1.utxo’s are inputs lying around until used.
2.wallet checks blockchain nodes to combine different inputs and add together to find balance available.
3. bitcoin wallet fee is the difference between the input minus the output.
4. using a hardware wallet, with multiple inputs and outputs creates more privacy in transations.
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They are transaction inputs that were and are received into a wallet.
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Another UTXO or multiple UTXO’s would be combined to cover the amount of the
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Some wallets automatically calculates the best fee and others give you multiple options.
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Randomly generated public keys can be made for every UTXO for increased privacy.
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Quantities of Bitcoin received yet not spent that are inside a wallet.
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Multiple UTXO would be gathered to make up for the desired amount to be spent and the difference would be paid back to the wallet’s account.
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Input - Output = fee Doesn’t make sense to me. If my mom sends me 1 BTC, and I want to spend .9BTC the fee cannot be .1BTC… because at current prices that would be apprx $600 and the fees are usually very small. Help! Also why do all inputs need to be spent? Is the difference just sent back to the same wallet where it came from?
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Inputs come from addresses and go to outputs, more addresses, the identity of the holders of these addresses remains private.
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1.) UTXO’s are inputs that have not been spent yet. They are essentially the balance of spendable BTC in your wallet.
2.) The TX would be invalid.
3.) It would be the difference between the input amount and the output amount. The remainder or the change left over.
4.) You can send TX’s back to your wallet via a different public key. Using many inputs and outputs obfuscates TX’s.
1. Describe what Unspent Transaction Outputs (UTXO) are
UTXO is all of the transactions you have received that you have not yet spent.
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet will automatically pull together all of your UTXOs so the sum of them is large enough to create the transaction. The wallet determine the size of the fee based on previous fees on the blockchain.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee is the difference between the input and output.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
As it is possible to send bitcoins to multiple addresses in a single transaction you can obfuscate which transaction is the real one. The others can go to other addresses that you control.
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1.UTXO’s are previous transaction (inputs & outputs).
2.I wouldn’t be able to do the transaction because all nods of the network are informed that I don’t have enough funds to cover the output.
3.It would choose the TX fee (by checking the blockchain) which it thinks would be suit ablest to get the transaction into the blockchain.
4.By sending my UTXO’s to several different addresses which all belong to me.
- Is the balance left over in your wallet keeps tracked
- the transaction is not accepted (declined) if your utxo balance is not enough for the transaction
- The wallet interacts with the blockchain and fiqures out automatically the fee or you may have an option to choose your own fee. Fee = input - successful output
- Using a different address when receiving or the output.
- UTXOs are the balance in your wallet.
- The transaction can be covered with more than one UTXO. If the sum of the UTXOs don’t cover the transaction, it will be invalid.
- The wallet checks the balance and the difference between the input and the output will be the fee.
- Generate new multiple outputs every time.
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- it the output of the transaction/s i.e. balance that is tracked and that could be send in the future
- no transaction - will be declained
- check the network and propose the reasonable fee in order the transaction to pass the whole network fast and reasonable enough
- many inputs and outputs within one wallet; possibly many wallets; send to yourself
Got it! Your wallet will first try to combine multiple smaller utxo’s to cover the amount. Only if the sum of all your available utxo’s aren’t enough to cover the amount, the transaction will be invalid
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1, UTXOs is the balance remaining in your wallet.
2, The nodes would decline the tx.
3, Your wallet chooses the fee for the tx, The fee is the difference between the two transaction inputs.
4, Include several outputs one tx directed to yourself. No personal information is included in a tx.
First your Wallet will try to combine multiple smaller utxo’s together to cover the amount.
Miners and other nodes will never see an invalid transaction. If you don’t have enough UTXO’s, the transaction will never be broadcasted to other nodes.
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It wil take only utxo’s that are enough to cover the transactions + fee. Some wallets do this automatically, but you can also specify wich utxo’s you want to use as input (if you have a wallet with coincontrol) so you could take only the 2btc utxo and send the change back to yourself. Or you could combine 1btc + 0.2 btc (because you also need to pay a fee) and send 0.19999… to yourself again as change