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 Like
Not necessarily you have to spent whole UTXOs, you can use UTXOs that are enough to cover your transaction.
- unspent transaction is the transaction the input you received and not been spent yet.
- it will not go through to make an transaction
- the bitcoin wallet specify the input and out put amount and detect it self the fee . means in put equal to out put plus fee
4 i think fee does not effect privacy in your 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.
-
UTXO’s are inputs of BTC you’ve received that are available to s§end as outputs.
-
If you have enough UTXO’s in total to cover the transaction (plus fees) then you’ll send all of those UTXO’s to the recipient and send the remaining amount (minus fees) back to an address of a wallet you control.
-
It automatically subtracts the total amount of UTXO’s from the total that was in the wallet to begin with. The remaining amount that wasn’t specified in a transaction is sent as a fee to the miners.
-
You can use new addresses and continue to build a web of changing UTXO’s to try to maintain anynonimity.
1 Like
- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s is the balance a wallet keep track of. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction would get declined until there are enough UTXO’s added up by the wallet to complete the transaction. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It picks the fee automatically depending on how to get your transaction onto the blockchain the fastest. Of course this can also be done manually depending on the user and what they want to spend at that moment. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By using multiple wallet addresses. This allows for anonymity as no one person knows where the output/input transaction is going other than the private key user.
1 Like
- Describe what Unspent Transaction Outputs (UTXO) are.
They are the result of a transaction that hasn’t yet been spent by other transactions. All the UTXOs of a transaction must sums up to all the previous UTXOs for that wallet address. If there’s any difference that will be sent to the miners. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction will be rejected for being invalid. - How would a bitcoin wallet specify the transaction fee when creating a transaction?
It isn’t directly specified. Rather, it’s the difference between the total value of the inputs and the total value of the outputs. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?Use multiple accounts to transfer the money to.
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 Like
-
UTXOs stablish the unspent money an adress has.
-
The transaction would be rejected.
-
It reads the blockchain to know the current fee prices, and estimates a new fee to get your transaction fully included in a block.
-
Since you can have multiple inputs with one ouput and viceversa, we are able to build in top of bitcoin to create tools that can increase our privacy such as CoinJoins.
1 Like
1. Describe what Unspent Transaction Outputs (UTXO) are.
Unspent Transaction Outputs (UTXOs) represent the data inputs resulting from previous transactions/transfers that have been sent to/received by a certain wallet. The total value of all UTXOs, for any particular wallet, reflects its “total outstanding balance”. In other words, it’s the balance of remaining unspent transactions outputs that are available for use (they can be sent to another wallet address, including one’s own).
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
If not enough UTXOs are available to fulfil an order, then the transaction will be keep getting denied/rejected until enough UTXOs are made available to process it.
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Transaction fees resulting from wallet operations are based off the difference between total transaction inputs and outputs. In other words, transaction fees are implied rather than specified. Any amount sent to another account (including back to one’s own account, if there are any leftover transaction outputs/UTXOs) will add up to slightly less than the sum total of the UTXOs’ inputs.
When looking to process a transaction, it is possible to select the amount of fees one would agree to pay. Higher fees are usually paid in exchange for greater transaction speeds. Conversely, lower fees result in slower transaction speeds.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
One could increase the number of outputs to make transactions more difficult to track/reverse engineer, since wallet addresses do not hold any personal information and are not associated with one another, except when a particular transaction is made between itself. Several outputs could target wallet addresses owned by the same person and none would be the wiser.
1 Like
Well observed. Thanks
1 Like
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 Like
Oh yeah you’re right, thanks for pointing it!
1.These are just inputs that have not been spent , just a total of utxo’s really
2.The transaction would fail.
3.It looks at the blockchain and decides what is a suitable amount to get your transaction verified at that particular time.
4.Many inputs can be grouped together to form an output.
1 Like
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.
- Its the balance or change that remains on the blockchain
- No transaction will occur.
- The difference of UTXO and UTXO input = fee
- multiple inputs and outputs however blockchain forensic/auditing nothing is really private as promoted with crypto exchanges… possibly a private blockchain.
You can use multiple UTXOs as inputs to a new tx. If you don’t have enough balance in all your available UTXOs, then your tx would not be possible. 
- UTXOs are the transactions that you received. The Bitcoin system does not work with account balances, it calculates what you can spend on what you have received. The Blockchain only knows transactions, so when you ask your wallet for the balance your wallet asks the Blockchain for all UTXOs in connection with your private key.
- your wallet will choose 2 transactions and send the rest of the balance back to your own wallet or to your public key.
- It would query the blockchain for the common price, than offer you a reasonable price, because the price stands in relation to how fast your transaction gets processed. The wallet shows the fee as difference between input and output.
- you could encrypt names further. Also it is recommended to use new public keys after every transaction if it goes to the same address.
1 Like
-
UTXO are the outputs, which are there to spend, that can be used as inputs in a new transaction. Their purpose is to define where a blockchain transaction starts and finishes.
-
The wallet takes into account the list of available UTXOs and provides a total sum of them. Therefore, if a user doesn’t have a sufficient single UTXO, the wallet takes the next available UTXO, which is then added to the initial UTXO.
This total UTXO can be used to cover the transaction. -
Since the whole system is incentivized, miners accept the transaction that offers more fees. Thus, the wallet automatically calculates the fee based on the network, so that the transaction can easily go through.
-
Both inputs and outputs in a transaction increase privacy because they don’t reveal the identity of the user, instead it generates a random address, i.e., hash string, to deter anybody from knowing the real identity of the users – the one who initiates a transaction and to whom the transaction is being sent.
1 Like
- The UTXO represents the wallet’s balance.
- You can use multiple UTXO’s in a single transaction, adding them up to cover larger transactions.
- It doesn’t specify this directly. It specifies the UTXO’s used and the amounts transferred to the other account, the difference between these numbers is the fee.
- While you can see wallet adresses, but these hold no personal information. So you could generate new adresses for yourself making it impossible to see which transactions are actual payments and which are just moving coins between accounts owned by the same person.
1 Like