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
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