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.
1.Unspent transaction outputs are essentially your funds. If someone sends you BTC the UTXO is the BTC they sent.
2. Your wallet combines all the UTXO’s for your wallet address from the blockchain. Can send combination of UTXOs and direct leftovers back to you. If you don’t have enough overall the transaction will fail
3.Transaction fee is the input minus the output. Miner gets a cut. Dependent on the size of transaction
4. Using multiple wallet address’ at once. Transacting between wallets in which only you know the details would increase privacy. Already Impossible to delegate wallet address’ ie don’t know if your paying a service or another wallet in your own control.
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The Unspent Transaction Output is current balance left in your wallet.
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The transaction would be declined.
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Difference between inputs and outputs
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Generate a new address everytime you make a transaction.
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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.
- UTXO is the amount of funds you have available to use in a transaction, it is basically the information shown after your previous transaction, thus your balance.
- You would not be able to do any transactions if your UTXO is not large enough.
- Your wallet checks the blockchain to see what the transaction fees are.
- Using different addresses when receiving something, you can always make multiple output transactions to always be anonymous.
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UTXO are any received transactions that have been recorded on the blockchain for a given wallet / address, that remain unspent as a transaction input.
In this case more than one UTXO would need to be used to make up the total. If the amount being sent by UTXO is more than your transaction the difference can be sent back to your address.
The transaction fee is taken from the amount leftover once transaction outputs are subtracted from inputs.
Using multiple UTXO as inputs and multiple output addresses, including your own, can make it difficult to decipher who is the sender and recipient of a transaction.
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- Describe what Unspent Transaction Outputs (UTXO) are.
- A wallet checks all UTXOs associated with a specific PK to calculated the unspent balance
- These UTXOs can the form the inputs for new transactions
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
- The sum of multiple UTXOs can be utilised to meet the required quantity to transact
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
- Fee = Input - Outputs
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
- Multiple of the outputs could go back to sender, however anyone viewing the transaction has no way of determining which outputs belong to the sender
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Homework on Bitcoin Transactions and UTXO - Questions
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Describe what Unspent Transaction Outputs (UTXO) are.
*UTXO are outputs from previous transactions -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
*Nothing will happen -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
*The difference between the input and output -
How could you use the notion of transaction inputs and outputs to increase privacy in your
transaction?
*Since the network utilizes hash and that the private key cannot be compromised by looking at the bitcoin address. You can basically breaks down your asset into small pieces sending it to multiple wallets that you control.
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- Transactions that are sent to you and you didn’t sent them to other recipients.
- The transaction won’t be executed.
- According to recent fees on the blockchai.
4.By creating multiple 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.
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UTXOs are the balance in your wallet left from previous transactions.
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The transaction would not go through if the UTXO is not large enough to cover the transaction.
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The fee is based off of the difference between in inputs and outputs of the transaction.
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You can have multiple outputs and addresses
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A UTXO is an amount of Bitcoin that you got from somewhere else, like a friend or an exchange. It is the comparison to the paper money in your physical wallet but with different amounts of value instead of preset values. So you could have a dollar bill worth 1 dollar but also a dollar bill of 4,356 dollar.
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All UTXOs are added up. So if you need to spend 4,5 dollars but only have bills with a value of 1 dollar and a bill worth 4,356 dollar, just like in the analog world, you would add them together and have 5,356 dollars to spend. If all UTXOs together are not enough, the transaction will be invalid.
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A reasonable fee is recommended based on the current and previous transaction fees. They are not specified in the transaction. The fee is the input minus the output.
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You can create as much private keys as you want, and use them whenever you like. So you can make a transaction to yourself and nobody will know you send it to yourself.
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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’s are the remains of your wallet balance after a transaction has been received and outputs of transactions that have not been spent yet.
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The transaction would not go through
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The wallet would check through the blockchain and will give their results accordingly. In the most basic results, the blockchain would calculate the fee by subtracting the output from the input.
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If public addresses are constantly being generated by the user using their private key, the address recorded and shown by the blockchain in its output will be difficult to pinpoint one single particular individual.
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Describe what Unspent Transaction Outputs (UTXO) are.
Ans : in a address which has only input no output transaction. this transaction said as UTXOs -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Ans: It shows spent -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Ans : We can set specific fee to proceed the transaction. The higher we give fee the higher chance to proceed the transaction faster. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
To use multiple bitcoin wallet
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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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got it dude. noted👍🏼
- Describe what Unspent Transaction Outputs (UTXO) are.
Answer: When you make a transaction i.e TX and you basically have an input i.e. 0.5 BTC, which needs to be at least one. Now if you send this amount - 0.5 BTC to someone else (including yourself) they will again receive an input - this amount is an UTXO until this person again triggers another transaction (TX) creating a chain of transactions. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Answer: Then the transaction would be invalid and not go through. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
Answer: The wallet would compare the total transaction amount against the input to find out what the Transaction Fee should be > Input = Output + TX Fee - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Answer: through the use of different receiving addresses
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Describe what Unspent Transaction Outputs (UTXO) are.
a UTXO is an Unspent Transaction Output and the total of UTXO’s inside a wallet determines the amount of bitcoin a wallet has available to send.
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What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Your wallet would combine multiple UTXO’s and send two transactions. One for the total amount you are sending to a third party and a 2nd transaction for the change back to a wallet you posses the private keys for.
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How would a bitcoin wallet specify the transaction fee when creating a transaction?
Ususally your wallet will look at the fees from several past transactions to calculate a fee that is both reasonable and reasonably fast.
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How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By using a different wallet address for every new transaction and using multiple wallets you own as inputs on your outputs can help add some casual privacy.
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UTXO’s are former inputs to your wallet and the sum of the utxos in ur wallet are the balance you have, when u spend a utxo it become and spend tx output and and input in the receivers wallet and its the receivers utxo then. other word, its your wallet balance!
The wallet will take the small utxos that sum up to the output+tx fee and send it.
if it don’t the transaction won’t be valid and therefor no utxos got executed.
Tx Fee = Input - Output.
You can by having many addresses when receiving to make it difficult to find out you are the same person that own the addresses, but everything is always traceable to when and where the tx went.
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