Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#683
  1. Unspent Transaction Outputs are the sum total of the actual bitcoin you have to spend listed on the blockchain.
  2. If you don’t have a single UTXO that is large enough to cover your transaction, your transaction will be denied.
  3. Bitcoin specifies the transaction fee when creating a transaction by looking at previous transactions and seeing what is the most efficient and decide upon that.
  4. A person could use the notion of transaction inputs and outputs to increase privacy in a transaction by sending using several addresses to send to and from.
#684

  1. UTXO:s are the total sum of input that you can use for transaction outputs.

  2. The transaction is declined.

  3. The tx fee is:
    tx input - tx output = tx fee

  4. You can use more outputs and/or generate new addresses to make it harder to track which transactions goes back to your wallet.

#685
  1. All input TX you received and not put to output TX yet, likes your balance
  2. can sum multiple input TXs, if total mount aren’t enough. it’s invalid TX
  3. Fee = input TX - output TX
  4. using multi-addresses and/or multi-transactions
#686

  1. Describe what Unspent Transaction Outputs (UTXO) are.
    UTXOs are outputs who are not yet spent with your wallet.

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

  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
    It will look at the inputs and outputs to count.

  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
    Use of different addresses.

#687

  1. Unspent Transaction Outputs are the balance of bitcoins that you have received in your address but yet have not sent.

  2. Then your wallet would collect the outstanding UTXO’s and use them together to cover the transaction and make it valid. If you do not have enough then your transaction would not be valid.

  3. The fee is the difference between the inputs and outputs of transactions.

  4. One thing you can do it so increase the amount of outputs of the transaction. If you send someone an amount of satoshis and at the same time send the same amount to other bitcoin addresses which you own, it will be impossible to figure out the recipients from the outside.

#688

:one: UTXO is your unspent balance. It is also a model used for Bitcoin. It serves a role for double-spend verification.
Its two main rules are

  • Inputs = Output + Transaction Fee
  • All input has to be spent!

:two: That transaction will not be validated by the nodes in the network.
:three: Fee is calculated from input minus output.
:four: Using different addresses for every transaction

#689

  1. UTXOs are the amount of bitcoin that has been sent to your address and the sum of these is the amount that you have available to send to another address.

  2. If the sum of two or more available UTXOs is greater than the inmtended transaction amount then multiple UTXOs will be used in the transaction. If the sum of all UTXOs is less than the intended transaction amount then the transaction will be invalid.

  3. The fee is difference between the outputs and the balance.

  4. You could send one or more separate amounts to different addresses including those that you own.

#690

1.UTXOs are effectively your coins. They are the end result or “output” of any transaction Which the wallet will compile to reach your total balance.
2. The transaction would be declined?
3.your wallet will choose the best rate in order to get you onto the blockchain the fastest.
4.multiple addresses can result from just one input… There is no way to tell which address belongs to the original sender.

#691

  1. UTXOs are indirectly the coins that we receive from others in our wallet and which we can spent using our private key. There are no actual coins. Its a database.

  2. Transaction will not occur.

  3. It will determine the difference between Input UTXOs and output that we are sending and calculate the fee itself. We donot need to specify it seperately.

  4. Because all UTXOs need to be spent in a Tx, so one can output it back to a different address of the same wallet and it is unclear that the transaction done is to some outside recipient or the sender himself.

#692
  1. UTXO are transaction my wallet has received. UTXO are telling me how much Bitcoin I can spend based on my UTXO.
  2. The transaction will not work. Input = Output + Fee
  3. The bitcoin wallet calculates most of the time a fee on its own but there are also possibilities to make up a fee.
  4. I could use more than one wallet to have different addresses
#693

1- UTXO is the balance left in your wallet.
2-Transaction declined.
3- The transaction would be calculated from the input to output.
4- Using a private key blockchain would make infeasible from someone to know where the output address is coming from.

#694

  1. UTXOs are recieved transactions you can spend

  2. your transaction will be denied

  3. the fee will be calculated into the transaction code

  4. every input and output has different codes making privacy more immutable

#695
  1. amounts of bitcoin that total your balance of available funds to spend
  2. an output is created from your total balance of UTXOs
  3. depending on the wallet, the fee is either automatically assigned or allows you to assign a custom amount.
  4. public keys used to create the UTXOs are not associated with a person
#696
  1. Describe what Unspent Transaction Outputs (UTXO) are.

UTXO’s are available funds of an output recipient to be used as new TX inputs.

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

You could use multiple UTXO’s and send any amount over the funds needed to cover a transaction and fees back to yourself.

  1. How would a bitcoin wallet specify the transaction fee when creating a transaction?

The transaction fee is implied, it is the difference of the output subtracted from the input.

  1. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?

By increasing the number of outputs generated in the transaction. You can generate new addresses within a wallet and use different addresses to increase anonymity of the outputs being sent both to the other party(s) and yourself.

#697
  1. UTXOs are individual portions of a cryptocurrency balance. They are also the beginning inputs of a new transaction of a cryptocurrency.
  2. If you do not have any single UTXO that is large enough to cover a transaction, you must send additional UTXOs that together either equal or are greater than the amount needed to cover the transaction.
  3. A bitcoin wallet specifies the transaction fee by taking the difference between the input (UTXO) minus the output.
  4. The fact that inputs are broken down into portions or UTXOs to meet or exceed the necessary transaction cost, and the output not revealing if one piece of a potential series of out put portions destination is going back to the original person or to someone else, demonstrates an increase in privacy during transactions.
#698
  1. Describe what Unspent Transaction Outputs (UTXO) are.

Sum of total of balance you can spend!

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

Wallet automatically adds all UTXOs. If theres enough UTXO, translation is valid otherwise rejected!

  1. How would a bitcoin wallet specify the transaction fee when creating a transaction?

INPUT minus OUTPUT = FEE

  1. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?

Use multiple output address

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#699

Homework on Bitcoin Transactions and UTXO - Questions

  1. Describe what Unspent Transaction Outputs (UTXO) are.
  • UTXO are unspend transaction outputs, which are the sum of total money recieved and not yet spended.
  1. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
  • The wallet would calculate them all for me and then I could pay with the sum of all together the transaction.
  1. How would a bitcoin wallet specify the transaction fee when creating a transaction?
  • It would take and input , removed the output and it would get the transaction fee.
  1. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
  • I could send to a multiple profiles and also again to myself just on a different adresses :slight_smile:
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#700

1.Unspent Transaction Outputs (UTXO) are transaction amounts available to spend in a wallet.

2.The transaction will not be accepted by the blockchain.

  1. A bitcoin wallet specifies the transaction fee by calculation from checking previous similar fees on the
    blockchain and reporting.
#701

1.Unspent Transaction Outputs (UTXO) are transaction amounts available to spend in a wallet.

2.The transaction will not be accepted by the blockchain.

  1. A bitcoin wallet specifies the transaction fee by calculation from checking previous similar fees on the blockchain and reporting.

  2. By never giving my private key to a computer or showing the private key on the internet.

#702
  1. UTXO is a amount of funds available to spend.
  2. You have to construct TX from as many UTXO’s as needed to cover the cost. All amount above the cost minus fee is going to be made as a new UTXO and sent to your wallet.
  3. It will look at the recent TX fee’s and will choose optimal amount of fee to complete your TX at reasonable period of time.
  4. Never use the same receiving TX address.