Blockchain Basics: Unspent Transaction Output (UTXO) Explained!
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- čas přidán 25. 06. 2019
- Blockchain Basics: Unspent Transaction Output explained simply. The UTXO is a method of keeping balance, avoiding double spend, and maintaining chain of ownership in a decentralized transaction ledger made famous by bitcoin, and later, Litecoin, DigiByte is a critical topic to understand for blockchain beginners. In this series of blockchain explained for beginners, some of the most often overlooked "how does blockchain work" topics will be addressed.
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I know this is from 2 years ago but with all the FUD right now with concurrency and UTXO, this is a great help in understanding the model. I hope you put something out expounding on this further.
OMG this is the best explanation of UTXO I ever hear. Thanks.
Great explanation! Simple and concise. Thank you!
Dude the way you explain it was so simple. Thanks
loved how easily he explained the concept.
Phenomenal technical knowledge. Thanks for the breakdown
Appreciate you!
Great break down! I appreciate the video.
great great video my man! Keep up the good work!
Great explanation! Thank you!
Goolag
Awesome explanation ! the best I have come across
A very intuitive approach to teaching! Loved it !! thanks
You're very welcome! thanks for watching
I'M BACK! Thanks for your patience folks. ⚠️ Funniest bitcoin joke or pun below wins a prize. GO! 🏁
Son: Hey Dad, can I have a bitcoin?
Dad: WHAT?! You're asking me for a bitcoin?! You know much is 1 Bitcoin today?! It's worth $11,435.75! Where do you think am I gonna get $19,476.89?! You think you can barge in on me and ask for $17,745.96?! “A few moment later” Ask your mom if she has $275.56
Your asking me, a CZcams follower of yours, co creator of my dinner tonight and founder of my living room to make a joke in the public comments? I just wanted to learn about utxo.
Who is the Bitcoin’s least favourite rapper?
2chainz!
great explanation! thank you
This was very well explained.
Nice explanation .Thanks for the video.
Great explanation appreciate your help
Glad it helped - thanks for watching!
Thanks this kind of helped. But tbh I'm still confused.... So if you create UTXO, how does it come back to you? And when?
Thanks for the great video
cool simple video, thanks
Maxine Waters should watch your channel to learn blockchain and Bitcoin. Thank you for another very informative video. and welcome back, Forrest!!
Great! Thank you :)
Pretty solid explanation
Great explanation. During a mining transaction where bitcoins are made out of thin air, how do inputs = outputs? How does utxo apply here? Thank you.
Good question! In a mining transaction these unspent outputs are "credited" to a miner's wallet, so think of it like the beginning of a new chain of unspent outputs. That miner then can spend that bitcoin in any denomination he/she wants and that UTXO history expands like a tree
thanks for watching!
Very nice explanation.
Thank You so much!
You're welcome!
Thank you, you do real MVP
Awesome explanation mam
The reason that there are still dislikes on this video, not because the explanation is unworthy but because the lack of substantial visualization
Great of you to think to come up here and show keen appreciation to Mr Reid Hoffman, I think he has worked quite hard enough for the recommendation.
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One sender and two receipients... What does it mean? I recognice one receipent: it's my public adress... But the other one? I need some help. Thanks a lot!
Agree, It would be good to review Fusion.
Hello.
I'm still a bit confused, because I am currently in a situation where someone set me BTC worth $20 and i am getting the utxo option.
Please help
Hello can you please tell me what to do when i get dust utxo error in trust wallet
hey hashoshi I don't get this point here:
"And I want to address the remaining point five Digi byte tokens back to me back to my address. So essentially, I'm getting myself change, I know how much I want to get back. And that output from the transaction is my unspent output."
could u pls. explain it to me again?
I would be very pleased !
Mikehackson_11 on !G will solve all issues... He helped me
DOUBT
So block is supposed to be immutable so that hash can remain same, but when utxo is spent there has to be changes made in blockchain to signify the transaction is utxo or not ?
Transactions outline the inputs and outputs for a given exchange of value... so one transaction might have multiple inputs and outputs to cover the spend. No changes happen after block validation.
I want that neon sign!!!
Like!
Please, review FUSION! Mainnet in a couple of days!
will take a look!
