What are bitcoin transactions inputs and outputs?

There are three key variables in any bitcoin transaction: an amount, an input and an output. An input is the address from which the money is sent, and an output is the address that receives the funds. Since a wallet can contain several input addresses, you can send money from one or more inputs to one or more outputs.

What are Bitcoin inputs?

An input is a reference to an output from a previous transaction. Note that every input associated with a bitcoin transaction has to be an unspent output of a previous transaction. … Any bitcoin user can generate an almost infinite amount of wallet addresses, each of which can hold any amount of BTC.

What is Bitcoin output?

An output contains instructions for sending bitcoins. Value is the number of Satoshi (1 BTC = 100,000,000 Satoshi) that this output will be worth when claimed. ScriptPubKey is the second half of a script (discussed later). There can be more than one output, and they share the combined value of the inputs.

What are the transactions in Bitcoin?

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

How are Bitcoin transactions recorded?

Bitcoins exist as records of Bitcoin transactions

Each owner transfers bitcoin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.