- UTXOs are the amount of transactions your wallet has received.
- If you didn’t have a UTXO large enough to cover your transaction, your transaction would be rejected.
3 The sum of the input minus the sum output. - You can send multiple transactions.
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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. 
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- Describe what Unspent Transaction Outputs (UTXO) are.
When someone sends me a btc it is the amount of btc I have available. It will remain unspent until I use it as my output. Then it will become a UTOX from someone else. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The wallet will create the transaction by adding the available amounts and sending them where needed. The rest is sent back to me as new input. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet proposes a fee based on previous fees and provides a fee that allows quick access to the network. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Using different input addresses
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1 Unspent Transaction Outputs (UTXO) are the balance you have in your wallet
2 If you don’t have any single UTXO that is large enough to cover for your transaction yor transaction is rejected
3 A Bitcoin wallet specifies the transaction fee from the difference between total inputs and total outputs
4 To increase privacy in your transaction you can use several addresses in your outputs
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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.
as a new output(UTXO).
- an unspent transaction is everything in our wallets, lol. Na, but i believe the area of an output that isn’t associated with either the “spent”(paid) amount or the TX fee. So whatever you spent goes to the recipient of the deal (recipient other than yourself) and the fees associated with the transaction comes out of the senders pocket while leaving the remaining amount of the input (that’s now part of the output) is the senders utxo that becomes part of his wallets balance. well at least indicated in the wallet due to the information bering truly in the blockchains code. Simply put a utxo’s are code in limbo, kinda in a period of validated collection where the wallet gathers any and all transactions that are associated to their address of thier wallet but like its name says,… utxo’s are the unspent portion of a transactions input because the complete volume of our holding value is sent in the transaction with the utxo being the money that returns to the sender.
- Seriously? O.K. well if I was looking to create a transaction with my food delivery guy(like an uber eats or something)but it costs .05 btc to get my meal and i only have a utxo waiting to get spent that’s exactly .05 btc and i get excited to fill my belly with some good grub just to be disappointed because that single utxo wasn’t large enough to cover the costs (food and fees) leading to it being rejected. so that’s to say that if you only have one utxo and its not enough to cover the costs… it gets rejected. really good thing you don’t need to rely on just a single utxo due to the fact that all utxo’s are part of our total value and will come as one in any transaction which if we have three utxo’s (.01,.03,.05) leads to an input of .09 and covers the cost+fees.
- TX fee is associated with network congestion at the time the TX is initiated and the file size. Our wallets takes these two factors into consideration when in constructs and signs our transaction with the intent to be enough to get it added to a block within a reasonable time frame and not get rejected for being too low.
- now this question. is just a tad over my head but I’ll take a stab at it. Now using the notion of TX inputs and outputs to increase privacy and security in our transactions,… the first thing that crossed my mind was encryption (really just because i am wet behind the ears) which lead me to an article about P2PKH. This made great sense since the hash outcomes around here are unidirectional and the way requesting the recipients address is needed for the TX to really take place…So the question is really regarding increasing the privacy and i figure it is in relation to the current model. For me this model of P2PKH method seems golden…but where are the weak points? The only area i can see or think of is in regards to the initial request for the recipients wallet address.
since the address comes through without being hashed through the dangers of the internet. I figure it is susceptible to being tampered with during the transmission. “BAD MAN” intercepts, changes address, sender believes he received the correct address, hashes the address with the TX, sends to recipient, “BAD MAN” get the payment while the original recipient and the sender get burnt!!! lol, there is probably something keeping this from happening i don’t know about.
So what if part of our wallets role when creating a transaction was to trace the origin of the address using a moniker (something that identifies the recipient without giving away their identity) for the recipients wallet identifier and wallet type. I believe we currently have something fairly similar in current wallets systems but my experience has been that it just identifies the address is legit location. Displays nothing tying it to or indicating correct recipient validation. I mean ya,… that alone reflects a high level of privacy but to me is devoid the “trustless” don’t trust, validate security aspect that makes all this decentralized stuff work so well.
Now to kinda shift gears and focus more on the input and output notion directly. I get the whole aspect and way TX’s work with inputs and outputs and how utxo’s work and how well it has performed throughout the life of the bitcoin and blockchain. Yet it feels like the utxo’s are just lingering until a recipient node catches them in order to record from the block. Ya, I understand the world has the same validated copy and that copy doesn’t deviate,… so it would get caught regardless. But what if lets say there was a sort of “ping” that traveled outside the blockchain which was unique to the sender and recipient and worked as a positive identifier of each steps completion during the transmission. This ping could be based of a unique feature or aspect of the TX which gets hashed and creates a very identifiable sound that both parties would be able to verify things are moving correctly regarding the TX process.