Yeah I second this! Would be cool to hear your review.
How do I move my unspent transaction if it is showing as pending on the crypto exchange that I sent it to? It’s been over 10 days and it is showing as unspent on blockchain explorer, and pending on the exchange’s website!
You have to reach out to the exchange, that transaction is clearly stalled.
I'm still struggling to wrap my head around a couple things:
1. What determines the size of a UTXO?
2. Why are transactions not exact? Why are UTXO's necessary in the first place? for example why spend .6 BTC to buy .5 BTC and get .1 back when the system can just spend .5 BTC and get nothing back? ...is this maybe to ensure that fluctuating transaction fees are fulfilled?
easy auditing i guess
How long does it take for the 'refund' to appear in my wallet?
Thanks for the video but my question is how do you get back the unspent back to the wallet
Yes, where is my change?
Transaction invalid: some outputs that it attempts to spend have been already spent or are no longer valid.
^I don’t know what that means it keeps popping that up on my blockchain explore hash
Consider A and B
A has a block chain containing 2 blocks.
|2| |1|
One block has 2 bitcoins and the other has 2
If A has to transer B 2.8 B$
It will transfer both the blocks and tell the transaction that 2.8 B$ is to be sent to B and 0.2$ are supposed to be sent back to me
Are new blocks created for 2.8B$ and 0.2B$?
One block has 2 bitcoins and the other has 1*
this is how your scenario would work:
you have one blockchain that multiple users are operating on. Each user has a set of keys (public and private) where the public key is like the username and the private key is like the password to unlock and send funds. User A has 2.8 Bitcoin, User B has .4 Bitcoin. When user A sends 2.6 Bitcoin to User B, he creates two UTXO's in the transaction, one addressed to User B's public key address for 2.6 Bitcoin and one to himself for .2 Bitcoin. In this transaction, two UTXO's are created. Then, User A uses his private key (the one we likened to a password) to sign the transaction like a digital check. That transaction is then included as one of many transactions inside a block on the blockchain after it goes through verification.
I have sent bitcoin to a wallet but the transaction has confirmation but still unspent what should I do ?and it is not coinbase transaction
can you give me some more context here? from where are you sending? an ecxhange?
I got a question .....Is it necessary to spent all the btc we hve as inputs or like can we just give the amt we want.
If you have an unspent output of say .5BTC, and you want to send your friend .1BTC, you have to create a transaction for .1BTC to your friend and .4BTC back to you. Then those .1 BTC and .4BTC become unspent outputs to use. Hope that makes sense.
To take that a step further, if you have 1 BTC composed of .5 and .5 unspent outputs, you'd only need to "spend" one .5 BTC output to send your friend .1
@@Hashoshi4 ah got it👍...thanks
@@Hashoshi4 one more thing....why are there a lot of transcations in a block....r they all for the same transaction?
Gracious Baby a block holds transactions from a variety of different senders - when u send a transaction it goes into a “queue” and it gets validated into a block
@@Hashoshi4 so is ther a limmit of transactions in a single block?
Really good explanation! Thanks for this.
I used to drink Molson Export!! lol
LOL Canada's finest
Thanks for watching my friend
I thought one of the ideas of digital money is you can divide as much as you want instead of "two bills, one from 20 and another from 10". I did not get the idea yet.
You can divide it as much as you want, but each time that you do so, you have to explicitly identify where each piece of that unspent output goes. I could send one satoshi (tiny piece of bitcoin) to you out of a 1BTC unspent output, which would create two new outputs, one for .9999999999999 BTC to me, and the 1 satoshi to you.
@@Hashoshi4 A light bulb just went on for me reading your reply here (sort of - ...). OK so - for the new balance one satoshi goes out and .9999999999999 BTC (out of 1 BTC) remains. Now back to your video again...
@@Hashoshi4 If you send me a satoshi I just add 1 satoshi to my balance, period. And you have to record a debit of 1 satoshi (recorded as an output (credit) of 9999999999999 satoshis, and an output (debit) of 1 BTC)?
@@Hashoshi4 (Sorry, just trying to work through my confusion - I now see a faint light up ahead - don't bother trying to read all this.)
DigiByte 😍
Love it!
