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Describe what Unspent Transaction Outputs (UTXO) are.
Transactions that where allocated/sent to my private key, that are now ready for me to create a new transaction with. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
My wallet sums up all the UTXO needed to cover for the transaction. If it exactly rounds up, the recipient receives all the utxo. If the UTXO are more than is to be covered incl. fees, rest will be send to my wallet and will then be another UTXO for a further transaction. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Input minus Output -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use additional addresses and transactions
- It is an unspent transaction. Basically, it is an amount of BTC that a wallet has recieved and that are available to send. UTXO is like a chain of digital signitures that is used as an input for the next transaction which generates a new UTXO. UTXOs represent the ballance of BTC in the wallet.
- Then the transaction could not happen/ it will be rejected or it is possible to combine multiple UTXOs to make a new Tx.
- Tx input - Tx output = transaction fee
- I don’t know. Maybe use multiple wallets, use privacy blockains, use an dapp like tornado cash.
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.
You can just use multiple addresses in the same wallet.
1.) UTXOs are all previous inputs in to a wallet. These UTXOs are then used to send transactions being spent.
2.) A series of UTXOs that add up to the sum being spent would be added in to the TX and any extra, aside from a fee would be sent back to the wallet.
3.) A wallet specifies a fee by using the difference of all of the input and all of the outputs.
4.) No one knows which outputs were spent and which outputs were sent back to the original sender.
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They are the Bitcoin input(s) I receive in my wallet from someone that haven’t yet been spent or used up. Once I send that or those input(s) to someone else, it no longer unspent.
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The UTXO could not be used, because the output must equal the input.
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The wallet will take the input amount and subtract the output amount to calculate the transaction fee. The Bitcoin user does not need to calculate the fee, it is implied and calculated for him.
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Multiple addresses can be generated, especially for outputs so that it can appear random which output goes back to the sender. This creates a lot of work for anyone who may be looking for patterns. However, transactions cannot be used to track back to anyone’s private key anyway so the transactions themselves are completely secure.
- UTXOs are the inputs I haven’t yet spent. It is literally my wallet balance.
- I can use multiple UTXOs to cover the required amount/sum.
- A wallet specifies the fee by using the difference between inputs and outputs.
- By using a series of different addresses of the same wallet for each tx.
- the UTXO is the wallet balance
- transaction will not be executed
- input-output = fee
- generating new addresses
Describe what Unspent Transaction Outputs (UTXO) are.
Unspent Transaction Outputs are outputs received from previous transactions, available to spend in future transactions. It’s a balance in your wallet.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
There is no need to have available a larger or exact amount in a single UTXO to cover a new transaction. Multiple UTXOs can be used as inputs, if they sum up an amount that can cover this new output; if these UTXOs don’t sum up, the tx can’t be covered.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The fee is calculated by making (Input – Output). A proposed fee is calculated automatically by the wallet, and the user can accept or manually modify that fee. To propose a fee, the wallet checks the most recent TXs to find an optimized amount that will get the TXs in the block faster enough (and not too expensive)
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
We can use several outputs in the same TXs; one (or more) of these addresses can be controlled by ourselves and a third party can’t track which of them is from us.
In a simple example, if you want to send 0.5 BTC and you have 1 BTC, you can use as output 2 addresses and send 0.5 BTC to each; one of these, belongs to the person you want to send BTC and you hold the private key of the other one.
- Describe what Unspent Transaction Outputs (UTXO) are.
When you receive transactions (outputs), they are stored in your wallet as UTXO’s. These UTXO’s are summed up in your wallet to give you your total sum.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You would not be able to make that transaction.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee is based off the difference between you input and output.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
More outputs make it harder to track and thereby increase the security of those transactions.
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Describe what Unspent Transaction Outputs (UTXO) are.
R:. It´s the inputs from previous TX, it´s what we can use for future outputs -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
R:. you wouldn´t be able to transact. most likely your wallet will let you know that you dont have enough balance. If you have more than one UTXO then it will use for example 2 UTXO´s and send back a new UTXO with the “change”. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
R:. It will look into previous transactions on the BC and choose one that is fast enough to be accepted. and we can verify the fee by: output - input(the change that we received). -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
R:. I think there is no way you can increase privacy in BTC, other than BTC Schnorr/Taproot in the future, it´s a public ledger,
you could increase your anonymity By sending it to a new address that never touched an exchange.
I would love to know if I´m correct on this.
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.
Absolutely right ! Thanks Maki 
Describe what Unspent Transaction Outputs (UTXO) are.
An unspent transaction output (UTXO) is the transaction output that can be used as input in a new transaction.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Two or more separate UTXOs would be used as the input to cover the transaction.
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Based on current and previous transaction fees, a bitcoin wallet will suggest a reasonable fee.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Generating new public keys to use for inputs and UTXOs.
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UTXO´s are unspent output of a previous transaction.
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The transaction will be rejected.
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UTXO minus UTXO Input equals the fee.
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Using multiple output adresses for example.
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.
A: UTXO’s are the balance in your wallet. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
A: Your transaction will decline. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
A: It would subtract the inputs from the outputs in your wallet. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
A: You could send the output to several wallet addresses.
- Unspent transaction outputs are transactions that have constructed from an input that indicates a
previous balance. - The transaction will fail because any new input cannot be chosen and a new output created.
- The wallet will deduct a fee from the UTXO (fee = Input-Output)
- Transaction inputs & outputs use public keys and do not detail the exact breakdown of the
transaction destination
- Basically, UTXO is money that has been sent to you from someone else that you have not yet spent. They are pretty much inputs.
- You would have to send money from multiple UTXO and you would just have to send the leftover to your bitcoin address
- It bases the transaction fee on what most of the transaction fees on the blockchain are. The miner gets the fee therefore, the higher the fee the quicker the transaction will take place.
4.Always generate new addresses, especially the outputs, so that it is hard to tell which output goes back to the sender.
- The remainings of a previous transaction, can still be spent
- Use multiple UTXO or simply cancel the transaction
- Input - Output = Transaction
- Only the private key owner can know the real output, the UTXO can be sent to the same sender with a different address