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Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are outputs from previous transactions that were sent to your wallet i.e. all the BTC you have recieved. These can then be used as inputs to create new transactions. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Multiple UTXOs would be used to construct the transaction, you would then receive back the difference as a new UTXO. -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
The wallet would recommend a fee based on recent fees in order to get your transaction added into the blockchain. The difference between the input and output of the transaction is the fee. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
You could send BTC from one address to multiple addresses, one or more of which could be in your control. From the outside, it would not be possible to know which is the real transaction and which is another UTXO back to yourself.
1 utxo are inputs which comes into your pocket and you didn’t spend them yet.
2 you cant spend it. transaction will be denied
3 The difference between inputs and outputs.
4 output can be send to different addresses , and nobody knows which address is someone else, and which one is mine, if it is.
1.Utxo’s are basically outputs from a transaction that have been deposited into your wallet and are yet to be spent. They are the result of inputs from other wallets into transactions that have sent you balances.
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Your wallet will input two or more appropriate utxo’s to cover the transaction required, input them and then the remaining balance of what has not been intended for the recipients is sent back to an address you control.
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The wallet selects the most relevant available fee to allow processing of your transaction into the blockchain in an acceptably timely manner. You may also be presented with possibilities for fees and select yourself. Your wallet ensure you have the balance to cover the transaction and fees and calculates fees for you based on inputs - outputs
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Using multiple inputs and outputs. On block explorer, while all outputs are identified, it is not designated which output belongs to who, so each output could actually be designated as any possible one of the recipients without specificity Therefore, the more outputs, the lesser the probability of identifying the specific input
- UTxO’s are basically inbound transactions that are tied to a wallet. They are basically a value equivalent of unspent outbound funds which can be used for future transactions
2.In case the total of UTxO’s does not cover the transaction the blockchain will simply ignore the transaction
3.The transaction fee is calculated and added to the total of funds to be sent. As such the available funds (UTxO) total needs to be at least equivalent (or higher) then the transaction + transaction fee. The part of UTxO that was not spent returns to the wallet as a new UTxO - Input and output addresses can be changed on top of the fact that wallet addresses are obviously not to name. They are just an anonymous address secured by public and private keys. As transactions themselves are fully visible in the blockchain, it is the anonymity of the wallet that adds the privacy factor.
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a utxo is a btc input you received you have not yet used in a new transaction / a btc output not yet used in a new transaction by the person who received your output. In the moment I spend my utxo input in a new transaction and the transaction gets confirmed, the input of the transaction logically won’t be called utxo anymore.
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your (or better, your wallet) create a transaction using a sufficient sum of utxos as input
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A few wallets let you define the fee but usually this decision is made by the wallet alone, by making a “reasonable” decision: the less possible for receiving a transaction confirmation in a reasonable time. Of course, the less fee your wallet spends the more you have to wait for your transaction to be confirmed. Miners will of course choose the transaction with the higher fees to gain.
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by splitting your output, sending your btc to other addresses you own.
- Describe what Unspent Transaction Outputs (UTXO) are.
Unspent Transaction Output e.g money that has been sent to you that you have not spent so the funds or ‘balance’ you have access to - What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Use more than 1 UTXO e.g if you have 2 UTXO’s 0.5 and 0.5 and want to send 0.8 the wallet will send the 2 UTXO’s 0.5 and 0.5 and then send you back the 0.2 as a new UTXO - How would a bitcoin wallet specify the transaction fee when creating a transaction?
Fee = input - output - How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
As per the answer to question 2 you can send the ‘change’ from the output of the transaction to a different wallet address that is still owned by you
1 the amount of cryptocurrency received from a transaction minus the fees
2. the transaction cannot occur
3. input - output = transaction fee. transaction fee is estimated from prior transaction fees in the block.
4. inputs and outputs are not associated with personal identifiers so they are difficult to track. if multiple output addresses are used it is difficult as an outsider to know to whom the output is allocated to
Describe what Unspent Transaction Outputs (UTXO) are.
- are unspent outputs of the previous transaction.
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
- invalid transaction
How would a bitcoin wallet specify the transaction fee when creating a transaction?
- fee is calculated from the remainder of all inputs minus the outputs of a transaction.
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
-use a different address for each receiving transaction.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXOs are basically all the transactions you have available to spend. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You would then need to add multiple UTXOs together and make the transaction which will probably involve you sending yourself the “change” -
How would a bitcoin wallet specify the transaction fee when creating a transaction?
Your wallet would look at the blochain and determine a fee that would make your transaction worth while to miners. -
How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
With a transaction, you could send BTC to multiple people including yourself under a different address.
