Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#5367

Didn’t read the question close enough. Thank you!

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#5368
  1. UTXO is your unspent balance of inputs, basically a balance of all the funds available to spend

2.It could combine smaller UTXO till you have a sufficient amount for the transaction, if funds are not enough than the transaction won’t happen.

  1. Transaction fee is the input - output
  2. You can keep your funds in several different ( no kyc) wallets, or mix your coins
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#5369

1: Money received and able to spend.

2: The transaction will be denied by the miner. The transaction will not be processed.

3:The fee is determined by calculating the difference between the input and output amount.

4: The notion of being able to use multiple inputs and outputs makes it harder to track wallet addresses.

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#5370

You can just use multiple addresses in the same wallet then send your new funds to those different addresses.

#5371

  1. UTXO’s are spendable transactions on the blockchain.

  2. the transaction would be blocked by the blockchain, since you don’t have enough to spend.

  3. depends on the wallet, some wallets offer you a reasonable fee, with others you can choose how much the fee is.

  4. when you send a transaction to yourself, you create unique keys that cant be related to yourself.

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#5372

  1. UTXO’s are basically funds you receive from other people.

  2. Your will find another UTXO that adds up to the amount your trying to spend or more

  3. It finds the difference between the input amount and the output amount.

  4. You don’t know exactly where the money is coming from since there are a bunch of wallet addresses on the screen at once and how many people are getting the money. no one knows who the public keys belong to

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#5373

Will we learn more about in later courses in this academy?

#5374

There is no such topic for every specific bitcoin wallets in the academy.

#5375

  1. UTXO’s are the amount of bitcoin received in a wallet, but not yet spent. The sum of UTXO’s gives the wallet’s balance.

  2. If you don’t have any single UTXO large enough to cover your transaction, the network will sum all UTXO’s for that wallet. If the sum still doesn’t cover the transaction, it will be rejected by the network.

  3. A bitcoin wallet specifies transaction fees by subtracting the input by the output.

  4. You could increase privacy by using a new wallet every time you receive a payment, so that nobody can associate all of the transactions together.

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#5376
  1. Describe what Unspent Transaction Outputs (UTXO) are.
    A UTXO is an unspent transaction output.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
    Then the transaction will be rejected.
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    In the difference between the transaction input and output.
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    You can have multiple outputs for your transactions, including an output that you control.
#5377

You can just use multiple addresses in the same wallet then send your new funds to those different addresses.

#5378
  1. The UTXO is the amount of bitcoin available in your private key, the wallet gives you the balance and ask to the blockcain how much utxos you can spend
  2. Then, the wallet picks more UTXOs to complete the amount+fees and if there is more, then return it to the wallet.
  3. its the result of input-output
  4. Several addresses and outputs can result from one input.
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#5379

  1. UTXOs are the outputs of transactions. When somebody sends btc to another user this amount gets added to his wallet balance, since the wallet balance is the sum of UTXOs.

  2. The tx wouldnt not get verified by the wallet.

  3. transaction fee = input - output

  4. Using different adresses for every transaction

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#5380

You can use other UTXOs as inputs to a new tx. If the sum of all your UTXOs is still not sufficient, then your tx would get rejected. :slight_smile:

#5381

1.These are transaction where the cryptocurrency is being spent. Before a spend takes place there is a check by the algorithm to see that the funds represented in the transaction have not already been spent.

  1. The algorith checks the sum of the inputs to calculate the max value of what can be spent. If a output transaction + Fees exceeds this sum of the input transactions, it will be rejected, otherwise it will be accepted even if it exceeds any single input.

  2. The wallet would recommend a fee and in some wallet this may be amended and in some it is fixed. The transaction that follows will automatically calculate into the computation the value of the fee, which will be the difference of the total input less the total output.

  3. Total inputs plus fees will always be equal to total outputs in every transaction. Some blockchains offer absolute anonymity and some partial, but even in the partial anonymity blockchains, such as BTC, the public key of a wallet can be seen, but not who owns it. AN individual can this create a number of different wallets as outputs, to send funds to & although this will result in higher transaction costs, it will help somewhat with privacy. The best of course is to use privacy coins such as Monero.

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#5382
  1. The output of a transaction that has not yet been spent.
  2. Any transaction can have multiple inputs. So if no single UTXO is enough for a TX, then the rest of the transaction can be covered from a different UTXO if available.
  3. The wallet suggests what it thinks is the best fee based on the past transactions on the blockchain. Some wallets also have different fees to choose from.
  4. Through having several addresses to a single wallet. There cannot be much tracking done when you don’t know what to track
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#5383
  1. UTXO are the balance left in your wallet that it keeps track of. It is change from a previous transaction.
  2. The transaction would be declined if your UTXO is not large enough to cover it.
  3. The wallet checks the blockchain and establishes a fee.
  4. Increase the number of outputs to make tracking transactions more difficult since addresses hold no personal information and are not associated with one another, except when a transaction between them is made.
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#5384

You can just use multiple addresses in the same wallet then send your new funds to those different addresses.

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#5385

1.UTXO are inputs[certain amount of BTC] in your wallet ready for you to spend.
2.Then your transaction would decline.
3. Your wallet searches the network for a reasonable fee, based on current and previous fees.
4.By generating new addresses at all times, specifically outputs… so that it is most difficult to tell which output is sent back to the sender.

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#5386

You can just use multiple addresses in the same wallet then send your new funds to those different addresses.