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- Describe what Unspent Transaction Outputs (UTXO) are.
a) Essentially, the balance of your wallet. Transactions, funds, sent to your wallet that are available to spend. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
a) Your wallet would use multiple UTXOs, if available, to cover the cost of the transaction and fee. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
a) Part of the responsibility of a wallet is to determine the market rate for TX fees. They would look at the blockchain to identify what is the current rate and then based off the desired speed, higher fee equals faster transaction, determine the TX fee. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
a) One could send money to themselves, through multiple wallets, before sending to the target recipient wallet.
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- UTXO: unspent transaction outputs are the possible next transactions I.E your balance.
- No dice
- UTXO - input = fee
- ad infitium chain of possible receiver and accounts. .
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- Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are transactions that previously were outputs sent to your wallet.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You would have to combine 2 or more UTXOs to cover the transaction plus the fee, and receive the change back to your wallet as a new UTXO.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
Your wallet will look at the blockchains recent transaction fees and determine a suitable fee and calculate that into the transaction. Some wallets let you pick from multiple tiers of fees with ranging time estimates for completion.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You can send more than the amount required with multiple UTXOs to multiple addresses with some of those addresses being the sending wallet or another wallet you control. Also, you can break into multiple output addresses that recipient controls. You can also do both of the above.
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-
Describe what Unspent Transaction Outputs (UTXO) are.
Funds an address has received as an output of a transaction that have not been used as an input into a subsequent transaction - therefore unspent. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
As long as you have enough in total combined UTXO (even if it’s spread across multiple transactions) you can combine UTXO’s in one outbound transaction and send yourself the change. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee is based on the transaction byte size (complexity) and your desired processing time. The higher fee you are willing to pay, the faster your transaction will be processed by miners.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use a new address for each transaction where you are being sent BTC, and when you spend the BTC, send any remaining outputs to a new address.
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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.
Transactions left unspent -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would be rejected -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet will calculate the appropriate fee for your transaction -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
It uses different addresses to send/receive transactions. Addresses have no personal information. Several outputs could be addresses you own and nobody would know.
Yes Maki you are right. Thanks for pointing it out.
1)UTXO’s are transactions you have received that you have not spent yet.
2) The transaction would be an invalid transaction
3) The wallet searches previous blockchain transactions to determine the best transaction fee to get it on the blockchain. Transaction fee = inputs - outputs
4) Use multiple addresses within one wallet enhances the privacy of transactions. This will make it difficult to track which output goes back to the sender.
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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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UTXO are the amounts a of btc that were sent in a specific address that haven’t already spend.
More specific, every transaction has outputs, stating the quantity of bitcoins sent by an address to another address. A wallet handling a specific address can use an output of a previous transaction that has recipient the current address as an input for a new transaction, sending a portion of the btc received to other adresses (spending). The rest of BTC is the UTXO
The wallet will try to find more UTXO from other transactions till it covers the transaction. If there are not enough BTC from all the UTXOs the transaction is invalid
The transaction fee is easily calculated by subtracting the amount of BTC received by the receiving address from the amount of BTC send in a transaction
Transactions are not completely anonymous since each output can be linked with the input and the previous output. By using multiple adresses we can increase anonymity. There are also protocols proposed like “Multiple Signatures” Protocol . which mixes signature together making new resulting in more anonymity
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- Balance that you have received but not yet spent
- Transaction will fail
- Fee is calculated decreasing output from input
- If value is transferred to new wallet each time, it’s harder to track identities of receiver.
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- UTXOs are basically the wallet balance. They are essentially Unspent Inputs (from previous transactions).
- If you don’t have a single UTXO sufficient to cover the transaction, the wallet will calculate All UTXOs and if the total is sufficient to cover the transaction then it will be executed, if not, then it will not be executed.
- Fee= Input-Output is an inadequate explanation for a beginner. This is Bitcoin Basics and I feel that the explanation of Fees could be clearer. Ivan mentions that the Fee is ‘Inferred’. This is not an adequate explanation in my mind. My question then becomes, "Who/What is the Fee inferred by?
Am I right in thinking that a fee is actually determined, in part, by the interface (wallet/exchange) that you are using to conduct the transaction?
Other answers on this Homework thread state that the wallet refers to the blockchain in order to determine the transaction fee. And that fees may also be manually allocated for a transaction.
Which of these are the truth?
- Simply use multiple addresses.
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1.UTXO is a amount left in wallet to cover future transaction fees
2. If UTXO is less than amount of fees needed for a transaction to be complete, the blockchain will scan wallet for other UXTO’s, if none is found to sum up to be enough it will be declined
3. It will scan the blockchain for transaction fees
4. by making use of different address
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