In fact, The sum of output must be less or equal to the sum of input! The difference goes in the coinbase transaction to the miner as a fee...
Haha fair 😂
So their broken up transaction. Thank you I had 4 utxo's and was not sure where it came from.
Yes :) your wallet will compile a transaction with the necessary combo of UTXO's as inputs to produce the necessary outputs on the other end (including "change" to you in return if you don't consume the entirety of each one)
So UTXO will never go away any time soon due to genesis cryptocurrencies like Bitcoin. I don't think Bitcoin will ever go away. However Bitcoin & Blockchain tech is already outclassed by Hedera Hashgraph's technology.
So what do I do if transactions are sitting there unspent?
Unspent transaction outputs are your balance that you see in your wallet - that's how the protocol tallies your total available assets left to spend
Hashoshi I have unspent transaction but it is showing as unspent on the crypto exchange that I am using. Please help
@@buggsay4002 I got same related issues but thanks to mikehackson_11 on ¶πsta
Then you must love the Saito Network
I'm here trying to understand the UTXO Cardano fud on 9/4/2021.
Please i need help, my Bitcoin just vanished from my account to another account which i wasnt the one who sent it...Kindly tell me what to do please
Which website wallet ?? I will recover it
Hello everyone
hi
When paid with credit card there is no change. Only applies to fiat currency.
How can I send the unspent to my own wallet?
Wallets do that for you automatically if you’re using hardware wallets, mobile wallets or exchanges
@@Hashoshi4 i just have same issue last night. my total balance was $1080 i sent $30 to an address and saw my balance becoming 0.9. when checked i have $30 sent to the address and $1040 is in another address as unspent bt not reflecting in my account balance. please how do i retrieve it back?
@@efelowkeys got same issues if recent... Thanks to mikehackson_11 on !G
What if u receive spendable bitcoins
anytime you receive BItcoin, it is spendable and denominated in an unspent output
OK I get it , but why is it showing only on android and not iOS or web...
Utxo ftw
UTXO squad! Thanks for watching
I'm just up to the chapter on Transactions in the "Mastering Bitcoin" book. The problem I see with the UTXO model is that you have to pay more fees when you have multiple transactions when adding up the coins you'll need to send. Fees = sum(inputs) - sum(outputs)
Yes, accumulation of fees deff are a hamstring in some use cases. That's part of the reason Lightning and other solutions like it have emerged as the holy grail extension of Bitcoin
@@Hashoshi4 Thanks! I'll look into lightning
@@Hashoshi4 do you think lightning network is something we should invest in?
Why does transactions with multiple UTXOs = more fees? Is it because you need more space in the block for the transaction?
Thanks for the video..i sent $34btc to my wallet about 3days ago still haven't received it yet..what do i do or is it lost..i try tracking btc it shows me unspent
Did you received ? I am with the same problem
some graph would help to understand it...lost in details...
Why did the chicken cross the road. To use the Bitcoin atm. Pathetic i know, but it's 7 in the morning and i am yet to finish my coffee.
I dig it! 😂cheers
$ERG is the next BTC
Son: Hey Dad, can I have a bitcoin?
Dad: WHAT?! You're asking me for a bitcoin?! You know much is 1 Bitcoin today?! It's worth $11,435.75! Where do you think am I gonna get $19,476.89?! You think you can barge in on me and ask for $17,745.96?! “A few moment later” Ask your mom if she has $275.56
Volatility haha this was too funny
Thanks for watching
LOL
plz fix the subtitles
For my Bitcoin joke I'll keep it simple:
Craig wright thinks he is Satoshi😂
Hahaha simple yet effective 😂 well done
dude...... but why do we care? if it's just a behind the scene accounting system... then great.... but why does the user need to deal with it? so basically it's not adding value, it's just boasting about a checks and balances receipt system..... I don't get it.
3000trin because the debit and credit system is almost purpose-built for central control. A UTXO model is lightweight enough to accommodate accounting in a digital ledger reconciled by large volumes of unacquainted nodes in a network.
In short, it’s a small piece of a larger suite of technologies and mechanisms that enable true distributed, decentralized transaction networks with sound accounting processes
Cheers
..:)
I didn’t get a damn thing
Confusing explanation