Homework on Bitcoin Transactions and UTXO - Questions

Blockchain and Bitcoin 101
#723
  1. Unspent transaction outputs are funds on one address ready to be spent
  2. In case not a single utxo is large enough to cover the transaction, then the sum of all the utxo’s is taken.
  3. The fee is the difference between transaction inputs and transaction outputs. It can be manually set or automatically based on previous block fees
  4. By making multiple output addresses for each new transaction.
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#724

  1. those are unspent transactions received from inputs. UTXO are the balance in the wallet.

  2. transaction will be declined if you don’t have enough BTC to cover your transaction.

  3. it is difference between input UTXO and output UTXO . Wallet will calculate the appropriate fee for your transaction.

  4. to send to more output UTXO . Also you can generate always your new addresses.

#725

1. Describe what Unspent Transaction Outputs (UTXO) are.
The balance in your wallet from all inputs that not have been spent

2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
If you have multiple UTXOs that can cover for it the transaction will go through. If you don’t have enough UTXOs to cover for your transaction, the wallet will decline.

3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
Tx fee = Iputs-Outputs Fee is determined based on previous fees that will get you in the blockchain fast enough

4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Create multiple addresses and use multiple inputs and outputs. (use lightning? :wink: )

#726

  1. after a transaction receives an input it must have equal outputs, those outputs remain unspent until the become inputs, while in limp they are unspent output transactions.

  2. your combined unspent transactions are used together, and if a value was too great, the difference gets sent back to the wallet as a new UTXO.

  3. if input = ouput + fee. It will see what the output is, minus that from the input, and the difference will be the fee.

  4. you don’t know if inputs and outputs are for the same owner.

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#727

  1. Transaction which were received but not spent yet (not used in an outgoing transaction)

  2. Several UTXOs are combined so that there are enough funds

  3. The wallet suggests a transaction fee based on the size of the transaction (bytes) and the number of transactions waiting in the mempool. Miners will prioritize transactions with high fees.

  4. Create a transaction with several outputs, which are going to my wallet or other wallets I control

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#728

  1. A UTXO is an input that has not been spent / used in a transaction.

  2. If you don’t have a single UTXO that is large enough to cover for your transaction your wallet will use another UTXO and sum up the amounts. If there is no other UTXO then your wallet can’t create the transaction / the transaction would be invalid.

  3. The transaction fee is automatically calculated by subtracting the outputs from the inputs. However, the wallet will propose a fee amount that is reasonable for the transaction to be successful.

  4. The notion of transaction inputs and outputs increases privacy because from the outside it’s not possible to tell which UTXOs were sent to someone else and which ones were sent back to you. Having a lot of outputs and different addresses makes it very difficult to tell which wallets belong to the same person (especially because a wallet address does not contain any personal information).

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#729

1/ it is my unspent balance
2/no transaction
3/ the Difference between Inputs and outputs
4/ Its a nature of BTC. No one know only private key owner

#730

1.UTXO is the wallet balance , what amount I could spent
2.The transaction will be refused and doesn t take place
3. Input = Output + Tx fee , generaly are proposed fees which could take the transaction with acceptable speed . Transactions with higher fees will be verified by miners more quikly
4. In this sitem we have sufficient privacy . You could not find the owner of an adress . You could make more wallets , so you could initiate transactions with more inputs and outputs

#731

  1. UTXO is an output of a bitcoin transaction which has not been spent.

  2. I would combine the UTXO with one or several other UTXO’s to achieve the desired transaction value.

  3. Total inputs - Total outputs = TX fees

  4. I could increase privacy by making many transaction outputs, then direct some outputs back to myself. From inspection of the blockchain, it will not be impossible to determine if these transactions are sent back to myself.

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#732
  1. Transaction outputs to a wallet that has not been spent yet. The sum of it constitutes the wallet’s balance.
  2. No transaction possible, it will not be accepted by the network.
  3. It is implied by the difference between output and input.
  4. Send to mulitple outputs, some of them could be your own wallet again, but some of them could be other real person recipients.
#733

  1. Unspent Transaction Outputs are outputs from a previous transaction that are available and have not been spent.

  2. It will sum up more UTXOs. If there is no sum of multiple UTXOs that make up larger output, the transaction will be declined.

  3. The bitcoin wallet specifies the transaction fee when creating a transaction by subtracting the input from the output.

  4. Anonymity is provided by the nature of bitcoin transactions as output can be sent to multiple channels as well to the same input channel. No one knows except the private key owner.

