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Unspent Transaction Outputs (UTXO) are outputs (digital currency) generated from a transaction that have not been utilized.
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If you don’t have any single UTXO that is large enough to cover for your transaction, your transaction will not be confirmed.
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The wallet will minus the output from the input to get the fee amount.
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Bear with me on this one. I can create multiple wallets that would produce multiple private keys, so if I was making a large purchase on a exchange I would make purchases in smaller amounts from different wallets producing unique outputs from different inputs so people who can read information on the blockchain would have a difficult time processing that the orders came from one source increasing my privacy. If I am going down the wrong path with this one please correct me. Thx in advance.
1- UTXO are the unspent previous output that is sent to someone’s wallet.
2- Unless there is a sufficient amount remains after the amount to be sent to cover the network fees, a transaction will be denied.
3-The fees is specified by the bitcoin network.
4-Using as many addresses as possible strengthening privacy and anonymity.
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they are the total amount of input transactions that you have in your wallet, which you could spend.
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multiple UTXOs Within your wallet would be used to send the transaction.
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it was subtract it from the output UTXO being sent back into an address controlled by the Wallet.
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you can generate more addresses for outputs, but it will only make it more difficult to track the transaction, not impossible.
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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Describe what Unspent Transaction Outputs (UTXO) are.
The UTXO are my single “credits” to my wallet and the wallet is showing the sum of these UTXO received. In the new transaction where I need to send a BTC, the UTXO is defined as input. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
In case of insufficient funds, this kind of tx will be denied. But if I have the sum of UTXO sufficient for tx for example in a form of UTXO 0,5 and UTXO 0,4 (that’s my whole balance, only these 2) and I have to spend a 0,7 then the total Input will be the sum of 0,50+0,40 where 0,7 will go where it should go and the rest will return to my BTC address controlled by my wallet. In this case I exclude the fee.
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How would a bitcoin wallet specify the transaction fee when creating a transaction?
TXfee = Inputs - Outputs -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Use different addresses, maybe different wallets
Thx, I appreciate it.
UTXOs are basically your balance.
UTXOs are received transactions that you haven’t spent yet. Sum of all UTXOs is the total amount of spendable transactions, i.e. wallet balance.
Your transaction will be constructed out of as many UTXOs that is needed to cover the whole amount of your transaction.
If and when the sum of your UTXOs exceed the amount of your transaction is the rest sent back to you by sending it back to a wallet that you control.
Wallets will specify the transaction fee by looking at previous transaction fees and calculating an estimate of a fee that will get your transaction on the blockchain reasonably fast.
Increase privacy by creating and using new addresses for each transaction.
It would be harder to track down and target a specific individual when using multiple and always changing addresses for sending and receiving transactions.
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UTXO’s are outputs of a transaction in other words , your balance
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The transaction won’t be broadcast on the blockchain and will be refused.
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Inputs - outputs = tx fees
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By sending money to myself
- UTXO are unspent transactions are balances on your wallet.
- The UTXO will fail because the UTXO isn’t enough to cover the fees.
- Inputs - Outputs = Fees
4.You can create new output addresses.
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- UTXO’s: A wallet that has recieved 3 inputs but has never sent an output/ transaction has 3 UTXO’s. 3 outputs from wallets that are waiting to be used as part of another transaction.
2- A wallets balance is the sum of the recieved UTXO’s. If the wallet wants to send 1 large transaction but has only 3 small UTXO’s as balance, the sum of 2 or more UTXO’s as required are combined and used as outputs for the new transaction.
3- A wallet checks recent transaction fees and proposses a fee that should be enough to have the transaction mined in a resonable time.
4- multiple inputs and multiple outputs in a transaction
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Unspent Transaction Outputs are all of the outputs sent to a specific wallet that have not been spent. A wallet can hold multiple UTXOs that it will then combine to show you a balance.
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Then your wallet will combine multiple UTXOs until the sum is large enough. Create two outputs; one for the transaction, and the other is sending back the remaining balance to yourself.
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It would take the Input - Output = TX Fee
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Inputs have to be equal to Outputs. Any UTXOs that hold more bitcoin than the transaction costs, the remainder will be sent back to the user as an additional Output. Thus making it impossible to identify which output is either returning to the sender or being sent to another wallet.
- like it says these are unspent transactions that are tracked by your wallet
- the transaction won’t go through
- input-output
- using many different inputs and outputs
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 all the transactions that you have received but haven’t spent yet.
- Then you wouldn’t be able to send the transaction unless multiple UTXOs combined are able to cover the transaction.
- It would look through the latest blocks to calculate an average reasonable transaction fee
- Nobody can tell who you are when looking at transaction inputs and outputs. Additionaly you can even be sending money to yourself
1- UTXOs are inputs sent to your wallet in other words your BTC for example and the sum of all the UTXOs is your total balance.
2- It would combine multiple UTXOs to an amount equal to or superior to your tx’s amount plus fees and then return the difference to your wallet as a new UTXO of that value.
3- The wallet app that you will usually suggest a based on the most recent tx fee that will grant you access to the blockchain in the quickest timeframe. This speed can be increased if desired.
4- you can enhance your transaction privacy by increasing your input and output amounts in a single transaction. Also owning multiple wallets.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are transactions that have not yet been spent and are thus available to be used to send them to another wallet. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You will add in different UTXOs as the inputs of your transaction such that the inputs are now larger than the outputs -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The transaction fee can be viewed as the difference between the transaction outputs and the transaction inputs -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You can send transactions to other wallets that are also controlled by yourself.
- Describe what Unspent Transaction Outputs (UTXO) are.
unspent money
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
there would be no transaction
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
input minus output
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
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generate new output address
Describe what Unspent Transaction Outputs (UTXO) are.
They are from the input --> TX that then generates the UTXO that lies in your wallet until you make a transaction, your balance.
What would happen if you don’t have any single UTXO that is large enough to cover your transaction?
you won’t be able to make the transaction
How would a bitcoin wallet specify the transaction fee when creating a transaction?
it would display the input and output and the difference between input and output then is the transaction fees
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
if you move your Bitcoin to different wallets every time you make the transaction
multiple inputs to multiple outputs
1.- UTXO are bitcoin sended and ready to be spent.
2.- Wallet will take the necessary UTXO and put them together to create new output of the desired amount, the rest will return as UTXO to the same address.
3.- Wallet will look for latest blocks produced and take same txn fees ratio to make user a recommendation for the actual txn fees.
4.- When you want to increase privacy you just need to put all UTXO together in one txn, and then split it again in the next txn.