1.thats your available balance to spend
2.the transaction will be rejected
3. wallet checks the transaction cost and deducts from UTXO
4.by using multiple addresses for outputs
- UTXO are what has not been spent.
- No transaction happens
- It looks at what the previous transaction fees have been and figures out the fee or you pick one.
- Use private blockchain
- Describe what Unspent Transaction Outputs (UTXO) are.
UTXO’s are basically your received funds (output) available on your private key. - What would happen if you don’t have any single UTXO that is large enough to
cover for your transaction?
Insufficient funds situation would occur and TX will be denied. - How would a bitcoin wallet specify the transaction fee when creating a
transaction?
Input - output = TX fees. Calculated in the wallet. - Using many inputs and outputs. Though effective to someone reading block explorer this is a useless privacy measure for software based tracking.
Didn’t quite understand the question but being that outputs are sent to private keys thru encryption, that cannot occur in a software tracking system that tracks input and output.
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Describe what Unspent Transaction Outputs (UTXO) are.
These are the deposits into your wallet -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You can combine multiple UTXO to cover the amount required to spend
3. How would a bitcoin wallet specify the transaction fee when creating a transaction? 1. The bitcoin wallet recommends an unspecified reasonable fee for the transaction based on the time of the transaction. The fee it self is deduced from the sum of transaction input minus the UTXO’s output.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? 1. You can create an output that is an input to your address.
1.- UTXO’s are the transactions of a private key could spend
2.- You need to use more than one UTXO to cover the transaction, and if it’s left some balance, it’ll came in return to you as a new UTXO
3.- Fee = Input TX - Output TX
4.- The fact that’s impossible know the owners of the wallet, permits you could sent TX to many wallets of your own and no one could figure it out
- UTXOs are transactions that have not been spent yet.
- The input must equal the output so the transaction would be declined.
- The transaction fee is based on the number of inputs and outputs. The higher the number of inputs/outputs the more energy is required in order to complete the transaction, which results usually in higher fees.
- Multiple outputs lead to increased privacy since no personal information are associated with one another.
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Describe what Unspent Transaction Outputs (UTXO) are.
UTXO is everything you have recived to your wallet= all your potential output capacity. -
What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
there will not be any transaction. -
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?
Use the fact that you can make multiply outputs at the same time. Send to many adresses and noone really knows who they belong to.
I have a noob question, sorry guys. If the differens between your inputs and outputs always will be the fee, no matter how big, how will you be able to store money and not spend everything directly? Is there a way to just send the difference back to you again and then avoid the fee or at least a part of it?
If someone could explain it to me what it is I dont understand, I would be gratefull.
- Describe what Unspent Transaction Outputs (UTXO) are.
The blockchain does not store account balances - only transaction data. It is up to client-side wallets to calcuate the spendable balance of its stored private keys. UTXOs are the result of transactions sent to a bitcoin address. They can be considered the fragments of the balance of that address.
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
If you didn’t have any one UTXO large enough to cover your transaction your wallet would combine the smaller UTXOs to make up the requested amount. If your combined UTXO balance was too small the transaction would be rejected.
- How would a bitcoin wallet specify the transaction fee when creating a transaction?
Fee is calculated as total transaction inputs minus total transaction outputs.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
To increase privacy in a transaction you could obfuscate the value of the transfer by sending more than is required in the input with an additional output to send back your extra funds.
1.All received transactions are UTXO with multiple input and output. These transactions are given by the blockchain and summed up in the wallet
2.The transaction won’t be approved by the network until [input=output]
3. input-output=fee A transaction doesn’t include a specific output for fees(leftover), the over-fund of inputs minus outputs, whatever is leftover is the fee.
4.With multiple interpretations of transactions and which can be used from a simple transaction.
- Describe what Unspent Transaction Outputs (UTXO) are. - money waiting to be spent or your balance
- What would happen if you don’t have any single UTXO that is large enough to cover for your transaction? - The protocol will add up your existing UTXOs to cover the reuquest.
- How would a bitcoin wallet specify the transaction fee when creating a transaction? Input = outputs + transaction fee. Your wallet will calculate the fee and it is implied not shown in the transaction.
- How could you use the notion of transaction inputs and outputs to increase privacy in your transaction? - Generating new output addresses
1: UTXO’s are your balance - how much you can spend.
2: Then the transaction would be declined.
3: It would calculate a fair fee by looking at similar transactions and keeping in mind that it has to happen with a relative speed.
4: The number of outputs in a transaction is varying so you can have multiple outputs going to your own adresses.