify the transaction fee when creating a transaction?
The difference in inputs/outputs is determined then that amount is subtracted in the form of a transaction fee.
4.)How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Multiple transactions, multiple wallets, multiple outputs.
Hi,
-
Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs refer to previously received currency that is available for use in future TXs. It is basically your balance. -
What would happen if you don’t have any single UTXO that is large enough to cover your transaction?
Your wallet will query the blockchain to verify which UTXOs are available to be spent. It will then add them up to come up with your balance and then it will decide which UTXOs to use for that TX, provided you have enough currency. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Generally, input minus output, though some wallets will allow you to specify the fee. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
I had to research this one. I am not so sure if the answer is correct. I understand that a wallet can generate any number of receiving addresses from the public key. Then, you can provide a different receiving address to those sending you funds. This can “hide” the public key. Otherwise, the public key could be recognized and it would not be so anonymous.
R
-
UTXO are the results of transactions that have not yet been used as inputs in new transactions.
-
Your wallet would automatically choose multiple UTXO to combine so that the desired output could be covered, and would send the remainder back to an address you control. If there is not enough, the transaction would not go through.
-
The wallet suggests a fee based on the “weight” of the transaction and other market conditions. It’s possible to change the fee amount, but if the fee is too low, the transaction may take longer to get confirmed, or may even be returned eventually.
-
One way to increase privacy in transactions would be to create multiple outputs, some for yourself, so that an observer may have difficulty guessing which of the many transactions is the intended receiver and which are just returns to the original holder.