Saturday, 11 May 2019

If a Bitcoin transaction were written as a letter, would it look something like this?

So, I've been studying Bitcoin and the Blockchain for a few days now, trying to understand all the concepts. Here is my current understanding of a transaction in the form of a personal letter. Please correct me if I'm missing anything important, or got an idea wrong.

Hello world,

This is transaction Z.

I want to send 1 BTC to address X.

I will fund this transfer by drawing on unspent transaction outputs A, B, and C.

I have provided the digitally signed public keys associated with these three utxos.

Here is a transaction fee of .0001 BTC so that someone out there checks and processes my transaction within a reasonable amount of time.

Please send any change to address T.

Yours truly,

- Some IP address

submitted by /u/PrimitiveEarthling
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