Homework on Bitcoin Transactions and UTXO - Questions

[Benitez]

1. utxos are your balance of unspent bitcoin.
   2.The transaction will not be completed.
   3 Subtracting the input from the output your wallet calculates the fee.
   4.use different addresses

[umeshusoda]

1. the sum of my UTXO’s reflects the money I have available to transact with.
2. than the transaction cannot take place since I don’t have the necessary funding.
3. It’s Output - Input = Fees
4. I could have several wallets. Part of my UTXO could be sent to my other wallet f.ex while I make another transaction for buying purpose. Since the wallets are anonymous it wouldn’t be obvious that I sent part of the money back to myself through another wallet

[JohnnyN]

@ivan

• Describe what Unspent Transaction Outputs (UTXO) are.

Output of a transaction that has not been spent.

@ivan

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

You won’t be able to create a transaction

@ivan

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

Fee = Input - Output

@ivan

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

Use multiple addresses

[DigiCoin]

Describe what Unspent Transaction Outputs (UTXO) are.
-UTXO is an output transaction that isnt been used in a new transaction yet.

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

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?
-With multiple outputs.

[Douma]

1. Unspent transactions that come from previous transactions that aren´t spent.
2. Transaction would be declined because there isn´t enough amount. Inputs must always correspond to outputs.
3. The fee is calculated outputs - inputs, and the wallet looks in the blockchain and calculates the fee.
4. You can fracture outputs the different adresses you have or not have control off.

[coin_digger]

UTXOs are all the outputs from the transactions an account has received that haven’t been spent. A wallet will add these up which is your balance.

The transaction would have multiple inputs as you would use multiple UTXOs to cover for your transaction.

A bitcoin wallet fee does not specify the transaction fee, it is implicit, It is the difference between the input and the output.

You could generate new addresses and send the leftover amount from your transaction to other addresses you own and as the addresses are anonymous it would be difficult to tell that you were sending money back to yourself.

[JorgeLopez]

1-Describe what Unspent Transaction Outputs (UTXO) are.
UTXO are outputs of previous transactions that haven’t been used or spent in a new transaction yet.

2-What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
You need to sum up various UTXOs to cover the transaction. If the sum is larger than the amount of money that you need to spend, the rest will go back to you (except the fee).

3-How would a bitcoin wallet specify the transaction fee when creating a transaction?
The fee is just the input - output, since the input of a transaction must be = output + fee.

4-How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Part of those transactions go back to you, but using another address, not recognizable externally.

[chadrickm]

@ivan

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. These are the results of previous transactions. They are queried and tallied up by your wallet to show you how much you can “spend”. The total of all UTXOs in a transaction, minus the fee, must be included in the output.
2. You must include UTXOs until you have enough to cover what you wish to “spend”.
3. The remaining amount of the total not included in the new outputs would be the fee (I think).
4. If you created new wallets for the outputs, no one would know the address belongs to you unless you tell them or use that wallet on an exchange like coinbase.

[FridaL]

UTXOs is the amount of output from a transactions that is unspent. That can be spent by the recipent in another transaction.

The wallet will verify the total sum of UTXO to generate a transaction

The fee is the difference between input and output

To increase privacy usage of different wallet addresses for private transaction balance

[Cashflow101]

• Describe what Unspent Transaction Outputs (UTXO) are.
  An UTXO is your total balance in your wallet.
• What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
  It will combine all inputs and send them to output as a whole.
• How would a bitcoin wallet specify the transaction fee when creating a transaction?
  The wallet will check the previous newest block to calculate the fees
• How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
  Use multiple output address when sending a transaction

[HexagonalView]

1. Describe what Unspent Transaction Outputs (UTXO) are.
The UTXOs are responsible for starting and completing transactions. Once a transaction is confirmed then the amount of spent is removed from the UTXO database.

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

3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
The fee is determined by subtracting the output from the input.

4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
It is impossible to determine from the input and the output of the transaction, which are basically bitcoin addresses, to whom these belong to.

[dlbc]

UTXOs are the remainders of previous transactions that are owned by your account

Your wallet will add more utxos if available to meet the transaction

The fee is implied not explicity stated

Always generate a new address for each transaction and use multiple outputs

[Fabrice]

@HexagonalView

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

You can always use more smaller utxo’s in your inputs to cover the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@Douma

Transaction would be declined because there isn´t enough amount. Inputs must always correspond to outputs.

You can always use more smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@DigiCoin

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

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@JohnnyN

@ivan

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

You won’t be able to create a transaction

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@umeshusoda

than the transaction cannot take place since I don’t have the necessary funding.

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@Benitez

2.The transaction will not be completed.

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@Onstar59

2)The transaction would not be completed.

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.

[Fabrice]

@slvrsrfr

The transaction will likely get rejected.

You can always combine smaller utxo’s together in your inputs to cover for the amount. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction, the transaction will fail.