and how it works ?.. 
Topic: Transactions (Read 289 times)
what is the coinbase transaction and how it works ?..
and how it works ?.. 
What does this sentence mean?: If the output value of a transaction is
less than its input value, the difference is a transaction fee that is added to the incentive value of
the block containing the transaction.
less than its input value, the difference is a transaction fee that is added to the incentive value of
the block containing the transaction.
This describes a standard transaction.
I took a random transaction from blockchain.info as an example:
Inputs:
(1) 1.9682 BTC
Outputs:
(1) 1.8112 BTC
(2) 0.156 BTC
Total: 1.9672 BTC
The difference between the Outputs and the Input (1.9682 - 1.9672 = 0.001) is the fee (which directly goes to the miner of the block).
And indeed, blockchain.info shows a fee of 0.001 BTC.
What does this sentence mean?: If the output value of a transaction is
less than its input value, the difference is a transaction fee that is added to the incentive value of
the block containing the transaction.
less than its input value, the difference is a transaction fee that is added to the incentive value of
the block containing the transaction.
So basically coinbase means the very start of the transaction from the 12.5 btc received by the mining after solving a block?
Have to make this clearer. If lets say I have mined the 12.5BTC and distribute this coins to different addresses I make transactions with, this means that 12.5 BTC is the coinbase, right?
Have to make this clearer. If lets say I have mined the 12.5BTC and distribute this coins to different addresses I make transactions with, this means that 12.5 BTC is the coinbase, right?
The coinbase transaction is the transaction inside a block which does NOT reference any previous transaction outputs.
It basically is the transaction which 'creates bitcoins'.
If you use those 12.5 BTC from a coinbase transactions to create 12 outputs (each containing ~1 btc), those are NOT 'the coinbase'.
The 12.5 BTC transaction is the coinbase transaction.
For example: This (https://www.blockchain.com/de/btc/tx/d589346c6b7a173e031dcbb70a8ce471406e6df5cbcd47ecf81cd4bbbf685270) is the coinbase transaction of the latest block (#531340).
It cointains the 12.5 BTC mining reward + ~0.27 BTC fees.
Some wallets of mine still have about 0.00008btc which I can't move anymore. I wish something could be done to these wallets before the users can forget about it and lose its private keys.
1- Wait for some real transaction you wish to receive from a peer.
2-Give her the address of the wallet with dusts in it.
3-Wait for a real transaction you have to send to a peer.
4-Use your wallet.
That is a good suggestion. The problem is that most of these wallets that contain such tiny amount doesn't have the option to cash out, I would have to move it again to another wallet which will cost another transaction fee. The transaction fee if way higher than those tiny amounts, that will defeat the purpose of dusting it out there. Lesser transaction fee will solve such issue probably just about 0.00003btc, I don't mine waiting due to the low transaction fee for the block to get confirmed.
Some wallets of mine still have about 0.00008btc which I can't move anymore. I wish something could be done to these wallets before the users can forget about it and lose its private keys.
1- Wait for some real transaction you wish to receive from a peer.
2-Give her the address of the wallet with dusts in it.
3-Wait for a real transaction you have to send to a peer.
4-Use your wallet.
What are transactions fees? Are they the reward for making a transaction ?
Just as what it is "a transaction fee", noting else can be clearer to that. These transaction fee goes to the miners who solves a block of transactions. The blocks contains solved hashes processing the transactions to chain each other so you can track the origin and where the coin goes.
For every transaction the sum of inputs should be greater than or equal to the sum of outputs (don't spend more than what you got in your wallets).
For equity case, there would be no fee, hence miners have no incentive to include the transaction in the bock (it consumes space, cpu and network bandwidth to include a transaction) but when the sum of inputs is greater than the sum of outputs, miners can take the difference happily, again through coinbase transaction.
It happens in an integral way, i.e. sum of all inputs minus some of all outputs for ordinary transactions included in the block.
Please also note: every single input address/wallet have to be disposed totally even if the owner wishes to transfer just a small fraction of its balance to other party(ies).
In such cases the owner should provide an output of his own (better and more secure: not to be the same as the input) to re-collect the funds he doesn't wish to transfer (or to offer as the fee).
The resulting inconvenience for users to save and manage a lot of public/private keys is ultimately solved by HD wallets: a single pair of master private/public keys used for deducting a series of secondary public/private keys which can be regenerated from the root keys deterministically.
I don't mind too much, but isn't there a more proper place to learn about bitcoin basics? It is a somewhat more advanced subforum, supposed to be at least.
For equity case, there would be no fee, hence miners have no incentive to include the transaction in the bock (it consumes space, cpu and network bandwidth to include a transaction) but when the sum of inputs is greater than the sum of outputs, miners can take the difference happily, again through coinbase transaction.
It happens in an integral way, i.e. sum of all inputs minus some of all outputs for ordinary transactions included in the block.
Please also note: every single input address/wallet have to be disposed totally even if the owner wishes to transfer just a small fraction of its balance to other party(ies).
In such cases the owner should provide an output of his own (better and more secure: not to be the same as the input) to re-collect the funds he doesn't wish to transfer (or to offer as the fee).
The resulting inconvenience for users to save and manage a lot of public/private keys is ultimately solved by HD wallets: a single pair of master private/public keys used for deducting a series of secondary public/private keys which can be regenerated from the root keys deterministically.
I don't mind too much, but isn't there a more proper place to learn about bitcoin basics? It is a somewhat more advanced subforum, supposed to be at least.
