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As you can see, Alice’s wallet contains enough bitcoins in a single unspent output to pay for the cup of coffee. Had this not been the case, Alice’s wallet application might have to “rummage” through a pile of smaller unspent outputs, like picking coins from a purse until it could find enough to pay for coffee. In both cases, there might be a need to get some change back, which we will see in the next section, as the wallet application creates the transaction outputs (payments). Creating the outputs A transaction output is created in the form of a script that creates an encumbrance on the value and can only be redeemed by the introduction of a solution to the script. In simpler terms, Alice’s transaction output will contain a script that says something like “This output is payable to whoever can present a signature from the key corresponding to Bob’s public address”. Since only Bob has the wallet with the keys corresponding to that address, only Bob’s wallet can present such a signature to redeem this output. Alice will therefore “encumber” the output value with a demand for a signature from Bob. This transaction will also include a second output, because Alice’s funds are in the form of a 0.10 BTC output, too much money for the 0.015 BTC cup of coffee. Alice will need 0.085 BTC in change. Alice’s change payment is created by Alice’s wallet in the very same transaction as the payment to Bob. Essentially, Alice’s wallet breaks her funds into two payments: one to Bob, and one back to herself. She can then use the change output in a subsequent transaction, thus spending it later. Finally, for the transaction to be processed by the network in a timely fashion, Alice’s wallet application will add a small fee. This is not explicit in the transaction, it is implied by the difference between inputs and outputs. If instead of taking 0.085 in change, Alice creates only 0.0845 as the second output, there will be 0.0005 BTC (half a millibitcoin) left over. The input’s 0.10 BTC is not fully spent with the two outputs, as they will add up to less than 0.10. The resulting difference is the transaction fee which is collected by the miner as a fee for including the transaction in a block and putting it on the blockchain ledger. The resulting transaction can be seen using a blockchain explorer web application 24 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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