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Inner workings of Bitcoin transactions and wallet
#1
I'm studying the inner workings of blockchain and Bitcoin these weeks and wonder if you guys know these facts:

1) A wallet does NOT contain the amount of coins you have. The amount is calculated based on Unspent Transaction Outputs (UTXO).

What it means is that you somehow got some coins via transactions. Let's say Bob send Hugues 0.1 BTC and Carsten send Hugues 0.12 BTC. The transactions are then stored in the blockchain and these transactions ends in Hugues wallet (address). The wallet calculates these transactions and show the totalt value of 0.22 BTC to Hugues. 

(It's simplified since you can have multiple addresses in a wallet based on one masterkey, but that's another story)

2) Did you know that when you send coins you always has to send ALL coins?

What it means is that in the above example I have a wallet containing a total of 0.3 BTC that has come from one transaction (to simplify the example). When I send 0.12 BTC to Hugues the rule is that I have to send all 0.3 BTC. So what happens is that two transactions are created. One transaction with 0.12 BTC to Hugues and another transactions with the remaining 0.18 BTC back to myself. 

(I'm ignoring fees in the example)

That's enough for today I think. 

I wonder if one man Satoshi Nakamoto really could have cooked all this up by himself. If it's only one person then that person must have had months of time to only work on programming Bitcoin since it contains many "strange" behaviors like the ones above.  Another one is how the difficulty is automatically calculated and adjusted. It's so amazing that all of that must have been made by a group of people or one exceptional man. 

Is it too complicated? Maybe...at least some parts are really odd.

Maybe tomorrow I should post about private masterkey, privatekeys, seed words and public keys and how a public key is the same as an address.... let me know what you think.
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#2
The first thing you said about the wallet not containing the coins i told you years ago, but maybe you don't remember that. The 2nd thing i didn't know about and that is a bit odd behavior. However very nice post keep it up!
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#3
(2019-04-13, 11:00 AM)Carsten Wrote: I'm studying the inner workings of blockchain and Bitcoin these weeks and wonder if you guys know these facts:

1) A wallet does NOT contain the amount of coins you have. The amount is calculated based on Unspent Transaction Outputs (UTXO).

What it means is that you somehow got some coins via transactions. Let's say Bob send Hugues 0.1 BTC and Carsten send Hugues 0.12 BTC. The transactions are then stored in the blockchain and these transactions ends in Hugues wallet (address). The wallet calculates these transactions and show the totalt value of 0.22 BTC to Hugues. 

(It's simplified since you can have multiple addresses in a wallet based on one masterkey, but that's another story)

2) Did you know that when you send coins you always has to send ALL coins?

What it means is that in the above example I have a wallet containing a total of 0.3 BTC that has come from one transaction (to simplify the example). When I send 0.12 BTC to Hugues the rule is that I have to send all 0.3 BTC. So what happens is that two transactions are created. One transaction with 0.12 BTC to Hugues and another transactions with the remaining 0.18 BTC back to myself. 

(I'm ignoring fees in the example)

That's enough for today I think. 

I wonder if one man Satoshi Nakamoto really could have cooked all this up by himself. If it's only one person then that person must have had months of time to only work on programming Bitcoin since it contains many "strange" behaviors like the ones above.  Another one is how the difficulty is automatically calculated and adjusted. It's so amazing that all of that must have been made by a group of people or one exceptional man. 

Is it too complicated? Maybe...at least some parts are really odd.

Maybe tomorrow I should post about private masterkey, privatekeys, seed words and public keys and how a public key is the same as an address.... let me know what you think.
It's a matter of fact. I remember have read it somewhere some time that you always send all of your coins and the transaction is split.
But I forgot about the phenomenon.
I also believe bitcoin is the work of several people together.
What is this thing that builds our dreams, yet slips away from us?

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