Some wallets of mine still have about 0.00008btc which I can't move anymore. I wish something could be done to these wallets before the users can forget about it and lose its private keys.
For every transaction the sum of inputs should be greater than or equal to the sum of outputs (don't spend more than what you got in your wallets).
For equity case, there would be no fee, hence miners have no incentive to include the transaction in the bock (it consumes space, cpu and network bandwidth to include a transaction) but when the sum of inputs is greater than the sum of outputs, miners can take the difference happily, again through coinbase transaction.
It happens in an integral way, i.e. sum of all inputs minus some of all outputs for ordinary transactions included in the block.
Please also note: every single input address/wallet have to be disposed totally even if the owner wishes to transfer just a small fraction of its balance to other party(ies).
In such cases the owner should provide an output of his own (better and more secure: not to be the same as the input) to re-collect the funds he doesn't wish to transfer (or to offer as the fee).
The resulting inconvenience for users to save and manage a lot of public/private keys is ultimately solved by HD wallets: a single pair of master private/public keys used for deducting a series of secondary public/private keys which can be regenerated from the root keys deterministically.
I don't mind too much, but isn't there a more proper place to learn about bitcoin basics? It is a somewhat more advanced subforum, supposed to be at least.
For equity case, there would be no fee, hence miners have no incentive to include the transaction in the bock (it consumes space, cpu and network bandwidth to include a transaction) but when the sum of inputs is greater than the sum of outputs, miners can take the difference happily, again through coinbase transaction.
It happens in an integral way, i.e. sum of all inputs minus some of all outputs for ordinary transactions included in the block.
Please also note: every single input address/wallet have to be disposed totally even if the owner wishes to transfer just a small fraction of its balance to other party(ies).
In such cases the owner should provide an output of his own (better and more secure: not to be the same as the input) to re-collect the funds he doesn't wish to transfer (or to offer as the fee).
The resulting inconvenience for users to save and manage a lot of public/private keys is ultimately solved by HD wallets: a single pair of master private/public keys used for deducting a series of secondary public/private keys which can be regenerated from the root keys deterministically.
I don't mind too much, but isn't there a more proper place to learn about bitcoin basics? It is a somewhat more advanced subforum, supposed to be at least.
What are transactions fees? Are they the reward for making a transaction ?
What is the coinbase transaction
It is the transaction inside a block where coins are created (no previous output referencing this coins).
It basically is the mining reward (currently 12.5 BTC).
and how does it influence in the transaction?
It doesn't really influence anything (unless i am missunderstanding your question).
It is just one out of 1k+ transactions inside a block.
How does it relate with the amount of transactions that fit inside a block?
Well, there fit as many transactions into a block until the weight has reached 4.000.000 (one weight unit has been set to 1/4.000.000 of the blocksize).
The coinbase transaction is just one of them (which is even slightly smaller than a standard transaction).
So basically coinbase means the very start of the transaction from the 12.5 btc received by the mining after solving a block?
Have to make this clearer. If lets say I have mined the 12.5BTC and distribute this coins to different addresses I make transactions with, this means that 12.5 BTC is the coinbase, right?
That image 'tries' to illustrate that once a transaction has transferred some coins to an address, that address (being the hash of a public key) should be decoded (by the owner) to the corresponding public key (so the public key should be revealed) for any further possible transaction and the second transaction should be signed (by the owner using his appropriate private key) this way bitcoin guarantees only the owner of the address has composed the new transation.
Though the address being a hash is not illustrated at all and the whole illustration is confusing.
Though the address being a hash is not illustrated at all and the whole illustration is confusing.
Can somebody explain to me this scheme ? (from https://bitcoin.org/bitcoin.pdf)
https://image.ibb.co/i5sZ1d/Captura2.jpg
https://image.ibb.co/i5sZ1d/Captura2.jpg
What is the coinbase transaction
It is the transaction inside a block where coins are created (no previous output referencing this coins).
It basically is the mining reward (currently 12.5 BTC).
and how does it influence in the transaction?
It doesn't really influence anything (unless i am missunderstanding your question).
It is just one out of 1k+ transactions inside a block.
How does it relate with the amount of transactions that fit inside a block?
Well, there fit as many transactions into a block until the weight has reached 4.000.000 (one weight unit has been set to 1/4.000.000 of the blocksize).
The coinbase transaction is just one of them (which is even slightly smaller than a standard transaction).
What is the coinbase transaction and how does it influence in the transaction? How does it relate with the amount of transactions that fit inside a block? Thanks
Many people confuse this term. From stackexchange:
Quote
The term "coinbase" is used to mean many different things. But the two you're probably asking about are:
-The "coinbase transaction" is the transaction inside a block that pays the miner his block reward.
-Inside the coinbase transaction is a field that is called the "coinbase". It's the generation transaction's equivalent of a scriptsig. Since it doesn't claim any existing outputs, it needs no normal scriptsig. It's basically just a random value that the miner can use as an additional nonce. BIP 34 changes this a bit.
Read more here:
https://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase
The explanation from the bitcoin.it wiki is really poor. Looks like bitcoin.org contains "the new updated wiki" in the glossary section:
https://bitcoin.org/en/glossary/coinbase-transaction
https://bitcoin.org/en/glossary/coinbase
Any technical term you want to learn about should be there updated.
What is the coinbase transaction and how does it influence in the transaction? How does it relate with the amount of transactions that fit inside a block? Thanks
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