Thank you for your insight Maki, I must have not read that or missed it somehow.
-
Unspent Transaction Output is the balance that is available to be used as an input for the next transaction. Simply put, it’s spendable cryptocurrency.
-
Transaction will be declined. Can’t spend the money you don’t have
not a credit card -
Total input per transaction - total output per transaction = tx fee
-
create for yourself multiple wallets and send BTC to them.
1 Like
Homework on Bitcoin Transactions and UTXO – Questions
-
Describe what Unspent Transaction Outputs (UTXO) are.
The input that was received in your wallet and you have yet to spend it. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
The transaction cannot be done. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
By using the formula: Transaction Fee = Inputs – Outputs -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
To generate a new address or use of different address.
1 Like
- UTXOs are output balances from a transaction made by someone to you or by you to yourself. They are unspent in that you have not used them to create a transaction yet.
- You take a number of UTXOs and sum them up to your target balance or more then send the change back to yourself.
- The wallet checks the recently paid fees on the blockchain and use that as a fee.
- I can have several addresses.
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.
3 Likes
-
Unspent transaction output are the portions of a transaction that remain unspent after a transaction is completed.
-
If you do not have a single UTXO to cover your transaction, you can use multiple unspent transactions to cover the amount needed to produce and output. The remainder of the excess UTXO can then be sent back to the sender.
-
Bitcoin transaction fees are based on a set fee per byte of information from the holder, and can vary. This fee plus the output is equal tot he UTXO input.
-
You can send a inputs from one wallet to another wallet, where each is owned by the same person.
1 Like
- Describe what Unspent Transaction Outputs (UTXO) are.
A: UTxO’s are input to a transaction. The sum of UTxOs are the balance in your account that is allowed to be spent. - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? If your account has enought to cover the transaction, the wallet will use multiple UTxO’s to cover the transaction plus fee and send the remaining UTxOs back to the spender. All UTxO’s must be spent.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
A: the wallet looks at previous transactions and suggest a resonable fee that you can choose this is added to to the Transaction and the differenct between the UTxO’s and the spent amount is sent to the spender. - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
A: One way is to have multiple wallets with different addresses, and send transactions to mulitple addresses
1 Like
- UTXO is an available incomming transaction for your wallet. It is always created because of blockchain fees.
- Your wallet is the sum of all UTXOs, so single UTXOs large enough doesn’t matter, but the sum of all metters.
- It might give some prediction looking at previous blocks difficulties?
- A weird question, don’t get it. Gonna skip that one XD
1 Like
- UTXOs are the total outputs related to a private keys that can be spent in future transactions
- Your transaction would be denied
- The transaction fee is implied. It would be the difference between the transaction input and transaction output. The transaction fee is determined by the wallet.
- You could use the notion of transaction inputs and outputs to increase privacy in a transaction by constructing the transaction in such a way where Unspent transaction outputs are spent to multiple wallets in a transaction in order to hide the real transaction amount
1 Like
-
UTXOs are transaction outputs that are not spent.
-
The transaction would not be valid and broadcasted by the wallet to the network.
-
The Wallet will check the blockchain and figure out the transaction fee based on previous transaction fees in the network, in order to get the transaction through.
-
Use multiple inputs and outputs, so that you can make it difficult to track from the outside.
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.
-
UTXOs are unspent transaction outputs, essentially how much bitcoin is available for a user to spend.
-
If you don’t have a UTXO large enough to cover a transaction then the transaction will not be completed.
3.A wallet specifies the transaction fee by subtracting UTXO output from the UTXO input and checking the database for similar transactions to determine the appropriate fee to add the transaction to the blockchain the fastest way.
- Inputs and outputs are based around untraceable addresses so a user can send themselves bitcoin without any entity knowing that the bitcoin was sent back to the original user.
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
1.UTXO’s- unspent transactions, are basically like (crypto) money in the pocket or your account… money that you have left over.
2. If you don’t have enough crypto, your wallet will not initiate a transaction.
3. Your wallet will usually calculate the transaction fee for you, by automatically offering enough so that your tx will be done timely, but there are also wallets with which you can set the fee yourself. You’d want to use some judgement in such cases.
4. Transactions are seen from the outside by their private keys; these are anonymous, and it can be very, very difficult to identify to whom and from whom each transaction is.
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
- unspent outputs from the previous transaction, you have received but have not yet been spent
- you would not be able to go through with the transaction
- It will ask the blockchain and guess a number that would get accepted by the miners. You would see the amount of fee by input-output =fee
- Send the transaction back to additional addresses that are not known to be yours
- UTXOs are a remaining balance of all your transactions.
- the transaction would be invalid if you don’t have enough UTXOs to cover it.
- the blockchain automatically calculates the tax or fee for your transaction. you find out out what the fee is by subtracting the number of the transaction when it was sent, from the transaction when it was received and completed.
- you can increase the privacy of your UTXO transaction by using a private blockchain.
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.
Homework - UTXO’s
- UTXO’s are funds/data that are the result of your private key querying the blockchain database and returning data about any unspent “funds” you have from previous transactions (outputs) sent to your address
- If you don’t any amount of UTXO to cover the transaction, when it is broadcast it will be rejected by the nodoes/network
- The bitcoin wallet will suggest a fee amount based on previous transactions to give you a speedy entry into the blockchain, some wallets allow custom fee’s to speed up transaction processing
- The transaction input/output model increases privacy by not having any identification linked to transactions aside from wallet address, also by the ledger not knowing what portion of the transaction was the actual spend and what part was the virtual “change” of the transaction (funds returned back to you)
1 Like