Homework on Bitcoin Transactions and UTXO - Questions

[Nedu]

1. Your UTXO refers to your wallet balance

2, The transaction will be invalid and will not go through

3. UTXO input minus UTXO output = fee

4. Send to yourself with another address

[amir4991]

1. UTXOs are unspent funds that are available for one to spend. They are the input given from another transaction.

2. you will not be able to complete the transaction, since inputs (UTXOs) must equal outputs

3. it will look at the blockchain and recommend you use a comparable fee amount that will reasonably get your transaction processed. Some Bitcoin wallets allow you to choose your fee amount.

4. All inputs and outputs addresses are anonymous. An outsider will not be able to distinguish if the sender is sending funds to himself or to another person.

[Maki]

@abelhingle

The transaction will be rejected by the blockchain

@Romaink

the transaction cannot be done because of insufficient funds

@vladlitvak

the transaction won’t be valid because miners won’t allow it

@Nedu

The transaction will be invalid and will not go through

@amir4991

you will not be able to complete the transaction

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.

[Slavy]

1. These are the transactions that are left unspent after someone completes a transaction.
2. No transaction.
3. UTXO input - UTXO output = fee
4. New output address.

[marcusvbrangel]

1.Describe what Unspent Transaction Outputs (UTXO) are.
Unspent Transaction Output (UTXO) is a phrase used with cryptocurrencies to describe a balance of a given digital currency that has been sent from one wallet address to another but has not yet been transferred from the receiver to somebody else.

2.What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?

3.How would a bitcoin wallet specify the transaction fee when creating a transaction?
Advanced users can set custom fees for their transaction in units of satoshi per byte (sat/b) by pressing Customize Fee and entering an amount. Please note that setting too low a fee may cause your transaction to remain unconfirmed for a long time and possibly be rejected

4.How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
UTXO is the unspent output from bitcoin transactions stored in a UTXO database. … as inputs which can be used at a later date for a new transaction

[Maki]

@Slavy

No transaction.

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.

[Maki]

@marcusvbrangel

.What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?

What happen to answer number 2🤔

@marcusvbrangel

UTXO is the unspent output from bitcoin transactions stored in a UTXO database. … as inputs which can be used at a later date for a new transaction

This is the definition of UTXOs. Please read the question again.

[Nate]

1. UTXO are the balance of your wallet
2. Your transaction would be declined
3. The wallet will check with the blockchain and will figure out the fee

[RayUtik]

1. That’s a balance in your wallet (so called bitcoins)
2. The transaction won’t be valid as it won’t be excepted in blockchain (miners). If balance is 0 = output is 0
3. Input = output + Fees
4. Each time can you use a different addresses when receiving tx

[Maki]

@Nate

Your transaction would be declined

@RayUtik

The transaction won’t be valid

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.

[Maki]

What happen to number 4 answer🤔

[RayUtik]

Yes. It will be declined. Thanks

[Kaiulan]

1. UTXOs is the unspent transactions in your wallet that it keeps track of.
2. the transaction would get canceled.
3. The blockchain would check the transaction and calculate the fee from that.
4. you can send in 1 transaction several transactions to different other addresses.

[Maki]

@Kaiulan

the transaction would get canceled

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.

[RayUtik]

Sorry, missed N4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By sending to multiple addresses, even to your own.

[MKrag]

1.UTXOs are transactions that you have received that have not yet been spent. When summed, utxos are your total balance.

2. If you don’t have a single UTXO large enough to cover your balance, your wallet will add one or more utxos until the sum of utxos is large enough to cover that balance. After that, a fee is also charged and you are sent back the remainder of what is left of the utxos.

3. A wallet will come up with a fee by scanning the blockchain and coming up with a fee low enough that your transaction will go through in a reasonable amount of time.

4. UTXOs and inputs increase privacy by concealing your identity by using several outputs and possibly several inputs. No one can tell how much you have sent or received except your own wallet.

[BlackPearl]

1. The amount of reiceived BTC which I could spend
2. no transaction
3. the blockchain check the correct fee
   4 use several wallets

[Gulaman]

1. Describe what Unspent Transaction Outputs (UTXO) are.
   Sum of UTXO are the wallet’s balance
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
   TXN can’t proceed
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
   UTXO - UTXI = TXN FEE
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
   Use a different address for each receiving transaction.

[Ayajib]

1. Describe what Unspent Transaction Outputs (UTXO) are.
   UTXOs are the balance that is remaining in the receiving wallet that hasn’t been spent yet.

2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
   If all the UTXOs you have added up is enough to cover the transaction, if not it will reject the transaction.

3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
   While in some wallets you have to calculate by fee=output-input. In some wallets you have an option to select the fee according to the speed of transaction you want.

4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
   Since a person can generate multiple addresses and create multiple inputs and outputs, it can increase privacy in transactions.

[Attiss]

1. Describe what Unspent Transaction Outputs (UTXO) are.
   UTXOs are inputs you have received (outputs from somewhere else) which you have not yet spent. In a sense, the sum of your UTXOs are your “balance,” the amount you have available to spend.

2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
   If a single UTXO isn’t enough to cover a transaction, it must be combined with other UTXO’s. If the amount is insufficient, the transaction will not be accepted.

3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
   The wallet will recommend fees based on previous transactions which will get your transaction confirmed in a reasonable amount of time.

4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
   Privacy is increased because it is impossible to know if an output from you is an input into someone else or if it’s an input into a different private key you control. Therefore, a single transaction can send a portion of the total back to you, making it impossible to know what money was actually “spent.”