![]() ![]() Any input bitcoins not redeemed in an output is considered a transaction fee whoever generates the block can claim it by inserting it into the coinbase transaction of that block.Ī sends 6.102 BTC to C and C generates 6.25 BTC. If the input is worth 50 BTC but you only want to send 25 BTC, Bitcoin will create two outputs worth 25 BTC: one to the destination, and one back to you (known as " change", though you send it to yourself). Because each output from one transaction can only ever be referenced once by an input of a subsequent transaction, the entire combined input value needs to be sent in an output if you don't want to lose it. There can be more than one output, and they share the combined value of the inputs. ScriptPubKey is the second half of a script (discussed later). Value is the number of Satoshi (1 BTC = 100,000,000 Satoshi) that this output will be worth when claimed. The monetary value of the output in satoshisĪ calculation which future transactions need to solve in order to spend itĪn output contains instructions for sending bitcoins. Various flags define how the transaction is simplified and can be used to create different types of payment. It, combined with the public key, proves the transaction was created by the real owner of the bitcoins in question. More precisely, the second component is an ECDSA signature over a hash of a simplified version of the transaction. The public key is used to verify the redeemers signature, which is the second component. The public key must match the hash given in the script of the redeemed output. The script contains two components, a signature and a public key. ScriptSig is the first half of a script (discussed in more detail later). Index is the specific output in the referenced transaction. Previous tx is a hash of a previous transaction. All of the new transaction's input values (that is, the total coin value of the previous outputs referenced by the new transaction's inputs) are added up, and the total (less any transaction fee) is completely used by the outputs of the new transaction. Multiple inputs are often listed in a transaction. If sequence number is < 0xFFFFFFFF: Makes the transaction input Replace-By-FeeĪn input is a reference to an output from a previous transaction. Information required to spend the output (see below for details) The index within the previous transaction's output array to identify the spendable output The previous transaction that contains the spendable output When the recipient wants to spend this money, he will reference output #0 of this transaction in an input of his own transaction. Then the output sends 50 BTC to a Bitcoin address (expressed here in hexadecimal 4043. The input in this transaction imports 50 BTC from output #0 in transaction f5d8. Principle example of a Bitcoin transaction with 1 input and 1 output only Data Input: If non-zero and sequence numbers are < 0xFFFFFFFF: block height or timestamp when transaction is final The outputs of the first transaction spend the mined bitcoins for the blockĪ list of witnesses, 1 for each input, omitted if flag above is missing The first input of the first transaction is also called "coinbase" (its content was ignored in earlier versions) If present, always 0001, and indicates the presence of witness data General format of a Bitcoin transaction (inside a block) Field 6 General format (inside a block) of each output of a transaction - Txout.5 General format (inside a block) of each input of a transaction - Txin.2 Principle example of a Bitcoin transaction with 1 input and 1 output only.1 General format of a Bitcoin transaction (inside a block).This is useful for seeing the technical details of transactions in action and for verifying payments. A block chain browser is a site where every transaction included within the block chain can be viewed in human-readable terms. Standard transaction outputs nominate addresses, and the redemption of any future inputs requires a relevant signature.Īll transactions are visible in the block chain, and can be viewed with a hex editor. ![]() This article is about on-chain transactions. Once transactions are buried under enough confirmations they can be considered irreversible. Transactions are not encrypted, so it is possible to browse and view every transaction ever collected into a block. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. Byte-map of Transaction with each type of TxIn and TxOutĪ transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. ![]()
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