You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then your tx would not happen. 
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- Describe what Unspent Transaction Outputs (UTXO) are.
An output corresponding with cryptocurrency that’s been sent to you and placed into your wallet that’s available for you to spend.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Then, like paying for a $7 bike with 2 $5 bills, you would use multiple UTXO’s for the transaction and get ‘change’ sent back to you, in the form of the correct amount of crypto, minus the fees.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
I believe the wallet would query other recent transactions in the blockchain to determine a reasonable and appropriate fee amount, whereby input = output + fee.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Privacy is inherent within transactions because no names are attached to the inputs or outputs. You could also include yourself within an UTXO with multiple addresses, where you’d both be sending and receiving in the same tx.
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- Describe what Unspent Transaction Outputs (UTXO) are.
all incoming transactions to a specified wallet address. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? transaction would not be approved.
- How would a bitcoin wallet specify the transaction fee when creating a transaction? based on the network
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? send to multiple addresses.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
- UTXO’s are an output from a previous transaction that is waiting to be spent or turned into an input for another transaction.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
- The wallet will add up other UTXO’s to cover the transaction but if the wallet cannot find enough UTXO’s to cover it, then the transaction will not go through.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
- The wallet just calculates { input - output = tx fee }
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
- You could send a bunch of UTXO’s to addresses you can control and others you do not.
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- UTXO is like change from a previous transaction.
- My wallet can calculate my UTXOs, if the sum is enough to pay my transaction, the transaction can be executed.
- The difference between inputs and outputs.
- Using many inputs and outputs. Though effective to someone reading block explorer this is useless privacy measure for software based tracking.
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- UTXOs: Unspent Transactions Outputs are the bitcoins originated (as outputs) from other transactions, which you have received, and not yet spent (unspent) from your wallet.
- You would have to sum up several UTXOs to arrive at the intended amount, if there is not enough even with several UTXOs, then the transaction won’t be valid, or you will need to do it with a smaller amount.
- The difference between inputs and outputs
- You could use several inputs and outputs in order to confuse someone reading the block explorer.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
A: UTXO’s are transactions that one has received but have have not been spent. In another words, the sum of the UTXO is the balance of the wallet although the balance is not kept explicitly in the blockchain (only the transactions)
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
A: The transaction would be rejected
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
A: A fraction of the transaction is paid as a fee, meaning that the receiver will get the original amount minus the fee. The wallet estimates the fee from the historic of similar transactions
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
A: the wallet holds no personal data and one can have as many wallets as he/she cares to deal with, meaning that the recipient of a transaction can be the same as the originator making the tracking of an individual overall balance hard to track
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1: UTXO’s are all your inputs added together to equal your wallets balance
2: Your transaction would not go through
3: The inputs - the outputs is the transaction fee
4: You can send amounts of bitcoin around and use a different address to mask who you were sending it to, such as yourself
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- Describe what Unspent Transaction Outputs (UTXO) are.: ——They are the spent transactions from previous block
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?—Then the transaction can’t be completed because it would be like laking of money 9the same concept).
- How would a bitcoin wallet specify the transaction fee when creating a transaction?—Will be the total of inputs vs the total of outputs.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?- By splitting to different addresses that you own
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- UTXO (the unspent transection output ) is the wallets balance
- then transection can not occure
- the difference between the input and output
- use a different address for input and multiple output
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- A UTXO is an input to your wallet that is the result of the output from another wallet source the sum of the UTXO make up your wallet balance.
- The transaction would not be able to be made.
- The amount of input minus the amount of output determines the fee.
- a private key is used to ensure that the recipient of the output is anonymous
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You can use multiple UTXOs as inputs to a new tx. If you still don’t have enough then your tx would be rejected.
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Describe what Unspent Transaction Outputs (UTXO) are. A UXTO is an output transaction from a wallet that hasn’t been spent yet.
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What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? The wallet sums all input unspent transactions and calculates if this amount is greater than the requested UXTO.
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How would a bitcoin wallet specify the transaction fee when creating a transaction? When you create an output transaction your wallet by default would suggest a fee. While the fee does not depend on the amount you’re sending, it does depend on network conditions at the time and the data size of your transaction.
4.How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? By using a different UXTO address for each spend output transaction and also by splitting up a large spend amount into several smaller spend amounts.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are the amounts received into your wallet from other parties. They are the inputs into your wallet. You may have one or several UTXO’s that make up your balance. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet looks at the total balance of all UTXO’s before calculating if there are enough funds for the transaction and will output as many as needed. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet looks at recent fees to calculate one that will be acceptable to miners to process your transaction. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
The ‘change’ from each transaction is returned to your wallet each time using a newly generated public key which makes the movement of your funds increasingly difficult to trace the more frequently you perform transaction.
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Describe what Unspent Transaction Outputs (UTXO) are.
They are all the spendable outputs controlled by the private key of my wallet address and available to be used in new transactions (as inputs).
The inputs I receive don’t “mix” together like they would with physical coins. For example, if sb decided to send me another BTC, I would now have two separate spendable outputs assigned to my address.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction won’t happen/will be rejected.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Input = output + tx fee
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
For example, if the user wants to pay 4 BTC to somebody and they don’t want the 4 BTC value to be easily searched for, then he can send two or three transactions for the value of 2 and 2 BTC or 1/2/1 BTC which together add up to 4 BTC but also from two or more different wallets, which he own.
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- UTXOs are how Bitcoin keeps track of balances. The amounts going in must total the amounts going out, even if some go back to you.
- UTXOs can be combined together to cover larger transactions.
- A Bitcoin wallet specifies the transaction fee by subtracting the input by the output. The leftover is the fee amount.
- Transaction inputs and outputs can help increase privacy because the recipients are not necessarily known.
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UTXOs are transactions that you input and are old outputs of previous transactions.
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if you don’t have any single UTXO that is large enough to cover for a transaction it will not go through and be declined.
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When creating a transaction in a bitcoin wallet, the transaction fee is automatically charged with the Output. ( Input=Output+Transaction Fee)
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You can use the notion of transaction inputs and outputs to increase privacy in your transaction by sending them to different addresses that you own or new ones.
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1.UTXO are unspent transaction outputs which is the data created from the previous transaction. The total value of UTXO in a wallet display your balance, or remianing unspent transaction outputs.
2. It will make use of one or more UTXO’s to make the transaction happen. The change will be credited to your wallet after deduction of the transaction fees.
3. It is the total of the inputs minus the total of the outputs.
4. You can create different adresses for each new transaction.
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Unspent Transaction Output (UTXO) is the unspent amount that you have in your wallet sent to you by another party. It is called UTXO because of the output of the party who sent you the funds. Basically, it is a complicated way of saying your remaining (unspent) balance.
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The transaction will not go through since it’s the same as buying a 10 euro pizza when your remaining balance is 9 euro.
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Transaction input - output = fee
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Using different addresses when receiving something? Can someone explain this to me, meaning creating multiple wallets?
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Your wallet will calculate the sum of your total unspent transactions to equal the amount needed, if not enough the transaction is not allowed to take place.
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