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Transaction Locktime Locktime defines the earliest time that a transaction can be added to the blockchain. It is set to zero in most transactions to indicate immediate execution. If locktime is non- zero and below 500 million, it is interpreted as a block height, meaning the transaction is not included in the blockchain prior to the specified block height. If it is above 500 million, it is interpreted as a Unix Epoch timestamp (seconds since Jan-1-1970) and the transaction is not included in the blockchain prior to the specified time. The use of locktime is equivalent to post-dating a paper cheque. Transaction Outputs and Inputs The fundamental building block of a bitcoin transaction is an unspent transaction out‐ put or UTXO. UTXO are indivisible chunks of bitcoin currency locked to a specific owner, recorded on the blockchain, and recognized as currency units by the entire net‐ work. The bitcoin network tracks all available (unspent) UTXO currently numbering in the millions. Whenever a user receives bitcoin, that amount is recorded within the blockchain as a UTXO. Thus, a user’s bitcoin may be scattered as UTXO amongst hun‐ dreds of transactions and hundreds of blocks. In effect, there is no such thing as a stored balance of a bitcoin address or account; there are only scattered UTXO, locked to specific owners. The concept of a user’s bitcoin balance is a derived construct created by the wallet application. The wallet calculates the user’s balance by scanning the blockchain and aggregating all UTXO belonging to that user. There are no accounts or balances in bitcoin, there are only unspent transaction outputs (UTXO) scattered in the blockchain. A UTXO can have an arbitrary value denominated as a multiple of satoshis. Just like dollars can be divided down to two decimal places as cents, bitcoins can be divided down to eight decimal places as satoshis. While UTXO can be any arbitrary value, once created it is indivisible just like a coin that cannot be cut in half. If a UTXO is larger than the desired value of a transaction, it must still be consumed in its entirety and change must be generated in the transaction. In other words, if you have a 20 bitcoin UTXO and want to pay 1 bitcoin, your transaction must consume the entire 20 bitcoin UTXO and produce two outputs: one paying 1 bitcoin to your desired recipient and another paying 19 bitcoin in change back to your wallet. As a result, most bitcoin trans‐ actions will generate change. 114 | Chapter 5: TransactionsPDF Image | Mastering Bitcoin
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