- UTXO’s are outputs that you receive from another individual’s transaction. When you decide to spend the funds, that UTXO becomes an expense and the new output becomes a UTXO.
- If you don’t have any UTXO to cover a transaction, the nodes wont be able to verify the transaction.
- Your wallet will check the most recent block and determine the cheapest transaction fee.
- When your wallet creates a transaction to multiple recipients, the public is unable to confirm whether you’re sending the funds to yourself or someone else’s wallet.
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1.Describe what Unspent Transaction Outputs (UTXO) are:
UTXO’s are funds that have been received, but are yet to be spent.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? :
You would be unable to complete the transaction until you had more inputs.
3.How would a bitcoin wallet specify the transaction fee when creating a transaction?:
Total input minus(-) total output
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?:
Inputs and outputs have distinct addresses - you can include multiple addresses in your transaction and as such the outputs could be sent to other individuals(i.e wallets belonging to someone else that isn’t you), as well as to other addresses(wallets) that you own.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
A lot like the change from spending in fiat, it is the left over amounts from a transaction, that are available for future transactions.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
It should look for more of your UTXO’s to complete the transaction, failing that it should return an error of insufficient funds.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
It is the total transaction amount, less the UTXO’s.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Multiple inputs and outputs make tracing difficult, so maybe sending to multiple addresses, or new addresses every time would increase the privacy.
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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 declined. 
Describe what Unspent Transaction Outputs (UTXO) are.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
How would a bitcoin wallet specify the transaction fee when creating a transaction?
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
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UTXOs are outputs of previous transactions that have not yet been spent
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If you do not have one single UTXO to cover a transaction, your wallet will use another UTXOs to total the required sum needed.
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Bitcoin wallet would specify the transaction fee by subtracting the input amount from the required output.
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You transaction input can results in multiple outputs, or even be comprised one of multiple inputs yielding multiple outputs which cannot be traced.
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Thanks for clearing that up!
- Is a transaction that has an input put no output.
2.The blockchain would see that you do not have the sufficient input to transact.
3.The wallet checks for fees of a similar size.
4.Send the transactions to multiple wallets .
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- Describe what Unspent Transaction Outputs (UTXO) are.
They are transactions that were received but were never 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.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
It’s the difference between input and output
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Always make use of a different address for the outputs.
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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 declined.
- Unspent Transaction Outputs (UTXO) are the balance that has left in your wallet and could be spent.
- It would cause the decline of a transaction.
- Fee = input - output. Wallet chooses the best fee (as per the recent transaction fees on the blockchain), however it is possible to choose the fee manually in some wallets, and if choosing lower fees - it will reduce the transaction speed.
- You could send BTC to others and to yourself and addresses are not connected to an identity and that is why it is not possible to know what transaction went where. By increasing the number of addresses (inputs/outputs) more privacy could be reached.
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- Describe what Unspent Transaction Outputs (UTXO) are.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
1.UTXO is the remaining balance in the wallet
2.The TX would not e completed
3. The wallet checks latest paid fees and give you a fee so that the TX can go forward
4. using many inputs and outputs
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An UTXO is the output (received amount) of a previous transaction that hasn’t been spent yet.
The total sum of all the UTXOs defines your balance. -
The available spendable amount, or the input of a new transaction, is the total sum of all the UTXOs.
It doesn’t matter if the output of each of those UTXOs separate is smaller than the sum. -
Fee is specified as Inputs - Outputs.
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Use multiple outputs
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First, 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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UTXO is output from a wallet to another person where the coins have not been spent yet
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Your transaction will not be verified, or you would need more than one UTXO to cover the total cost of your transaction
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Input-output = transaction fee
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You can send transactions to yourself and people wont know that you are doing so, as the inputs and outputs from the different wallets have no markers as to who the wallet belongs to
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1 Its transactions you have received but not yet spent.
2 You have to use multiple UTXOs that covers my transaction and the fee. The rest you can send back to your self.
- It doesnt specify the fee but you can calculate it (input-output= fee)
4 by creating more output adresses. From the outside you cant tell wich transaction went where.
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UTXO’s are the outgoing sums of currency resulting from bitcoin transactions being received by individuals.
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Then more will be added until you can cover the transaction and fee.
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By showing the difference between what was sent and what was received.
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By having multiple bitcoin id’s and addresses.
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Describe what Unspent Transaction Outputs (UTXO) are.
They are unspent transactions after a completed transaction. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
It will not write onto the blockchain as you dont have enough to carry the transaction. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
By looking into the blokchain for the right fee -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Multiple transactions can be carried out and resulting with different outputs(unique identifier)
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- Describe what Unspent Transaction Outputs (UTXO) are. A UTXO is the output of a previous transaction; where the amount is used as an input for the next transaction. The sum of all of the UTXOs in a wallet is the wallet’s balance.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? The wallet would also send another UTXO; subtract the fee, and then send back any extra back to the wallet. the sum of all outputs must equal the sum of all inputs.
- How would a bitcoin wallet specify the transaction fee when creating a transaction? A fee is generated by the wallet- using information from the previous fee, the size of the transaction and the input-output to generate the transaction. This fee is accounted for in the output.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? essentially, instead of a bank settling a balance using credits/debits, the ‘settlement process’ happens within each wallet itself. This is helpful for privacy because crypto gets sent to a wallet address, not a person.
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1.UTXO or unspent transaction output is a database of transactions that the wallet received. It means because someone sends you money, you now have UTXO from the sender.
2.Rules is that you have to spend all of the amount that has received by sending it recipient and the rest back to your wallet as change back.
3. In a bitcoin transaction, input equals output plus the fee.
4. Using block explorer, use different addresses for each transaction.
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1.) A UTXO is an output that has been sent from one wallet to another, but hasn’t been spent by the recipient yet. A single transaction can consist of any number of inputs. and outputs, but there has to be at least one of each. UTXO’s from the sender, once spent, become UTXO’s associated with the recipients private key.
2.) If I wanted to initiate a transaction but didn’t have any one single UTXO big enough to cover it, my wallet would query the blockchain and look for other UTXO’s associated with my private key. The wallet would then add up all associated UTXO’s, the sum of which is my wallet’s total balance. If that total is less than the amount I’m trying to send, it won’t broadcast the transaction to the network.
3.) This depends on the wallet (some allow you to choose your transaction fee), but typically the wallet will query the blockchain and look at fees for recently confirmed transactions. It will then calculate a fee that is appropriate for a reasonably quick transaction time, apply it to the transaction, and broadcast the transaction to the network. Tx fee = inputs - outputs.
4.) If a transaction has many inputs & outputs, it can make it very difficult to track a particular UTXO in a blockchain explorer. However, software can still easily track it. For true anonymity, a VPN & coin tumbler must be used.
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