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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are the the input into your wallet associated to your private key. “money” you have received but not yet spend -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You cannot transact -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee = input-output -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By generating many output addresses, some of which are controlled by the sender, one can increase privacy around which part of the transaction goes back to the sender.
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- Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are the BTC you can spend. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?All your UTXOs will transact and the difference between what you are sending and the transaction value will be send to one of your address
- 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?
your address changes continuosly
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You can use multiple UTXOs as inputs to a new tx. If that isn’t enough to cover your transaction then your transaction would be refused.
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- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are outputs we receive from others that we haven’t spent yet, in simple terms is our balance we can send to others. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Multiple UTXO’s will be sent and some will be sent back to you. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It will be based on the activity of the network and transaction size (miner fees) - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Only public keys can be seen through the input and outputs
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Thanks for your help!
Thanks for your help!
- Describe what Unspent Transaction Outputs (UTXO) are.
In cryptocurrency transactions, UTXOs, or unspent transaction outputs, are included. This are the transactions that remain unspent until a sale is completed, equivalent to the change received after a cash transaction at a bank. - What would happen if you do not have any single UTXO that is large enough to cover for your transaction?
It will add all imaginable other small UTXO to make a big transaction as required, and the move will be credited to your account after transaction fees are deducted. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It would equate outputs to inputs and calculate the transaction fee based on the disparity. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
A transaction may have several inputs and outputs, with one or two of the output addresses representing the real transaction and the remainder being returned to addresses controlled by the sender.
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Thanks for clarification Maki.
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1. Describe what Unspent Transaction Outputs (UTXO) are.
All transactions I received which are not used as a new input for a new transaction. UTXO’s = new inputs
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Transaction can’t be generated as input has to be equal to output. So you need to receive more inputs (UTXO’s).
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Wallet is screening the Blockchain in order to calculate the necessary fee for making sure the transaction will be put in a block. Fee is left over once output deducted from input.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Devide the output in many fractions, which are sent to different addresses you control besides the real recipient so it’s hard to estimate which output was the actual recipient of this transaction.
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- Describe what Unspent Transaction Outputs (UTXO) are.
These are transactions wallet has received from the different senders. We can consider it as a wallet balance. And based on UTXOs wallet can further spend the Bitcoin.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
In every scenario wallet sum up all the UTXOs together to make transaction but even after combining all the UTXOs it doesn’t fulfil the transaction requirement then it will decline the transaction. So amount single UTXO really doesn’t matter unless & until there’ only single UTXO is available in the wallet.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
Input = Output + Transaction Fees i.e. difference between Input & Output. It is specified to wallet owner in advance before committing the transaction.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
From the outside view of the transaction it is really difficult to make out where the output went. Either went to sender or recipient. It’s can just do random guessing. As input address & address that receive the funds back are completely different.
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- All the amount that were transferred to your wallet minus the ones that you spent.
- Use more than one UTXOs. If still not enough, then transaction is rejected.
- The diff between inputs and outputs.
- Use multiple inputs and outputs.
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Definitely cooking with crisco, bro! You go!
UTXOs are similar to that change that you’ve got left over when you leave a grocery store for example. Similarly, if the change that you have left over at the store is not sufficient to make another purchase, then you would probably not make the additional purchase. In this particular context, the total sum in the UTXO would not suffice the additional purchase and would not execute successfully.
Additionally, since the transaction fee is the difference of the output to the input, the fee is rather implied vs set or established.
Finally, in order to increase privacy, you could execute output transactions to several addresses that you yourself own. By doing this you could increase the privacy as there’d be no way of knowing who actually owns the wallet. Remember that the address is not linked to an identity per sei, and it consists of letters and numbers and not personal data as we are accustomed to.
2021-04-15T23:22:00Z
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UTXO are the transaction outputs which are not spent in new transactions. By adding all UTXOs for one address (or person), you get that that person’s balance.
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If there’s no single UTXO large enough for the transaction, you will have to use more than one UTXO. The sum of all UTXO’s used in the transaction must be spent.
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The fee is the difference between incoming and outgoing amounts.
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A person could use several bitcoin addresses and send some of the output to one of his/her own addresses.
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UTXO’s are essentially all the money that has been sent to your wallet. When you receive a transaction you receive a UTXO.
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Then as long as you had other UTXO’s that you could add up to the total of the transaction that you want to send then it would merge those UTXO’s together. Sort of like using multiple different denominations of currency to purchase something physically.
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It would specify the transaction fee by subtracting the input from the output.
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Because there is know way of knowing which of the 2 addresses are yours.
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- Outputs of transactions sent from others to a receiver
- A transaction construct can be a combination of multiple UTXO.
- by specifying in the output, a higher fee would speed up the transaction
- have multiple addresses and send, and outputs to your other addresses
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Describe what Unspent Transaction Outputs (UTXO) are: UTXO is the balance pending that you have registerd or tracked by your private key.
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What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? - You could not performe a transaccion.
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How would a bitcoin wallet specify the transaction fee when creating a transaction? It would consider the input - output, the way I understood it is based on change - you need to pay $ 7.00 but you have $ 10, so you pay with two $ 5 and get change for that.
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How could you use the notion of transaction inputs and outputs to increase privacy in your transaction: Several addresses and outputs (Saw this on the forum - Thanks Cathy
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You can use multiple UTXOs as inputs to a new tx. If that isn’t enough to cover your transaction then your transaction would be refused.
- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are transaction(s) constructed by your wallet. In the context of Bitcoin, the output consists of the value (satoshis) , the recipient, and scriptPubKey (condition which this output can be redeemed).
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The sum of UTXO are essentially your balance. They are analogous to bank notes. All of your UTXO must be sent out to satisfy your desired spend amount and any remaining UTXO boomerangs back to you.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
The fee is calculated from the difference between Input and output.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Multiple addresses owned by the same user.
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