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0 sats \ 3 replies \ @realtrader 4 Aug 2023 \ parent \ on: What causes rapid UTXO set growth? bitcoin
I'm having trouble understanding what UTXO means, when you have a little time, can you write to me in a way that maybe I can understand?
When writing I recommend you to think that I am 6 years old to facilitate my understanding, I thank you in advance!
Hmm well, when you send Bitcoin, you're actually using the receivers pubkey to chain that bitcoin to a locking script.
So kid gloves, Everytime you send Bitcoin you're writing a note to that person that says they have x number of bitcoin. Each note is a utxo. You can have 1 note that says you have 100 sats or you can have 100 notes that each say you have 1 sat. In each case you have 100 sats, but in one case you have 1 utxo and in the other case you have 100 utxos.
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I believe I managed to understand.
The correct and network safe way to make a 0.3 BTC transaction is to follow these steps, correct me if I'm wrong.
Example: My UTXO is 0.9 and I need to make a transfer of 0.3, after this transfer there will be a balance left and what should I do after the transaction is generate a new address and send the rest to this new address? so i have a new UTXO of 0.6 btc?
And that?
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