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#734
  1. UTXOs are the unspent outputs basically the balance left in the wallet.
  2. It will sum up other UTXOs, but if there are no other UTXOs then the transaction will be unsuccessful/declined.
  3. The fees are calculated based on the difference between the input and the output.
  4. Bitcoin transactions are anonymous by nature in fact the output can be sent to several channels and to the same input as well.
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#735

1:
Unspend transactions output.
UTXO is bitcoins received in a TC which has not yet been used. Can then be used as input in a new TX

2:
Then the TX will not be approved

3:
Inputs = outputs + TX fees
Fees is variable and miners take the highest fees first. Normally a wallet does this automatically based on previous fees

4:
In a TX you also send funds to yourselves as nobody can see who controls any given address

#736

  1. Describe what Unspent Transaction Outputs (UTXO) are: A UXTO is the balance of input and output transactions that have not yet been spent.

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

  3. How would a bitcoin wallet specify the transaction fee when creating a transaction? Gathered from the most recent transaction fee on the network.

  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? You could generate a new address to send your next transactions. This is make it very difficult to track the owner.

#737

  1. UTXOs are the different inputs into a wallet that have not been spent.The sum of UTXOs represents the amount of BTC that a wallet can sign for.

  2. The wallet will send it to a bunch of nodes and they will reject it because that signature cannot authorize the amount.

  3. It is a largely automated process that allows the transaction to be picked by a miner reasonably fast. It would be an extra output sent together with your main output into one transaction.

  4. By sending money back to yourself. Let’s say your transaction is 1 BTC and you have 5. You can send a total of 3 with 1 as your main, a bit for the fees and the rest back to another BTC address that is stored in your wallet, which carries both the output and input address you are sending money back to.

#738

Glenn_CostaRica

1. Describe what Unspent Transaction Outputs (UTXO) are.
An UTXO is a piece of information specifying an amount of funds in Bitcoin that have been sent against a specific Bitcoin private key through its public key. Only a signed transaction containing the digital signature of the correct private key can give access to the UTXO with the funds.

2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
First of all, the wallet will scan the blockchain and seek for other UTXOs that might exist in favor of the same holder (private key). If there are other UTXOs available with more funds that the user can access, then, the wallet will add up as many UTXOs as necessary, and use them as the INPUTS for the transaction. In case that there are not more UTXOs or that even by adding up all the UTXOs available, funds are not enough for the transaction, then, usually, the wallet wouldn’t let the transaction be signed and broadcasted; however, if, for some reason, the transaction is broadcasted, the rest of the nodes will ignore it since the sender does not have enough money in his/her UTXOs as to execute this transfer.

3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet verifies the recent fee market by checking the state of affairs in the market in the recent blocks; and then suggests to user a relatively acceptable fee that would ensure quick inclusion in the next block. Some wallets allow the user to adjust the fee that the user would like to pay.

4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
As one, or more than one, of the outputs can be sent back against one’s self, then, as the user interested in privacy, one can use a send transaction as a mechanism to obscure the state of one’s funds, and to make it hard to track one’s wallets and one’s financial data.

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#739 
Describe what Unspent Transaction Outputs (UTXO) are. the wallet balance.

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

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

The wallet checks the blockchain and figures out the correct fee.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?Several addresses and outputs can result from one input.

#740
  1. Describe what Unspent Transaction Outputs (UTXO) are.
  2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
  3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
  4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?

1.UTXO are the unspend transactions you have received and what can be spend.
2. If your UTXO isn’t large enough than the transaction would be rejected.
3. The transaction fee is the difference between the transaction input and the transaction output. The wallet checks the blockchain and will ckeck the correct fee.
4. Generate new adresses, so its harder te tell which output goes back to the sender.

#741

  1. UTXO,s are unspent transactions controlled by the blockchain that makes up the balance of a wallet.

  2. If there is insufficient UTXO’s to cover a transaction, the blockchain will decline that transaction.

  3. Transaction fee is either pre-determined or Input-Output = TX_fee

  4. To increase privacy in transactions, you can make use of multiple inputs and outputs.

#742

  1. UTXOs are unspent transactions. UTXOs when added make your balance, what you can spend. It is all the different sums of bictoin that have be sent on your adress before.

  2. If you have only one UTXO that is not enough the transaction will not work. Otherwise it will, as in all transactions, use all UTXOs available.

  3. The bitcoin wallet suggests the fee for you or sometimes you can choose it yourself. However, it calculates the fee by the difference between all UTXOs minus all outputs.

  4. In order to increase privacy, you can choose to send many transaction outputs back to yourself on different adresses.

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