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Figure 2-4. A chain of transactions, where the output of one transaction is the input of the next transaction Alice’s payment to Bob’s Cafe utilizes a previous transaction as its input. In the previous chapter Alice received bitcoin from her friend Joe in return for cash. That transaction has a number of bitcoins locked (encumbered) against Alice’s key. Her new transaction to Bob’s Cafe references the previous transaction as an input and creates new outputs to pay for the cup of coffee and receive change. The transactions form a chain, where the inputs from the latest transaction correspond to outputs from previous transactions. Alice’s key provides the signature which unlocks those previous transaction outputs, thereby proving to the bitcoin network that she owns the funds. She attaches the pay‐ ment for coffee to Bob’s address, thereby “encumbering” that output with the require‐ ment that Bob produces a signature in order to spend that amount. This represents a transfer of value between Alice and Bob. Common Transaction Forms The most common form of transaction is a simple payment from one address to another, which often includes some “change” returned to the original owner. This type of trans‐ action has one input and two outputs and is shown below: 20 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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