An Overview of Bitcoin UTXOs -

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For Bob to spend this output, he needs to use it as an input in another Bitcoin transaction. · Alice and Bob exchange a set of addresses, keys, zero-knowledge proofs and signatures. Bob wants to send 1 bitcoin to Alice so he uses his private key to sign the message I, Bob sends 1 bitcoin to Alice. . Pay x to 2-of-3 of Alice, Bob, Judy (MULTISIG) SIGNED(ALICE) Alice Bob To: Alice From: Bob Pay x to Bob SIGNED(ALICE, BOB) (normal case) Pay x to Alice SIGNED(ALICE, JUDY) (disputed case) Judy. This 1 Bitcoin is then locked up in a multisig address that both parties can sign off on if they want to close the channel. 5 BTC as change for the bitcoin Alice sent and send it to the third address. On January 1st, the contract looks to see if both people fulfilled their obligations. Given the information exchanged in step 1, Bob can refund his bitcoin if he waits until time t_1 by using Tx_cancel and Tx_refund. This is what I understand happens now, please correct me if something is wrong: Alice opens a channel on a popular HUB (pays on-chain TX fee) Bob opens a channel on the same HUB (pays on-chain TX fee). Here’s how it works: Say Alice wants to transfer one bitcoin to Bob. Let’s say Alice wants to send Bitcoin(s) to Bob. 3 BTC ab358C ab3582933. This is what allows individuals to transact in a trust-minimized way. Now it gets interesting: Alice’s pubkey script executes “OP_EQUALVERIFY”. The transaction is processed, and once it is verified that Alice has enough BTC to pay Bob, it is complete. So the input of this transaction will be the output index 0 of the first transaction. Most Bitcoin transactions only require simple scripts, but more complex scripts can be implemented. When Alice opens Bob’s lockbox, her key for the lock is revealed on the beta coin blockchain. Alice wants so send bob two bitcoins

At this stage, Alice and Bob both have a Portfolio and therefore each a set of key private/public and a bitcoin address. Alice can use a binary Merkle tree to commit to a list of elements S = (T 1;:::;T n) so that later she can prove to Bob that Si = T i using an inclusion proof containing at most dlog 2 nehash values. She wants to send Bitcoin to one of her contacts, Bob. 5 BTC, so this is added as an output. She refers explicitly to the transaction 1 where these coins comes from. 5 bitcoins in change from the bitcoin that Alice sent, and send it to the third address in Alice’s control. Transaction Fees: Let's say Bob is a merchant, and Alice wants to pay him money for a very expensive service, say ,000. Now Bob “owns” them. · Imagine that Alice, who controls an address containing one unspent output worth 10 bitcoin (BTC), wants to pay Bob 10 bitcoin. · Imagine Alice possesses the private key for a 0. · Alice’s change payment is created by Alice’s wallet in the very same transaction as the payment to Bob ; Adding the transaction fees. Then, Anonymixer sends Bob 0. Example of a Bitcoin transaction Alice wants to use her Bitcoin to buy pizza from Bob. 5 BTC, anonymously. If alice wants to pay Bob, how does she know about the R3 - Bob channel? 5 BTC to Bob and Alice has 0. – Eventually, honest node will be picked, who will include Bob’s transaction in proposed block. Alice wants so send bob two bitcoins

If Bob wants to send Alice some bitcoins in exchange for a product, then one of them has to make the first move, and trust that the other will follow through. This address Bitcoin can be transmitted to anyone by any means, either by mail. ELSE. · Also, instead of sending them, you actually just change the locks. How does Alice claim these transactions as hers? 99 BTC, so this is added as an output. Alice’s pubkey script then pushes the pubkey hash that Bob gave her for the first transaction. · And when Alice wants to send those Bitcoins to Bob, she just unlocks her lock and puts the Bitcoins in a vault with Bob’s lock on it. Alice pays Bob 3 btc and Carol 1 btc. Essentially, Alice’s wallet breaks her funds into two payments: one to Bob, and one back to herself. Double-Spend Attack: – Alice purchases service from Bob and pays in coins. Alice fills in a form on a web app, specifying: (1) the amount she wants to transfer; (2) Bob’s Bitcoin address; and (3) the fee she is willing to pay for the transaction. · Suppose Alice wants to send Bob a message, which is represented by bit pattern integer number m (plaintext message), where m < n. The bitcoin network would then automatically create 0. 43684. What she does is compose a new transaction message to be broadcast on the network for validation and inclusion in the blockchain by a miner. Breez streams audio for Lightning payments: Breez wallet has integrated an audio player which, combined with keysend, allows users to listen to podcasts while streaming payments to the publisher and sending one-off tip payments. To understand how Script works, let’s breakdown the steps required for a basic Pay To PubKey Hash (P2PKH) transaction. 007 BTC to Charlie. Alice wants so send bob two bitcoins

Alice doesn’t know Bob, but she does know his public key. Bitcoin Teleportation Alice wants to pay Bob 0. Steve accepts the offer, and goes to Alice with an offering of 1 BTC in exchange for the secret value. Alice sends a payment of 0. However, because of the way we have to time locks constructed. · When Alice wants to send a payment to Bob, she creates a puzzle named a ScriptPubKey that only Bob can solve. . Both Bob and Alice agree that on Janu, both the bitcoin and cash will be deposited to the accounts linked with the smart contract. · For example, if Alice has a bitcoin address with one bitcoin in it, and she only wants to send Bob half a bitcoin, then she would have to send Bob that entire bitcoin. 00:06:00 So there's still a possibility for Alice to actually send this transaction to the blockchain and reclaim the top Bitcoins. · Alice, having being brought up in a sharing family, decides to send Bob 2 bitcoins. · Bitcoin transactions are accomplished with the aid of public key cryptography. The puzzle becomes an output of her Bitcoin transaction. Suppose Alice wants to send a certain number of bitcoins to Bob. · If Alice wants to transfer her coins to Bob, she must publish her statement authorizing the transfer to the blockchain. · The bitcoin blockchain doesn’t care who owns the bitcoin or how it was acquired, but it does give us a mechanism to verify ownership without a trusted third party. ” After Alice signs the transaction message with her. So it's going to send the ciphertext and y to Alice instead, so if Alice learns X she can decrypt Q and get epsilon star. Alice wants so send bob two bitcoins

This says “I, Alice, will send Bob 5 BTC (with a transaction fee), whoever mines my transaction can get this fee”. To do that, he needs to craft a valid ScriptSig corresponding to the ScriptPubKey. 5 BTC +. Step 6 for the transaction to be processed by the network in a timely fashion, Alice’s wallet application will add a small fee. · then Alice wants to send some money to Bob. Vaults and locks are free and easy to make, so if Alice only wants to send some of the coins (and keep the rest), she can create a new vault with her lock and put the change in it. Alice doesn’t want to pay until after Bob ships. Fake transaction - Alice owns all inputs and outputs, and is simply moving coins between her. Bob wants to pay Dave 3. · However, Mallory does guess that Bob is the intended receiver—so he knows the preimage. As said Bob doesn't but you could invert the question. She’d send him her private “key,” a private Alice wants to use her Bitcoin to buy pizza from Bob. Alice then sends Bob a random number, from which Bob forms a new number by encrypting the first under the second number, and sends the new number back to Alice. It is a proposed implementation of Hashed Timelock Contracts (HTLCs) with bi-directional payment channels (a payment channel where payments can flow both directions, from Alice to Bob and back to Alice) which allows payments to be securely routed across multiple peer-to-peer payment channels. Alice wants so send bob two bitcoins

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